As a standard bridging law and other spheres of normativity, due diligence is pervasive across numerous areas of international law. This paper defines the features and functions of due diligence, illustrating how the concept's development reflects structural changes in the international legal order. Concerning their content, due diligence obligations can be separated into two overlapping types: procedural obligations and obligations relating to States' institutional capacity. Thus, due diligence serves to manage risks, compensate for States' freedoms being circumscribed through legalisation, expand State accountability and possibly stabilise the international order through ‘proceduralisation’. However, it is argued that due diligence cannot be characterised as a general principle of international law due to its diverse content in different fields of international law and its dependence on accompanying primary rules. Finally, it is contended that due diligence introduces certain risks, particularly by diluting States' substantive obligations and contributing to the rise of ‘informal’ international law.
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Anne Peters, Heike Krieger and Leonhard Kreuzer
Catherine Drummond and Patrick Simon Perillo
Michael C. LaBelle
Christopher Ball, John Creedy and Grant Scobie
The provision of long-term policy advice requires projections of government debt. Models have been widely produced to generate expenditures and tax revenues on the assumption that various age-specific rates and fiscal policy variables remain unchanged. As a result of population ageing, current policy settings in many countries lead to unsustainable levels of public debt. The present book is motivated by two limitations of the standard models. First, they seldom contain feedback effects arising from endogenous responses on the part of individuals and policy-makers. Second, the models seldom make an allowance for uncertainty, which creates the problem of whether, in the face of anticipated debt increases, tax rates should be increased earlier rather than delaying, and if so by how much? This book presents new modelling approaches to allow for feedbacks and uncertainty, and to analyse optimal policy. The modelling innovations can be applied to any country, but for illustrative purposes they are calibrated to examine the case of New Zealand.