INT’L FINANCIAL SYSTEM LAWCLASS ONE

INTRODUCTION ANDINTERNATIONAL LAW BASICS

Prof. David K. Linnan PHBK UGM –USC-UI-UNDIP-USUUniv. of South Carolina Joint Videoconferenced ClassSchool of Law August 23, 2002

BASIC INT’L LAW CONCEPTS

INT'L VERSUS NAT'L LAW, CONCEPT INT'L ECONOMIC LAW

TRADE VERSUS FINANCIAL SYSTEM DISTINCTION

BASIC INT’L LAW CONCEPTS

NATURE OF INT'L LEGAL SYSTEM

1. WHO ARE PLAYERS (SUBJECTS OF INT'L LAW/STATES TRAD.)

2. SOVEREIGNTY & LACK OF ENFORCEMENT MECHANISM3. DECENTRALIZED, MEANING ALSO TRAD. NO COURTS/SHERIFF

BASIC INT’L LAW CONCEPTS

INT'L LAW SOURCES

1. TREATIES (AGREEMENTS WITH VS. WITHOUT LEGAL FORCE)

2. CUSTOMARY LAW (BEHAVIOR UNDER LEGAL COMPULSION & OPINIO JURIS)

3. GENERAL PRINCIPLES OF LAW

4. BEST (ACADEMIC) WRITINGS

BASIC CONCEPTS

WHAT IS MONEY?

LEGALLY, WHO CAN CREATE & REGULATE

INSTITUTIONAL FRAMEWORK UNDER NAT'L LAW VERSUS INT'L

BASIC CONCEPTS

WHY IS MONEY?

ECONOMIC COUNTER

VALUE STORE

TRANSACTIONAL MEDIUM

BASIC CONCEPTS

HOW IS MONEY WORKED WITHIN/BETWEEN STATES

INT'L FINANCIAL SYSTEM

SPECIAL CHARACTER OF NAT'L FINANCIAL SYSTEMS AND REGULATION

BASIC CONCEPTS

BRETTON WOODS INSTITUTIONS

IMF

WORLD BANK

BIS?

WTO?