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25 Yale J. Int'l L. 323 (2000)
Money and the Law: Why Comply with the Public International Law of Money

handle is hein.journals/yjil25 and id is 333 raw text is: Articles Money and the Law: Why Comply with the Public International Law of Money? Beth A. Simmonst INTRODUCTION ........................................................................................................................................ 323 I. INTERNATIONAL LAW COMPLIANCE: A CONCEPTUAL OVERvIEW .............................................. 327 A. The Recent Literature ..................................................................................................... 327 B. Conceptualization, Measures, and Methods ................................................................... 332 II. THE PUBLIC INTERNATIONAL LAW OF MONEY: EXCHANGE RESTRICTIONS AND MULTIPLE CURRENCY SYSTEMMS ................................................................................................................... 335 III. MARKETS AND INTERNATIONAL MONETARY LAW: EXPECTATIONS REGARDING COMMITMENT AND COMPLIANCE ........................................................................................................................ 342 A. Why Commit to Article VIII? Explaining the Duration of the Transitional Regime.. 343 B. Why Comply with an Article VII Commitment? Explaining the Decision To Comply.. 351 C. To Commit or Not To Commit: What Is the Difference? ................................................ 357 IV . CONCLUSIONS .............................................................................................................................. 359 INTRODUCTION The assumption that international law influences governmental choices and international outcomes underlies the work of legal scholars and practitioners alike. Indeed, explicating the law is arguably only useful to the extent that international rules have an impact on outcomes that themselves are deeply valued by sovereign governments, private actors, or the international community at large. Certainly, most legal scholars and practitioners believe that the rules at the center of their analysis do indeed matter to the design of foreign policy and the conduct of international relations.' Scholars of international relations, steeped in realist theories of international relations and critical of the inferences drawn from a select (biased) set of cases, t Associate Professor, Department of Political Science, University of California at Berkeley. Thanks to William Clark, John Freeman, Robert Keohane, and Brian Pollins for very helpful comments. I would like to acknowledge the extremely helpful research assistance of Zachary Elkins and Conor O'Dwyer, who assisted with data management and analysis; Becky Curry, who assisted with the legal research; and Maria Vu and Geoffrey Wong, who assisted with data entry. 1. The classic work is Louis HENKiN, How NATIONS BEHAVE 46-48 (1979). See also Abram Chayes & Antonia Chayes, On Compliance, 47 INT'L ORG. 175, 176 (1993).

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