Corruption: Economic Analysis and International Law (eng)

'To effectively combat corruption globally, the collection and dissemination of knowledge is crucial. This excellent book takes us a step forward in our collective efforts to better understand the causes and effects of corruption from an international perspective. Through its detailed analysis of the economic impact of corruption in a diverse range of countries, this publication provides us with a new resource to draw on in our future efforts to reduce corruption together worldwide.'
- Dimitri Vlassis, United Nations Office on Drugs and Crime, Vienna, Austria

Corruption presents many legal and regulatory challenges, but these challenges cannot be met by the law in isolation. This book presents economic analysis of crime as an essential tool for shaping an effective legal apparatus.

The authors contend that in order to assess whether and how to regulate corruption, it is necessary to start with a thorough inquiry into the causes, institutional and social effects, and most of all, actual and potential economic and financial consequences of crimes. This, they argue, should inform and help shape a balanced legal and regulatory approach to corruption.

Economic analysis is also the key to measuring the efficacy of current anti-corruption instruments, and in the light of this the book finds many existing legal counter-measures lacking. On the other hand, its assessment of new international instruments and their domestic implementation and enforcement, and the monitoring mechanisms embedded by certain international organizations, demonstrates a clear relationship between realistic economic analysis and effective solutions to the economic and legal problems posed by corruption.

Offering a comprehensive legal study of corruption and grounded in economic analysis, this detailed book will appeal to scholars and researchers in crime and corruption, international public organizations and anti-corruption agencies.

Contents:
Foreword
Preface
Introduction
Part I: Economics, Finance, and Governance
Section 1: Economics
1. Opening Remarks: Corruption and Economic Analysis
2. Firms, Markets, and Corruption
3. Corruption and Macroeconomic Performance
Section 2: Finance
4. Financial Markets: Bonds, Stocks, and Politically-connected Firms
5. The Impact of Corruption in Shares Returns of Euro-area Listed Industrial Firms
6. Operational Efficiency, Corruption, and Political Stability in Microfinance
Section 3: Governance
7. Governance, Corruption, and Effects on Institutions
Part II: Birth and Evolution of an Anti-corruption Global Legal Standard Trans-national Corruption and Effective Regulation
Section 4: Cases of Trans-national Corruption: Description and Legal Issues
8. How Corruption Affects the Economic and Institutional Textures of States: three case examples
Section 5: Horizontal Assessment of the International Hard Law Instruments
9. The US FCPA as the Archetype of the Supra-national Anti-bribery Regulation
10. The Emergence of an International Framework: Regional, International, and Multilateral Treaties and Initiatives 1
1. Criminalization of the Offence
12. Sanctions and Corporate Liability
13. Jurisdictional Issues
14. Mutual Legal Assistance and Extradition
15. Preventive and Non-criminal Related Measures
16. Follow up Procedures as Specific Cases of International Supervision
17. Asset Recovery
Afterword
Bibliography
Index

The late Marco Arnone, former Director, Centre for Macroeconomics and Finance Research, Italy and Leonardo S. Borlini, Bocconi University, Italy