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Chapter

Cover Principles of Banking Law

1. Banks in the Financial System  

Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare

This chapter explains the economic functions and organizational structure of contemporary banking. It first discusses the role of banks in the economy, offering a brief account of the role of the financial system in capital allocation and risk management as well as key bank functions in this respect. It then details the rise and fall of the multifunctional bank in the era of globalization, and the different aspects of the too-big-to-fail bank problem and its possible causes. It explains the international nature of bank regulation and the standard-setting and regulatory coordination provided by key transnational regulatory networks such as the Basel committee on Bank Supervision and the Financial Stability Board; discusses the legal definition of the term ‘bank’ in the US and of ‘credit institution’ under EU legislation; advances a new understanding of what the term ‘bank’ means in the post-2008 era.

Book

Cover International Law

Vaughan Lowe

Celebrated for their conceptual clarity, titles in the Clarendon Law Series offer concise, accessible overviews of major fields of law and legal thought. International Law is both an introduction to the subject and a critical consideration of its central themes and debates. The opening chapters of the volume explain how international law underpins the international political and economic system by establishing the basic principle of the independence of States, and their right to choose their own political, economic, and cultural systems. Subsequent chapters then focus on considerations that limit national freedom of choice (e.g. human rights, the interconnected global economy, the environment). Through the organizing concepts of territory, sovereignty, and jurisdiction the text shows how international law seeks to achieve an established set of principles according to which the power to make and enforce policies is distributed among States.