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date: 20 July 2019

Abstract and Keywords

This Chapter explores dispute resolution in international trade and finance, with emphasis on the varying ideological and historical foundations of the two fields. It describes how dispute resolution mechanism has flourished more easily in trade than in finance. It also considers the World Trade Organization’s dispute settlement mechanism and provides an overview of the domestic origins of financial regulation. In addition, the Chapter discusses how the cross-border banking crisis in the 1970s, the Asian financial crisis of 1997, and the financial crisis of 2008 have intensified the demand for dispute resolution in finance. The factors mitigating against the formalized dispute resolution in the international regulation of financial institutions are examined, as well. Finally, the Chapter assesses the pros and cons of trust-building as a means to make way for a legalized dispute resolution regime for international finance similar to the one that governs international trade.

Keywords: dispute resolution, international trade, World Trade Organization, banking, financial crisis, regulation, financial institutions, trust-building, international finance, soft law

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