Constitutions in Times of Financial Crisis

Financial crises put pressure on constitutional orders, inviting exceptional responses that vary in effectiveness, and have an impact long afterwards.

Constitutional provisions limit the discretion of governments in economic policy, but in times of financial crises there are pressures for exceptional responses. This volume assesses the ability of constitutional orders all over the world to cope with financial crisis, and traces the long-run implications.Many constitutions include provisions intended to limit the discretion of governments in economic policy. In times of financial crises, such provisions often come under pressure as a result of calls for exceptional responses to crisis situations. This volume assesses the ability of constitutional orders all over the world to cope with financial crises, and the demands for emergency powers that typically accompany them. Bringing together a variety of perspectives from legal scholars, economists, and political scientists, this volume traces the long-run implications of financial crises for constitutional order. In exploring the theoretical and practical problems raised by the constitutionalization of economic policy during times of severe crisis, this volume showcases an array of constitutional design options and the ways they channel governmental responses to emergency.