bluuebunny/crossref_metadata_2025_split huggingface dataset:
Introduction
Authors: Jordan Cally 
Published: September 2021

Abstract
This introductory chapter provides an overview of international capital markets. International capital markets are not a new phenomenon; in various forms, they have been around for centuries. The global financial crisis, however, shone a strong light on the workings of international capital markets. They had, unmistakably, been purveyors of systemic risk and seemingly attracted little by way of oversight or regulation. The chapter then assesses how international capital markets have been regulated and what lies on the regulatory horizon. It addresses securities regulation; capital market regulation; information disclosure; and self-regulation. There is no doubt that in a dozen years from now, the regulatory and institutional landscape of international capital markets will have been transformed. Adjustments to the shock of financial crisis have been working their way through systems around the world. Demographics and geopolitical forces are shifting, changing with them investment patterns, institutional models, and long-held assumptions about market behaviour. Information technology has also profoundly impacted information-based regulatory systems, outpacing regulatory responses.
China and Hong Kong—Competition and Symbiosis
Authors: Jordan Cally 
Published: September 2021

Abstract
This chapter assesses Chinese capital markets. The starting point of modern Chinese capital markets can be identified as 1978, but momentum only gradually developed in the 1990s with the reintroduction of stock exchanges and the adoption of, first, companies legislation and then a securities act. As capital markets institutions and practices appeared in China, regulatory frameworks, imported primarily from the United States, the United Kingdom, and Hong Kong, arose around them. One of the secret ingredients to the dynamism of Chinese capital markets has been Hong Kong. Rather than an all-out competitive model, symbiosis marks the relationship between the mainland Chinese exchanges and HKEx. Indeed, there are continued endeavours to encourage integration between the Shenzhen Stock Exchange (SZSE), the Shanghai Stock Exchange (SSE), and HKEx.
Intermediaries—From Handmaiden to New Market
Authors: Jordan Cally 
Published: September 2021

Abstract
This chapter studies the roles of intermediaries. As exchanges developed in Western Europe and the colonies, they spun out a widening web of intermediaries participating in the process of trading financial products. In the lead up to the global financial crisis, the roles assumed by intermediaries, and their sources of revenue, had mutated over time. Intermediaries became issuers and capital raisers in their own right. Originally handmaidens to the exchanges, intermediaries created a new, free floating, trading world. In this new trading world, the potential conflicts of interest inherent in agency relationships have been exacerbated by the multiple roles intermediaries have assumed. Further intensifying the stresses on market relationships have been the rapid changes in trading practices now permitted by technology and the internationalization of the capital markets. Lastly, over ten years after the global financial crisis, regulatory responses continue to play out, as markets and intermediaries jockey and adjust to the new rules.
Conclusion
Authors: Jordan Cally 
Published: September 2021

Abstract
This concluding chapter discusses how capital markets are changing, dramatically so. The massive innovation in investment products over the last 30 years is giving way to shifting trading patterns, changing investor profiles, and new forms of capitalism and finance. The dynamics of international markets have changed, even since the Asian financial crisis, when ‘contagion’ entered the financial lexicon. Now, information, investments, and capital can be transmitted instantaneously; so can risk. Indeed, the new markets defy the old rules. Technology pervades everything, giving rise to a new catchphrase, ‘fintech’. As financial markets have become inexorably interconnected, at the same time they appear increasingly disconnected from the real world, the real economy. The chapter then looks at the topography of the new regulatory landscape. The big economies, and their regulatory approaches, will continue to impact strongly international markets. But there are more and more big economies with resurgent capital markets, so the international dynamics will change.
Origin and History
Authors: Sand Peter H. 
Published: September 2021

AbstractThis chapter traces the origin and history of international environmental law. The focus of historical research on the emergence of environment-related legal concepts, principles, and institutions has primarily been on the study and comparison of developments at the level of national law. Even so, the interface with international law is easily documented; the emergence of a body of rules of environmental ‘neighbourliness’ has long been observed in trans-frontier relations between states. Most narratives of the historical evolution of international environmental law distinguish three major ‘periods’, ‘epochs’, or ‘phases’: the ‘traditional era’ until about 1970 (that is, preceding the 1972 United Nations Conference on the Human Environment in Stockholm); the ‘modern era’ from Stockholm to the 1992 UN Conference on Environment and Development in Rio de Janeiro (UNCED); and the ‘post-modern era’ from Rio onwards. Ultimately, a striking feature of traditional international environmental law was its territoriality. One much-neglected aspect in this context has been the extraterritorial application of multilateral environmental agreements.
Multilevel and Polycentric Governance
Authors: Dunoff Jeffrey L. 
Published: September 2021

Abstract
This chapter discusses leading conceptual approaches to international environmental governance. These approaches draw on arguments found in diverse literatures, including writings on fiscal federalism, the new institutionalism, international relations, and international law. The chapter first reviews a prominent set of arguments in favour of decentralized environmental governance, and a competing set of claims in favour of greater centralization of governance authority. These approaches, in general, seek to produce the appropriate ‘match’ between the level or scope of governance and the level or scope of the relevant environmental issue. The chapter then considers ‘multilevel governance’ (MLG), an approach that does not view the allocation of authority among levels as mutually exclusive but rather explores how authority can be simultaneously exercised by multiple agents. It also looks at approaches that emphasize the horizontal sharing of governance authority. Finally, the chapter presents strategies for advancing understanding of international environmental governance.
Scholarship
Authors: French Duncan , Collins Lynda 
Published: September 2021

AbstractThis chapter investigates the role of international environmental law scholarship in shaping the sub-discipline, explores its limitations, and reflects on the relationship between scholarship and praxis. It begins by defining the context, content, and key players in international environmental law scholarship. The chapter then looks at major challenges in the area, including fragmentation, reactivity, under-represented voices and issues, and inter-disciplinarity. Finally, it elaborates the important dialectic between theory and practice in international environmental law, touching in particular on the role of international environmental law scholars in litigation, advocacy, and consultancy. The general theme of the chapter is that international environmental law scholarship is a rich, maturing, and increasingly diverse body of work, and yet it lacks coherency in some important respects.
Legal Imagination and Teaching
Authors: Fisher Elizabeth 
Published: September 2021

Abstract
This chapter argues that while dispelling wishful thinking is important in teaching and writing about international environmental law, it is equally important to foster legal imagination. It begins by considering three challenges in teaching international environmental law. These challenges include the lack of intellectual baselines among students, scholars, and teachers; the legal complexity of the subject; and the ‘hope’ that is often placed in international environmental law. Responding to the third of these challenges means that much of the focus in teaching in the field of international environmental law has been to dissuade wishful thinking. The chapter then shows how the focus on wishful thinking has overlooked the importance of legal imagination in international environmental law. It considers how an important aspect of fostering legal imagination is to ground it in legal reality.
Feminist Approaches
Authors: Maguire Rowena 
Published: September 2021

Abstract
This chapter provides a brief overview of ecofeminist theory. It charts its rise due to the perception of women having a closer relationship with nature, the retreat of ecofeminism when essentialist notions of women's connections to nature were challenged, followed by the subsequent re-framing of ecofeminism, in light of material and power relationships. More recently, scholars have defended ecofeminism, arguing that it provides a lens to examine the exploitation of nature and women, through analyses of power, social constructs, and inter-species relationships. The chapter then examines the contribution of women in shaping international environmental law (IEL) in pre- and post-UNCED (United Nations Conference on Environment and Development) periods. It also explores recent efforts to embed gender within IEL processes, through the adoption of Gender Action Plans in the 1994 UNCCD (UN Convention to Combat Desertification), the 1992 UNCBD (Convention on Biological Diversity), and UNFCCC (UN Framework Convention on Climate Change). While IEL is generally gender-blind, it is transitioning through a period of gender mainstreaming and the future of IEL is likely to be increasingly gender-literate.
Sustainable Development
Authors: Viñuales Jorge E. 
Published: September 2021

AbstractThis chapter focuses on sustainable development, which is the main concept underpinning the policy response to the environmental crisis the world faces. It examines the concept of sustainable development specifically from the perspective of international law. The chapter investigates three main aspects: (1) the conceptual history of sustainable development; (2) the legal meaning attached to this concept; and, on the basis of these two aspects, also (3) the nature, functions, and practical operation of sustainable development in international legal practice. One major challenge that must be overcome when writing about sustainable development is the conceptual fog coating a large part of the work in this area. This is partly due to the deliberate vagueness of the concept, which lends itself to far too many (mis-)interpretations. To navigate this difficulty, one must strike a balance among three competing considerations, namely the conceptual aspects of sustainable development, the actual practice in the use of this concept, and its inherent ethical dimension.
Judicial Development
Authors: Payne Cymie R. 
Published: September 2021

AbstractThis chapter examines the role of international judicial bodies' primary role with respect to the environment, which is to resolve disputes by deciding contentious cases and to guide the application of international law by issuing advisory opinions. International court and tribunals (ICTs) can influence the development of international environmental law by providing an authoritative articulation of a legal rule or principle. The chapter then looks at the development of legal norms for governing Earth's environment through ICT judgments. It describes the range of courts available, the remedies that they can offer, the capacity of ICTs to handle environmental problems, and problems that challenge their effectiveness in the overarching objective of providing a high degree of environmental quality. It does this whilst recognizing that courts and law are but one part of the system of governance, technology, politics, and economics that shapes human interactions with the environment.
Transboundary Air Pollution
Authors: Okowa Phoebe 
Published: September 2021

Abstract
This chapter investigates the causes of transboundary air pollution. Much of the experience and knowledge comes from the context of the global North, with far less known about problems of transboundary air pollution across Africa, Asia, and Latin America. The chapter then discusses the role of customary law rules in the field before turning to a discussion of the main treaty regimes addressing transboundary air pollution in Europe and North America, as well as the more recent 2002 Association of South East Asian Nations (ASEAN) Transboundary Haze Pollution Agreement. As yet, there is no global treaty addressing air pollution and this seems unlikely to emerge. The chapter concludes that further regulation will likely come through regional efforts, as well as intersection with the climate regime.
Climate Change
Authors: Rajamani Lavanya , Werksman Jacob 
Published: September 2021

Abstract
This chapter provides an overview of international regulatory efforts to address climate change. It focuses on the UN climate change regime, which comprises the 1992 UNFCCC (United Nations Framework Convention on Climate Change), the Kyoto Protocol, the Paris Agreement, and decisions of parties under these instruments. However, the universe of climate change law extends well beyond the UN climate change regime. There are rules and principles of general international law, such as the harm prevention principle, due diligence, and state responsibility, which apply to climate change. There are treaty regimes and institutions, including those addressing other areas of international environmental law or other fields of international law, which intersect with, complement, and function to implement the UN climate change regime. There are also a multiplicity of rules, regulations, and institutions at the regional, sub-regional, and national levels that directly or indirectly address climate change, many of which have been put in place in response to the UN treaties.
The Protection of the Marine Environment Pollution and Fisheries
Authors: Fabra Adriana 
Published: September 2021

Abstract
This chapter begins by looking at the role of the 1982 UN Law of the Sea Convention (UNCLOS) as the framework legal instrument on the oceans. Indeed, the UNCLOS is one of the most significant international law instruments of all time and is at the core of today's governance of the oceans. UNCLOS is a product of the time when it was negotiated, which brought together a desire to provide global stability to competing jurisdictional claims over the oceans and devise solutions to rapidly increasing rates of marine pollution. However, technological changes and increased or unforeseen sources of pollution and habitat destruction have exposed some of the Convention's limitations, which derive from a fragmented perspective of the marine environment, and a failure to address the interaction between different ocean uses and marine stressors and provide rules on the conservation of marine biological diversity. The chapter then evaluates global and regional treaty requirements, soft law instruments, and case law concerning the protection of the marine environment from various sources of pollution, and the conservation of marine living resources, with a focus on fisheries, and the protection of marine biodiversity.
Indigenous Peoples
Authors: Ruru Jacinta 
Published: September 2021

Abstract
This chapter highlights Indigenous peoples and international environmental law. There is a myriad of international instruments and commitments that presently incorporate some recognition of Indigenous peoples. The chapter provides a broad overview of some of these milestones in international environmental law to demonstrate the general tenor of how these instruments are purporting to encompass (or not) Indigenous peoples' aspirations for self-determination in caring for the environment. It first reflects on Indigenous peoples' law. The chapter then considers the development of rights of Indigenous peoples at international law, focusing on the International Labour Organization's (ILO) 1989 Convention concerning Indigenous and Tribal Peoples in Independent Countries and the 2007 United Nations (UN) Declaration on the Rights of Indigenous Peoples. It concludes that international environmental law is simply at the early stages of recognizing the aspirations of Indigenous peoples.
Human Rights
Authors: Knox John H. 
Published: September 2021

Abstract
This chapter examines the relationship between human rights and the environment, which has developed through the adoption and interpretation of many different national constitutions and laws, human rights treaties, and multilateral environmental agreements (MEAs). The development of what might be called ‘environmental human rights law’ has occurred in three main channels. First, efforts to achieve recognition of a human right to a healthy environment, while ineffective at the UN, have achieved widespread success at the national and regional levels. Second, some multilateral environmental instruments have incorporated human rights norms, especially rights of access to information, public participation, and remedy. Third, human rights tribunals and other monitoring bodies have ‘greened’ human rights law by applying a wide range of human rights to environmental harm. The chapter explains each of these paths of development before sketching potential lines of further development through recognition of the rights of nature and of future generations.
Disaster
Authors: Verchick Robert R. M. , Rink Paul 
Published: September 2021

Abstract
This chapter evaluates the relationship between environmental protection and disaster law and policy. How well one approaches disaster risk helps to determine how functional the surrounding environment will be. The chapter examines a range of international laws and policies used to manage disaster risk, focusing on those that are particularly relevant to environmental issues. It begins with a brief look at global disaster risk in the twenty-first century, placing it in the context of natural systems, human activities, and climate change. It then looks at the United Nations' (UN) major frameworks on reducing disaster risk (the Hyogo and Sendai Frameworks), along with the international strategy to implement framework goals (the UN Plan of Action). Finally, the chapter turns to other areas of international law that have strong overlapping interests in disaster risk, particularly ecosystem management and rules pertaining to transboundary harm.
Compliance Theory
Authors: Mitchell Ronald B. 
Published: September 2021

Abstract
This chapter describes the conceptual and theoretical challenges raised by efforts to understand international environmental agreement (IEA) compliance and effectiveness. Both compliance and non-compliance can arise for reasons unrelated to an IEA's causal influence. Equating IEA compliance (comparing state behaviours to legal standards) with IEA influence can overstate the latter by conflating IEA-induced compliance and ‘coincidental’ compliance, in which state behaviours meet IEA standards for reasons unrelated to the IEA. States may negotiate IEA obligations that require no change in their behaviours, may comply because doing so is cheaper than violation, or may lack the capacity to violate IEA rules. Equating non-compliance with a lack of IEA influence also misleads because it ignores the fact that IEAs can lead states to take well-intended actions that fall short of legal standards, as when IEAs set ambitious obligations or exogenous changes put compliance out of reach. Indeed, IEAs with aggressive obligations may be highly effective despite having high non-compliance rates. Thus, the chapter argues that investigations of compliance improve to the extent that scholars use them to identify the causal influence of IEAs rather than a causal assessment of rule-following.
Non-Compliance Procedures
Authors: Doelle Meinhard 
Published: September 2021

Abstract
This chapter reflects on non-compliance procedures, which have emerged in multilateral environmental agreements (MEAs) as they have in other areas of international law. While the focus of international treaty negotiation may, at one point, have been the substantive issues, the scope has, over time, shifted to include efforts to ensure the effective implementation of the substantive commitments and obligations negotiated. Along with other elements, such as dispute settlement procedures, education, and capacity-building, non-compliance procedures have become a key element of the overall effort to ensure the effective implementation of MEAs. The chapter considers the role of compliance systems in MEAs, with a brief survey of the debate over the respective role of facilitation and enforcement, followed by an exploration of the relationship between the primary rule system and elements of the compliance system. It then looks at the key elements of compliance systems before studying a selection of MEA compliance systems.
Effectiveness
Authors: Andresen Steinar 
Published: September 2021

AbstractThis chapter introduces some key concepts: what international regimes are; how to measure their effectiveness (the dependent variable); how this can be explained (independent variable); and the severe methodological challenges associated with answering these questions. Two main explanatory perspectives are introduced: the nature of the problem dealt with by the regime and its problem-solving ability. The chapter then surveys some key general findings that have emerged from the study of the effectiveness of international environmental regimes. Perhaps the most important finding is that although most international regimes that have been studied have had some effect on the problems they address, they have very rarely been able—if at all—to solve them fully. Another important observation is the sizeable variation among regimes in their problem-solving ability. The chapter presents empirical examples to illustrate how effectiveness can be measured and explained in practice. Most attention is given to the global climate regime, given its prominence on the international agenda. Viewed from a problem-solving perspective, however, the climate regime emerges as a low-effectiveness regime. This is briefly contrasted with the highly successful international ozone regime, as well as a regime that is very hard to measure in terms of effectiveness due to the deep and divisive conflicts over values, namely, the international whaling regime.
Africa
Authors: Kotzé Louis J. 
Published: September 2021

Abstract
This chapter reflects on examples where some domestic and regional African courts have engaged directly and indirectly with international environmental law (IEL). Generally speaking, African states have had and continue to have a tenuous and/or superficial relationship with IEL. Having said this, Africa is also a site for innovation and progressive development in the area of IEL, especially through the work of the courts. Regional quasi-judicial institutions are pioneering the innovative jurisprudential development of environmental norms, while domestic African courts are increasingly, either directly or indirectly, interpreting, applying, and further refining IEL. Collectively, while one must be wary of the challenges and barriers to the implementation of IEL, such innovation bodes well for the potential and gradual development of a more amicable and constructive relationship between IEL and Africa.