Research

(Cambridge University Press 2011), awarded ESIL Book Prize (2012); paperback 2013, reviewed in 82 BYIL 561-563 (2012), 24 EJIL 732-735 (2013), 30 Banking & Finance Law Review 387 (2015), Mandarin translation (Law China Press 2013)

'A remarkable book - to our knowledge, it is the first comprehensive and systematic treatment of this subject. The book combines historical analysis with careful research of case law and other practice. The result is an impressive and original treatment of a subject that is of the utmost relevance for the present state of the international economic system.'

ESIL Book Prize Jury Citation 2012


'Michael Waibel’s book is a timely, elegant, and rich study of the adjudication of sovereign defaults by international courts and tribunals.'

Carlos Espósito: European Journal of International Law

'comprehensible enough to be read by students yet comprehensive enough to provide new insights into public debt restructuring for even experienced scholars. Lawyers and historians alike will find something new in its pages … Waibel's study is careful, useful and helps inform the debate in this increasingly vital policy arena.'

John A. E. Pottow & Emily Iversen: Banking and Finance Law Review

(Oxford University Press 2017, with Jonathan Bonnitcha and Lauge Poulsen), reviewed in 112 AJIL 771 (2018), 30 EJIL 341 (2019), Investment Treaty News (2017), 13 Rev. Int. Organ. 133 (2018), 22 ARIEL 387 (2019), Spanish translation (Legis Editores S.A., Colombia 2021), Mandarin translation (Law China Press 2023 forthcoming)

'Amidst a sea of conflicting counsel comes a balanced yet hard punching analysis of the international investment treaty regime. With incisive analysis from the perspectives of economics, law and political science, the authors deliver a singularly important work of clarity at a critical time for global economic order. With as much a domestic perspective as an international one, the authors illuminate highly politicised questions with a fairness that is refreshing. As nationalist tendencies rise in several corners of the globe, this volume is must read for policymakers.'

Professor David D. Caron, member of The Iran-United States Claims Tribunal

'This is the essential introduction to the field that we have been waiting for: a comprehensive account of the international investment regime that integrates law with economic theory and political analysis. The authors have produced a seamless interdisciplinary study, laying out the state of knowledge on investment treaties in clear and accessible language, while pointing the way for future research. I expect that it will become a standard resource for students, scholars, and participants in the investment regime. Highly recommended!'

Professor Tom Ginsburg, University of Chicago

'This is a unique book on the political economy of investment treaties. It combines the rigor of academic research with the exploration of a highly salient public policy debate. By stepping back from the details of investment treaties and arbitrations, the authors construct a compelling argument on how the structure and implications of these collection of treaties and rulings create an investment treaty regime. This is a must read for anyone interested in the study of foreign direct investment or how globalization shapes the policies of nation-states.'

Professor Nathan M. Jensen, University of Texas at Austin

'The intense debates on investment arbitration and investment treaty regimes often provide more heat than light. Both supporters and detractors refer to conflicting studies and alternative facts in ways that makes it hard for those not already committed to make up their minds. The authors of this work have taken a hard look at the political economy of foreign investment and have been able to produce the most expansive fact-based background study combining the relevant legal, political and economic aspects. Their point has not been to provide advocacy for this or that position but to assist experts and decision-makers to form their views by reference to a realistic assessment of the relevant arguments. This is the best study of the functioning and effects of investment regimes to date.'

Professor Martti Koskenniemi, University of Helsinki

'A balanced and accessible study of the Investment Treaty Regime that will advance the global debate over foreign investors' role in economic, political and legal development. It clarifies complex issues, introduces non-specialists to a key institution, and proposes an ambitious agenda for future research.'

Professor Susan Rose-Ackerman, Yale University

Advanced Introduction to International Economic Law 

(Edward Elgar Publishing 2024 forthcoming, with Gregory Shaffer)

Edited Collections

General International Law in International Investment Law: A Commentary (Oxford University Press 2024) (co-editor, with Andreas Kulick, Andrijana Misovic assistant editor)

Consolidating Brexit: The Future of EU/UK cooperation (Jan Sramek 2023) (co-editor, with Thomas Jaeger, Matthias Lehmann and Alexander Somek)

ICSID Reports, Remedies, Vol. 21 (Cambridge University Press 2023 forthcoming) (co-editor, with Jorge E. Viñuales)

ICSID Reports, Attribution, Vol. 20 (Cambridge University Press 2022) (co-editor, with Jorge E. Viñuales)

ICSID Reports, The Meaning of Investment, Vol. 19 (Cambridge University Press 2021) (co-editor, with Jorge E. Viñuales)

ICSID Reports, Defence Arguments in Investment Arbitration, Vol. 18 (Cambridge University Press 2020) (co-editor, with Jorge E. Viñuales)

The Legal Implications of Global Financial Crises/Les implications juridiques des crises financières de caractère mondial (Brill | Nijhoff 2020) (editor)

Making Transnational Law Work in the Global Economy: Essays in Honor of Detlev Vagts (Cambridge University Press 2010) (co-editor, with Pieter Bekker and Rudolf Dolzer), reviewed in 106 AJIL 217

The Backlash against Investment Arbitration (Kluwer Law International 2010) (co-editor, with Claire Balchin, Asha Kaushal, Kyo-Hwa Chung); reviewed in 78 Arbitration 218 (2012)

The Backlash against Investment Arbitration (Kluwer, 2010)

The Legal Implications of Global Financial Crises (Hague Academy, 2020)

ICSID Reports (Vol. 18 -)

General International Law in International Investment Law: A Commentary (2024)

Articles

‘The UK and the Development of Investor-State Dispute Settlement’ (forthcoming) British Yearbook of International Law

‘Shareholder Protection in Human Rights and Investment Law’, Austrian Review of International and European Law (forthcoming) (with Rebecca McMenamin)

‘Necessity 20 Years on: The Limits of Article 25’ (2021) 37 ICSID Review 160-191 (with Federica Paddeu)

‘Boilerplate in International Economic Law’ (2021) 115 AJIL Unbound 253-257 (with Lauge Poulsen)

‘A Sliding Scale Approach to Travaux in Treaty Interpretation: The Case of Investment Treaties’ (2021) 89 British Yearbook of International Law (with Esmé Shirlow)

‘The Final Act: Exploring the End of Pandemics’ (2020) 114 American Journal of International Law 698-707 (with Federica Paddeu)

‘The Most Influential EU Economic Policymaker: Mario Draghi at the European Central Bank’ (2020) 31 European Journal of International Law 345-352

‘Independence and Impartiality of Adjudicators in Investment Dispute Settlement: Assessing Challenges and Reform Options’ (2020) 21 The Journal of World Investment & Trade 441-474 (with Chiara Giorgetti, Steven Ratner, Jeffrey Dunoff, Shotaro Hamamoto, Luke Nottage and Stephan W. Schill)

‘Investment Law before Arbitration’ (2020) 23 Journal of International Economic Law 929-947 (with Jarrod Hepburn, Martins Paparinskis and Lauge Poulsen)

‘Fair and Equitable Treatment as Boilerplate’ (2019) 30 The American Review of International Arbitration, 85-111.

‘The Icarus Syndrome: How Credit Rating Agencies Lost their Quasi-Immunity’, (2018) 71 Southern Methodist University Law Review, 1077-1116 (with Norbert Gaillard)

‘To formalize or not to formalize: creditor–debtor engagement in sovereign debt restructurings’, (2018) 13 Capital Markets Law Journal, 452-466

‘Putting the MFN Genie Back in the Bottle’ (2018) 112 AJIL Unbound 60-63

‘Brexit and Acquired Rights’ (2018) 111 AJIL Unbound 440-444

‘Eurobonds: Legal Design Features’, (2016) 12 (3) Review of Law and Economics, 635–657

‘Fair and equitable treatment and judicial patent decisions’, (2016) 19 Journal of International Economic Law, 145-174 (with Kathleen Liddell)

‘Steering sovereign debt restructurings through the CDS quicksand’, (2014) 15 Journal of Banking Regulation 14-40

‘Demystifying the art of interpretation’, (2011) 22 European Journal of International Law 571-588

‘Opening Pandora’s Box: Sovereign Bonds in International Arbitration’ (2007) 101 The American Journal of International Law 711-759 (2007 Francis Déak prize der American Society of International Law), Spanish translation published as ‘La Caja De Pandora: Los Títulos De Deuda Pública En El Arbitraje Internacional‘, Res Publica (Argentina), 2011-1, 125-184

‘Two worlds of necessity in ICSID arbitration: CMS vs. LG&E’ (2007) 20 Leiden Journal of International Law 637-648, republished in A Reinisch (ed) Classics in international investment law (Edward Elgar 2014), Vol. II

‘Staatliche Symbole und Meinungsfreiheit am Beispiel der Flaggenverbrennung’ [State Symbols and Freedom of Speech: The Case of Flag Burning], 2004 (4) 67 Österreichisches Anwaltsblatt 212-215

‘Even Wars have Limits’ (2002) 1/02 juridikum - Zeitschrift im Rechtstaat 29-31

Book Chapters

Financial Sanctions in Context since 1945, in Sanctions in Monetary, Financial and Central Banking Law (L Thévenoz, C Zilioli and R Bismuth, eds) (Oxford University Press 2024 forthcoming)

‘Article 25 ARSIWA’, in Commentary on General International Law in International Investment Law (A Kulick und M Waibel eds) (Oxford University Press 2024) (with Federica Paddeu)

‘Article 32 VCLT’, in Commentary on General International Law in International Investment Law (A Kulick und M Waibel eds) (Oxford University Press 2024) (with Esmé Shirlow)

‘Commentary on General International Law in International Investment Law: Approach and Overview, Article 32 VCLT’, in Commentary on General International Law in International Investment Law (A Kulick und M Waibel eds) (Oxford University Press 2024) (with Andreas Kulick)

‘Investment Rules’ in J Chaisse and C Herrmann (eds) The International Law of Economic Integration (Oxford University Press 2024 forthcoming)

‘Investment’ in E Benvenisti and D Kritsiotis (eds), The Cambridge History of International Law: International Law Beyond the End of the Cold War, vol XII (Cambridge University Press forthcoming)

‘Compensation’, in JE Viñuales and M Waibel (eds), ICSID Reports, vol 21 (Cambridge University Press 2024)

Article 57, in (B Simma et al. eds.) The Charter of the United Nations: A Commentary (4th ed, Oxford University Press 2024 forthcoming)

Articles 58-60 in (B Simma et al. eds.) The Charter of the United Nations: A Commentary (4th ed, Oxford University Press 2024 forthcoming) (with Nicola Nesi)

‘A World Without Investment Arbitration?’, in ICCA Congress Series, 2022 Edinburgh, ‘Arbitration’s Age of Enlightenment?’ (Kluwer 2023 forthcoming) (with Toby Landau KC and Chester Brown)

Do Arbitrator Rosters Merely Ensure Transparency or are they an Appointment Platform? In Y Banifatemi (ed) Transparency in International Arbitration (International Arbitration Institute 2023 forthcoming)

‘The International Financial Architecture under Pressure’, in The Future of Multilateralism and Globalization in the Age of the US–China Rivalry (Norbert Gaillard, Fumihito Gotoh and Rick Michalek eds.) (Routledge 2023 forthcoming) (with Nobert Gaillard)

‘European Safe Assets: Past, Present and Future’ in A Hinarejos and R Schütze (eds), Fiscal Federalism in the European Union (Oxford University Press 2023 forthcoming) (with Sebastian Grund)

‘Globale Lieferketten: Eine völkerrechtliche Betrachtung‘, in P Lewisch (ed) Lieferkettenverantwortlichkeit (Manz 2023 forthcoming) (with Hannah Grandits)

‘Sociology of Arbitrators’ in AK Bjorklund, F Ferrari and S Kröll (eds), Cambridge Compendium of International Commercial and Investment Arbitration (Cambridge University Press 2023)

 ‘Article 28-35’ in SW Schill and others (eds), The ICSID Convention: A Commentary (3rd edn, Cambridge University Press 2022)

‘The Actors in Sovereign Debt Restructurings’ in Katharina de la Durantaye and others (eds), Verbindungslinien im Recht - Festschrift für Christoph G Paulus zum 70 Geburtstag (C.H. Beck 2022)

‘Der EU-Kooperationsmechanismus und seine Bedeutung für das nationale Verfahren’ in G Adler and others (eds), Handbuch Investitionskontrolle (Manz 2022) (with Philipp Studt-Tartarotti)

‘Applicable Law’ in H Ruiz Fabri (ed), Max Planck Encyclopedia of International Procedural Law (Oxford University Press 2022) (with Hayk Kupelyants)

‘International Trade Law and Human Rights’ in C Binder and others (eds), Elgar Encyclopedia of Human Rights (2022)

‘Article 32 of the VCLT and Precedent in Investor-State Arbitration: A Sliding Scale Approach’ in KN Gore and E Shirlow (eds), The Vienna Convention on the Law of Treaties: in International Arbitration: History, Evolution, and Future (Kluwer 2022) (with Esmé Shirlow)

‘Fragmentation in International Investment Law’ in J Bedard and PW Pearsall (eds), State of Arbitration: Essays in Honour of Professor George Bermann (Juris 2022)

‘Subject Matter Jurisdiction: The Notion of Investment’ in JE Viñuales and M Waibel (eds), ICSID Reports, vol 19 (Cambridge University Press 2021)

‘Decolonization and Sovereign Debt: A Quagmire’ in J Flores Zendejas and P Pénet (eds), Sovereign Debt Diplomacies (Oxford University Press 2021)

‘Principles Governing the Global Economy’ in JE Viñuales (ed), The UN Friendly Relations Declaration at 50: An Assessment of the Fundamental Principles of International Law (Cambridge University Press 2020) (with Jürgen Kurtz and Jorge E. Viñuales)

‘Besonderheiten der Auslegung im Völkerrecht am Beispiel der ›Travaux préparatoires‹ in der Investitionsschiedsgerichtsbarkeit’ in D Grimm and C König (eds), Lektüre und Geltung Zur Verstehenspraxis in der Rechtswissenschaft und in der Literaturwissenschaft (Wallstein 2020)

‘Financial Crises and International Law’ in M Waibel (ed), The Legal Implications of Global Financial Crises/Les implications juridiques des crises financières de caractère mondial (Brill | Nijhoff 2020)

‘The Origins of Interpretive Canons in Domestic Legal Systems’ in J Klingler, Y Parkhomenko and C Salonidis (eds), Between the Lines of the Vienna Convention? Canons and Other Principles of Interpretation in Public International Law (Wolters Kluwer 2018), 25-46

‘The Principle of Privity’ in D Kritsiotis and MJ Bowman (eds), Conceptual and Contextual Perspectives on the Modern Law of Treaties (Cambridge University Press 2018) 201-236

‘Extradition’ in R Grote, F Lachenmann and R Wolfrum (eds) Max Planck Encyclopaedia of Comparative Constitutional Law (2018) (with Trina Malone)

‘Counterclaims in International Law’ in R Pezzot and S Gonzalez Napolitano (eds), La solución de controversias en derecho internacional y temas vinculados Liber Amicorum Alejandro Turyn (Eudeba 2017), 283-304 (with Jake Rylatt)

‘State Liability in the EEA’ in C Baudenbacher (ed), The Fundamental Principles of EEA Law: EEA-ities (Springer 2017) (with Fiona Petersen)

‘Mavrommatis Palestine Concessions (Greece v Great Britain) (1924 – 27)’ in E Bjorge and C Miles (eds), Landmark Cases in Public International Law (2017), 33-59

‘Monetary Policy in the EU: An Exclusive Competence Only in Name?’ in S Garben and I Govaere eds), The Division of Competences between the EU and the Member States: Reflections on the Past, the Present and the Future (Hart 2017)

‘Sovereign Bonds: Internationalization and Partial Privatization’ in M Audit and SW Schill (eds), Transnational Law of Public Contracts (Bruylant 2016)

‘Arbitrator Selection: Towards Greater State Control’ in A Kulick (ed), Reassertion of Control over the Investment Treaty Regime (Cambridge University Press 2016)

‘International Rules of Interpretation: Developed for and Applied by National Courts?’ in G Nolte and H Aust (Eds.), Interpretation of International Law by Domestic Courts: Converging Approaches? (Oxford University Press 2016)

‘The Rise and Fall of Trade and Monetary Legal Orders: From the Interwar Period to Today’s Global Imbalances’ in G Mallard and J Sgard (eds), Contractual Knowledge: One Hundred Years of Legal Experimentation in Global Markets (Cambridge University Press 2016) (with Gregory Shaffer)

‘The (Mis)Alignment of the Trade and Monetary Legal Orders’ in G Shaffer and T Halliday (eds), The Theory and Dynamics of Transnational Legal Orders (Cambridge University Press 2015) (with Gregory Shaffer)

‘Interpretive Communities in International Law’ in A Bianchi, D Peat and M Windsor, Interpretation in International Law (Cambridge University Press 2015)

‘Investment Arbitration: Jurisdiction and Admissibility’ in A Reinisch and others (eds), Handbook on International Investment Law (C.H. Beck/Hart, 2015)

‘Uniformity versus Specialisation (2): A Uniform Regime of Treaty Interpretation?’ in CJ Tams and others (eds), Research Handbook on the Law of Treaties (Edgar Elgar, 2014)

‘Echoes of History: The International Financial Commission in Greece’ in C Paulus (ed), Sovereign Default – Do We Need a Legal Procedure? (Beck/Hart, 2014)

‘Gibraltar - A Unique Territorial Dispute?’ in TJ Dadson and JH Elliott (eds), Britain, Spain and the Treaty of Utrecht, 1713-2013 (Legenda 2014)

‘Coordinating Adjudication Processes’, in Z Douglas, J Pauwelyn and JE Viñuales (eds), The Foundations of International Investment Law: Bringing Theory Into Practice (Oxford University Press 2014), 499-529

‘Out of Thin Air? Tracing the Origins of the UNCTAD Principles in Customary International Law’ in C Espósito, L Yuefen and JP Bohoslavsky (eds), Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing (Oxford University Press 2013)

‘Staateninsolvenzen in historischer Sicht’ [in German, State Insolvency in Historical Perspective] in G Kodek and A Reinisch (eds), Staateninsolvenz (2 edn, Bank Verlag 2012)

‘Two Decades Lost: Reinvigorating the Weak Cousin of WTO Law’ (2011) 3 Selected Papers from ESIL Proceedings (Hart)

‘Falklands Islands/Malvinas‘ in R Wolfrum (ed) Max Planck Encyclopedia of Public International Law (Oxford University Press 2011)

‘Investment Codes‘ in R Wolfrum (ed) Max Planck Encyclopedia of Public International Law (Oxford University Press 2011) (with Markus Burgstaller)

‘Technology Transfer‘ in R Wolfrum (ed) Max Planck Encyclopedia of Public International Law (Oxford University Press 2011) (with William Alford)

‘International Investment Law and Treaty Interpretation’, in Rainer Hofmann & Christian C. Tams (Eds.) International Investment Law and General International Law – From Clinical Isolation to Systemic Integration? (2011)

‘Bank Insolvency and State Insolvency’, in Rosa Lastra (Eds.) Cross Border Bank Insolvency (Oxford University Press 2011)

‘Creditor Protection in International Law’, in Pieter Bekker, Rudolf Dolzer and Michael Waibel (Eds.) Making Transnational Law Work in the Global Economy: Essays in Honor of Detlev Vagts (Cambridge University Press 2010)

‘Gibraltar‘ in R Wolfrum (ed) Max Planck Encyclopedia of Public International Law (Oxford University Press 2010)

‘The Diplomatic Channel’, in J Crawford and A Pellet (eds) The Law of International Responsibility (Oxford University Press 2010)

‘Corfu Channel Case‘, in R Wolfrum (ed) Max Planck Encyclopedia of Public International Law (Oxford University Press 2010)

‘The Backlash against Investment Arbitration: Perceptions and Reality‘, in M Waibel, A Kaushal, K-H Chung and C Balchin (eds), The Backlash against Investment Arbitration (Kluwer Law International 2010) (with Claire Balchin, Asha Kaushal, Kyo-Hwa Chung)

‘BIT by BIT - the Silent Liberalization of the Capital Account‘ in C Binder, U Kriebaum, A Reinisch and S Wittich (eds), International Investment Law for the 21st Century - Essays in Honour of Christoph Schreuer (Oxford University Press 2009)

Reports and Policy Papers

Amicus Curiae Brief Eli Lilly v. Canada, Case No. UNCT/14/2 (2016) (with Henning Grosse Ruse-Khan and Kathleen Liddell), January 2016

‘United Kingdom‘, in EMU: Constitutional and Institutional Aspects of the Economic Governance in the EU’ F Amtenbrink (ed), 1 FIDE Conference Report (Copenhagen, Djøf, 2014) (with Piet Eeckhout)

‘France’s Subnational Insolvency Framework’, in O Canuto and L Liu (eds), Until Debt Do Us Part: Subnational Debt, Insolvency and Markets (Washington, DC, The World Bank 2013) (with Lili Liu und Norbert Gaillard)

‘Competence Review: Trade and Investment’, Report for Department of Business, Innovation and Skills, as part of the Balance of EU competences review: trade and investment (2013)

‘Retaliating against exchange-rate manipulation under WTO rules’ in Simon J Evenett, The US-Sino Currency Dispute: New Insights from Economics, Politics, and Law (Centre for Economic Policy Research, 2010)

‘Managing Subnational Credit and Default Risks’, (2010), World Bank Policy Research Working Paper No. 5362 (with Lili Liu)

‘Iceland’s financial crisis – quo vadis international law’, ASIL Insight, March 2010

‘Subnational Insolvency: Cross Country Experiences and Lessons‘ in E Ahmad and G Brosio (eds), Managing Subnational Finances (International Monetary Fund; Edgar Elgar 2009) (with Lili Liu)

Case Notes

‘Greek Debt Restructuring Case’, in 195 International Law Reports (C Greenwood and K Lee, eds) (Cambridge University Press 2021)

‘Public Sector Purchase Programme Case’, in 192 International Law Reports (C Greenwood and K Lee, eds) (Cambridge University Press 2020)

‘Mavrommatis Palestine Concessions (Greece v Great Britain) (1924 – 27)’ in E Bjorge and C Miles (eds), Landmark Cases in Public International Law (2017), 33-59

‘TF v Schweizerische Nationalbank AG, Interlocutory appeal judgment, 8Ob68/16g, ILDC 2587 (AT 2016), 17th August 2016, Austria; Supreme Court of Justice [OGH]’ in International Law in Domestic Courts (A Nollkaemper and A Reinisch, eds) (Oxford University Press, 2016)

‘Guarantees for the European Financial Stability Facility Case’, in 150 International Law Reports (E Lauterpacht, C Greenwood and K Lee, eds) (Cambridge University Press 2012)

‘World Duty Free Company LTD. v. the Republic of Kenya’, 46 International Legal Materials (2007)

‘Corfu Channel Case‘, in R Wolfrum (ed) Max Planck Encyclopedia of Public International Law (Oxford University Press 2010)

‘A Good Day and Salutory Warning for the European Union’ (2010) 69 Cambridge Law Journal 38-40

‘Elusive Certainty - Implications of Donegal v. Zambia’, (2007) International Financial Law Review 31-34