Addressing Government Failure Through International Financial Law

This study examines the causes of the financial crisis and proposes better policies at the international level. Based on a framework that sees government failure as a significant source of the problem, the study examines the new US Dodd-Frank legislation and critiques the Congressional approach to avoiding systemic risk. The study also presents a survey of the organizational efforts aimed at international financial reform and coordination, and critiques the lack of openness and public dialogue at the recent G-20 Summit in Toronto. Finally, the study proposes importing some techniques used in the World Trade Organization (WTO) and the International Labour Organization (ILO) to monitor national policies.