Book contents
- Constitutions in Times of Financial Crisis
- Constitutions in Times of Financial Crisis
- Copyright page
- Contents
- Contributors
- Foreword
- I The Role of Constitutions in Dealing with Crises
- 1 Introduction: Liberal Constitutions During Financial Crises
- 2 Financial Emergencies
- 3 Rule-of-Law Objections to the Lender of Last Resort
- 4 Balanced Budget Provisions in Constitutions
- 5 Legislatures and Constitutions in Times of Severe Financial Crisis
- II Courts and Crises
- III Supranational Governance and Crisis
- IV Implementing Austerity
- V The Effect of Crises on Constitutions
- Index
2 - Financial Emergencies
from I - The Role of Constitutions in Dealing with Crises
Published online by Cambridge University Press: 08 June 2019
- Constitutions in Times of Financial Crisis
- Constitutions in Times of Financial Crisis
- Copyright page
- Contents
- Contributors
- Foreword
- I The Role of Constitutions in Dealing with Crises
- 1 Introduction: Liberal Constitutions During Financial Crises
- 2 Financial Emergencies
- 3 Rule-of-Law Objections to the Lender of Last Resort
- 4 Balanced Budget Provisions in Constitutions
- 5 Legislatures and Constitutions in Times of Severe Financial Crisis
- II Courts and Crises
- III Supranational Governance and Crisis
- IV Implementing Austerity
- V The Effect of Crises on Constitutions
- Index
Summary
This chapter explores ways in which financial emergencies are dealt with by modern governments, by which I mean political/legal systems that constitutionally protect rights and privileges. The key feature of such systems, from my perspective, is that they can be slow to react to shocks, even those that destabilize the government or threaten the whole legal regime. A financial emergency is, arguably, an example of such a shock.
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- Constitutions in Times of Financial Crisis , pp. 18 - 38Publisher: Cambridge University PressPrint publication year: 2019