The International Law and Politics of the Financial and Monetary System
Chapter 15: Financial infrastructure
This chapter provides an in-depth look into the private financial actors who, through their informal practices, codes of conduct, and professional associations, have become the principal makers of global financial law. We examine a large number of private actors including stock exchanges and dark pools, banks and shadow banks, and sovereign wealth funds. We point out how credit rating agencies, that rate the creditworthiness of states, have gained outsized influence on the economies of countries that like to call themselves sovereign. We further explore how payment systems can be used by the sovereign to impose sanctions on states it considers enemies. We examine how private players have manipulated the markets and how crypto-currencies, gold and informal payment networks have been used to escape the formal systems supervised by states.
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