Stability through Deliberation: Finance and Public Law

Project Start:06/2016
Researchers:Matthias Goldmann, Grygoriy Pustovit
Category: Financial Intermediation, Macro Finance
Funded by:Volkswagen Stiftung

The proposed project follows the hypothesis that the interaction between finance and public law over the past decades might have suffered from serious deliberative deficits. In order to mitigate such deliberative deficits in the future, it aims at sketching out a set of principles of finance and public law.

The interaction of finance and public law has not always run seamlessly in the past, giving rise to serious contestation (1.). A theoretical inquiry finds fundamental epistemic uncertainties in both finance and public law which might impair the interaction. At the same time, they raise the question whether a harmonious combination of democracy and a stable market economy is possible (2.). It is claimed that a deliberative approach to finance and public law enriched by insights from new research approaches in the social sciences and law might be able to better address the contingencies of both finance and public law (3.). In order to test this hypothesis and refine the deliberative approach, the project will provide a qualitative analysis of past interaction problems between finance and public law. The goal is to find out whether one can attribute those problems to deliberative deficits. Moreover, this section might also attempt to assess the impact of the identified deliberative deficits on financial stability in a qualitative manner (4.). On this basis, the project will ultimately elaborate principles for a public law of finance which might mitigate interaction problems and contribute to financial markets that are both stable and democratic (5.).

Related Published Papers

Author/sTitleYearProgram AreaKeywords
Juan Pablo Bohoslavsky, Matthias GoldmannSovereign Debt Sustainability as a Principle of Public International Law: An Incremental Approach to Sovereign Debt Restructuring
Yale Journal of International Law
2016 Financial Intermediation, Macro Finance sovereign debt restructuring, international law, collective action clauses, debt sustainability, legal principles, holdout creditors, holdout litigation
Matthias GoldmannInternational Investment Law and Financial Regulation: Towards a Deliberative Approach
International Investment Law and the Global Financial Architecture (Edward Elgar)
2017 Financial Intermediation, Macro Finance international investment law, financial regulation, deliberation, monetary policy, sovereign debt
Matthias Goldmann, Ingo Venzke, Armin von BogdandyFrom Public International to International Public Law: Translating World Public Opinion into International Public Authority
European Journal of International Law
2017 Financial Intermediation, Macro Finance international organizations, global governance, world public opinion, public authority, soft law
Matthias Goldmann, Silvia SteiningerA Discourse Theoretical Approach to Sovereign Debt Restructuring: Towards a Democratic Financial Order
German Law Journal
2016 Financial Intermediation, Macro Finance democracy, finance, role of law, discourse theory, Habermas, sovereign debt, cleavages
Matthias GoldmannForeign Investment, Sovereign Debt, and Human Rights
Sovereign Debt and Human Rights (Oxford University Press)
2018 Financial Intermediation, Macro Finance Foreign direct investment, regulatory power, expropriation, socio-economic rights, linkages

Related Working Papers

No.Author/sTitleYearProgram AreaKeywords
178Matthias GoldmannUnited in Diversity? The Relationship between Monetary Policy and Banking Supervision in the Banking Union2018 Financial Intermediation, Macro Finance Banking Union, Monetary Policy, Financial Stability, Single Supervisory Mechanism, Democratic Legitimacy

Related Policy Publications

Matthias GoldmannKarlsruhe Refers the QE Case to Luxembourg: Summer of Love
Policy Letter No. 58