British Constructions with Constitutions:The Formal and Informal Nature of 'Island' Relations on Montserrat and Gibraltar

This article explores social, economic and political relations on two British Dependent Territories (BDTs) -- Montserrat and Gibraltar. This article notes that though BDTs are British colonial constructions, created, sustained and modelled upon and by Britain, they differ from Britain in that they have political constitutions. They also exhibit an ambiguous dependence and independence upon and with Britain. This article goes on to look at social and economic relations on Montserrat and Gibraltar before comparing and contrasting the political climates on each BDT. Throughout this article, it is suggested that there is a dynamic tension between formal and informal aspects to managing life. Finally, this article concludes with a discussion about the suitability of the split between Executive and Legislative Councils in these two BDTs.

Economic Stability and Economic Governance in the Euro Area:What the European Crisis Can Teach on the Limits of Economic Integration

The recent European economic crisis has dramatically exposed the failures of
the various institutional mechanisms in place to maintain economic stability
in Europe, and has unveiled the difficulty in achieving international coordination
on fiscal and financial stability policies. Drawing on the European
experience, this article analyzes the concept of economic stability in international
law and highlights the peculiar problems connected to its maintenance
or promotion. First, we demonstrate that policies that safeguard and
protect economic stability are largely regulated and managed at the national
level, due to their inextricable relationship with the exercise of national political
power. Until recently, more limited levels of pan-European integration
did not make the coordination of economic stability policies seem necessary.
However, a much deeper level of economic integration makes it very difficult
to tackle an international economic crisis through national responses. If EU
Member states wish to maintain and deepen economic integration, they
must accept an erosion of sovereignty over their economic stability policies.
This will not only deprive states of a fundamental anchor of political power,
but also create a challenge for the maintenance of democratic control over
economic policies. Second, this article argues that soft law approaches are
likely ineffective in enforcing the regulatory disciplines required to ensure
economic stability.

The International Regulatory Regime on Capital Flows

Capital controls and exchange restrictions are used to restrict international capital flows during economic crises. This paper looks at the legal implications of these restrictions and explores the current international regulatory framework applicable to international capital movements and current payments. It shows how international capital flows suffer from the lack of a comprehensive and coherent regulatory framework that would harmonize the patchwork of
multilateral, regional, and bilateral treaties that currently regulate this issue. These treaties include the Articles of Agreement of the International Monetary Fund (IMF Articles), the General Agreement on Trade in Services (GATS), free-trade agreements, the European Union treaty, bilateral investment treaties, and the Organization for Economic Co-operation and Development (OECD) Code of Liberalization of Capital Movements (OECD Code of Capital Movement). Each
of these instruments regulate differently capital movements with little coordination with other areas of law. This situation sometimes leads to regulatory overlaps and conflict between different sources of law. Given the strong links between capital movements and trade in services, this paper pays particular attention to the rules of the GATS on capital flows and discusses the policy space available in the GATS for restricting capital flows in times of crisis.

The Global Politics of Contemporary Travel Writing

To what extent do bestselling travel books, such as those by Paul
Theroux, Bill Bryson, Bruce Chatwin and Michael Palin, tell us as
much about world politics as newspaper articles, policy documents and
press releases? Debbie Lisle argues that the formulations of genre,
identity, geopolitics and history at work in contemporary travel writing
are increasingly at odds with a cosmopolitan and multicultural world in
which ‘everybody travels’. Despite the forces of globalisation, common
stereotypes about ‘foreignness’ continue to shape the experience of
modern travel. The Global Politics of Contemporary Travel Writing is
concerned with the way contemporary travelogues engage with, and try
to resolve, familiar struggles in global politics such as the protection of
human rights, the promotion of democracy, the management of
equality within multiculturalism and the reduction of inequality. This is
a thoroughly interdisciplinary book that draws from international
relations, literary theory, political theory, geography, anthropology and
history.

Optimal Credit Rationing in Not-For-Profit Financial Institutions

We examine the dynamic optimization problem for not-for-profit financial institutions (NFPs) that maximize consumer surplus, not profits. We characterize the optimal dynamic policy and find that it involves credit rationing. Interest rates set by mature NFPs will typically be more favorable to customers than market rates, as any surplus is distributed in the form of interest rate subsidies, with credit rationing being required to prevent these subsidies from distorting loan volumes from their optimal levels. Rationing overcomes a fundamental problem in NFPs; it allows them to distribute the surplus without distorting the volume of activity from the efficient level.

The WTO’s Trade Policy Review Mechanism – An Effective Surveillance Mechanism for Aid for Trade?

There has always been a question mark over how best to integrate developing countries into the world trading system and traditionally the WTO has used special and differential treatment (S&D) to do so. However, since 1996 the WTO has been involved with the Aid for Trade (AfT) initiative typically co-ordinated by the OECD and UN. This article firstly outlines the background to AfT since 1996 under the numerous agencies working in the area, highlighting how importance has always been placed on the monitoring and effectiveness of the process. It then turns to assessing the various methods currently used and the proposal of the WTO’s Trade Policy Review Mechanism (TPRM) as a potential monitoring tool of AfT.