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The conundrum of shifting orthodoxies : FTAs and korea’s currency controls

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  • The conundrum of shifting orthodoxies
  • Kelsey, Jane
  • Oxford University Press


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Title The conundrum of shifting orthodoxies
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Sub Title

FTAs and korea’s currency controls

Material Type Reports
Author(English)

Kelsey, Jane

Publisher

[Oxford]:Oxford University Press

Date 2011-12
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Economy < Economic System
Holding Oxford University Press

Abstract

The financial services regime, comprising the General Agreement on Trade in Services and bilateral free trade and investment agreements, reflects the ‘orthodoxy’ of highly liberalized and lightly regulated financial markets that has supported the ascendancy of financialization. That orthodoxy has fractured as the post-2007 global financial crisis exposed systemic instability in the financialization model and the failings of the associated regulatory regime. Yet, binding and enforceable financial services and investment agreements tie governments to that regime. Although international institutions and commentators increasingly advocate alternative strategies, such as the imposition of currency controls, governments that adopt them risk legal challenges for breaching their trade obligations. This risk is illustrated by assessing South Korea’s capital controls of June 2010 against the market access, national treatment and transfers obligations, investment protections and prudential exceptions in Korea’s free trade agreements with the USA and the European Union. (The rest omitted)