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Email

mww27@cam.ac.uk

Faculty Contact Details

Room: LCIL, Room 8

Tel: 01223 748765

College Contact Details

Room: Second Ct, P3

Tel: 01223 764857

Mag. iur., Dr. iur. (Wien), MSc. (LSE), LL.M. (Harvard)
University Senior Lecturer; Co-Deputy Director Lauterpacht Centre for International Law

Interests

Trained in both law and in economics, Dr Waibel works on international economic law (investment, finance and trade) and selected aspects of international law (the law of treaties, dispute settlement, state responsibility and territory). His scholarship combines doctrinal analysis with insights from economics, political science and history. 

In 2008, the American Society for International Law awarded him the Francis Deak prize for his AJIL article 'Opening Pandora's Box: Sovereign Bonds in International Arbitration' for a meritorious article by an author under the age of 40 in the American Journal. This article foreshadowed the use of investment treaty arbitration as a sword for holdout creditors to challenge sovereign debt restructurings. It challenged the common wisdom that investment tribunals have jurisdiction over financial instruments, such as sovereign bonds.

The European Society of International Law awarded him their 2012 book prize for his monograph Sovereign Defaults before International Courts and Tribunals (Cambridge University Press, 2011). The fuses history with legal and policy analysis of contemporary sovereign defaults. It gives a detailed account of the underdevelopment of international law on sovereign debt, as well as of the reluctance of states to bring disputes arising out of sovereign defaults to international fora. It explains how international tribunals have balanced creditor claims and sovereign capacity to pay over the last 150 years. The Jury for the biannual ESIL Book Prize in 2012 said: "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.' Investment tribunals dealing with claims against Argentina and Greece arising out of their sovereign debt restructurings cite this work.

He co-edited the volume The Backlash against Investment Arbitration. The book foresaw the tensions at the heart of the modern investment regime. The book was the first to highlight that investment arbitration is characterized by a boom-and-bust feel. It poses the question whether the rapid ascent of this new form of arbitration, and how it operates – such as a lack of transparency and role confusion of those simultaneously sitting as arbitrators and acting as counsel – could contain the seeds of its own downfall.

Dr Waibel welcomes applications from PhD students who wish to research in his areas of interest. He has supervised 10 PhD students to date.

CV / Biography

Dr Michael Waibel is Co-Deputy Director of the Lauterpacht Centre for International Law at the University of Cambridge and University Senior Lecturer in International Law. He is also a Fellow and Director of Studies in Law at Jesus College. He lectures and supervises international law (Tripos), international investment law (LLM) and European Union Law (Tripos), and contract (Tripos). He serves as the Academic Programme Director of the executive education programme on International Investment Law and Arbitration at the Lauterpacht Centre, in collaboration with the Cambridge Judge Business School.

He has been a visiting professor at East China University of Political Science and Law, University of St. Gallen, Vanderbilt Law School and University of Vienna. As a graduate student, he taught economics and economic history at the London School of Economics and Harvard. In 2019, Dr. Waibel will be a visiting professor at Harvard Law School. He regularly gives guest lectures at other universities. 

Dr. Waibel worked in the Legal Department of the International Monetary Fund, and in policy roles at the European Central Bank and the World Bank, focusing on sovereign and sub-sovereign debt and mechanisms for dealing with high levels of indebtedness.

Dr Waibel chairs the ILA study group on sovereign bankruptcy which brings together leading practitioners and policymakers on sovereign debt. He is admitted to the New York bar, and has been assistant to several investment treaty tribunals. He provides advice on international trade and international investment law, and sovereign debt.

He holds Mag. iur. and Dr. iur. degrees from the Universität Wien, an MSc (Econ.) from the London School of Economics and an LLM from Harvard Law School, and a Diploma of the Hague Academy of International Law.

Publications

 

Books

"The Political Economy of the Investment Treaty Regime" (Oxford University Press) (Ed)

Co-Author/s:
Jonathan Bonnitcha and Lauge N. Skovgaard Poulsen
Published:
Jul 2017
Publisher:
Oxford University Press
ISBN:
9780198719540

"Sovereign Defaults before International Courts and Tribunals" (Cambridge University Press)

Published:
May 2011
Publisher:
Cambridge University Press
ISBN:
052119699X
ISBN 13:
978-0521196994

"Making Transnational Law Work in the Global Economy: Essays in Honour of Detlev Vagts" (Cambridge University Press) (Ed)

Co-Author/s:
Pieter Bekker and Rudolf Dolzer
Published:
Oct 2010
Publisher:
Cambridge University Press
ISBN:
0521192528
ISBN 13:
978-0521192521

"The Backlash against Investment Arbitration" (Kluwer Law International) (Ed)

Co-Author/s:
Claire Balchin, Asha Kaushal,
Published:
Mar 2010
Publisher:
Kluwer Law International
ISBN 13:
9789041132024

Articles

"Steering sovereign debt restructurings through the CDS quicksand" (2014) 15 Journal of Banking Regulation 14

Citation:
(2014) 15 Journal of Banking Regulation 14
Published:
Jan 2014

"Demystifying the Art of Interpretation" [2011] EJIL 571

"Debt relief to poor countries: Rules v. Discretion" Butterworths Journal of International Banking and Financial Law

Citation:
Butterworths Journal of International Banking and Financial Law
Published:
Jun 2010

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

Citation:
ASIL Insight, March 2010
Published:
Mar 2010

"Staatliche Symbole und Meinungsfreiheit (‘State Symbols and Freedom of Speech’)" [2004] 66 Österreichisches Anwaltsblatt 212-15

Citation:
[2004] 66 Österreichisches Anwaltsblatt 212-15
Published:
Aug 2004

"Opening Pandora's Box - Sovereign Bonds in International Arbitration" 101 AJIL 711

"Subnational Insolvency: Cross-Country Experiences and Lessons" World Bank Policy Research Paper Nummer 4496

"Two worlds of necessity in ICSID arbitration: CMS vs. LG&E" 20 (3) Leiden Journal of International Law 637

Citation:
20 (3) Leiden Journal of International Law 637

Book Chapters

"Privity of Treaties" in M Bowman and D Kritsiotis, Conceptual and Contextual Perspectives on the Modern Law of Treaties (Cambridge University Press) (Ed)

Publisher:
Cambridge University Press
Published Date:
Apr 2015
Co-Author/s:
M Bowman and D Kritsiotis

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

Publisher:
Oxford University Press
Published Date:
Feb 2015
Co-Author/s:
G Nolte and H Aust

"Sovereign Bonds" in M Audit and S Schill, The internationalization of public contracts (Bruylant) (Ed)

Publisher:
Bruylant
Published Date:
Dec 2014
Co-Author/s:
M Audit and S Schill

"The (Mis)Alignment of the Trade and Monetary Legal Orders" in G Shaffer and T Halliday, The Theory and Dynamics of Transnational Legal Orders (Cambridge University Press) (Ed)

Publisher:
Cambridge University Press
Published Date:
Nov 2014
Co-Author/s:
G Shaffer and T Halliday

"Investment Arbitration: Jurisdiction and Admissibility" in A Reinisch et al, Handbook on International Investment Law (C.H. Beck/Hart) (Ed)

Publisher:
C.H. Beck/Hart
Published Date:
Oct 2014
Co-Author/s:
A Reinisch et al

"Uniformity versus Specialisation (2): A Uniform Regime of Treaty Interpretation?" in CJ Tams et al., Research Handbook on the Law of Treaties (Edgar Elgar) (Ed)

Publisher:
Edgar Elgar
Published Date:
Oct 2014
Co-Author/s:
CJ Tams et al.

"Coordinating Adjudication Processes" in Z Douglas, J Pauwelyn and JE Viñuales, The Foundations of International Investment Law: Bringing Theory Into Practice (Oxford University Press) (Ed), pp. 499-529

Publisher:
Oxford University Press
Pages:
499-529
Published Date:
May 2014
Co-Author/s:
Z Douglas, J Pauwelyn and JE Viñuales

"Echoes of History: The International Financial Commission in Greece" in C Paulus, Sovereign Default – Do We Need a Legal Procedure? (C.H. Beck/Hart) (Ed)

Publisher:
C.H. Beck/Hart
Published Date:
May 2014
Co-Author/s:
C Paulus

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

Publisher:
Cambridge University Press
Published Date:
Feb 2014
Co-Author/s:
A Bianchi, D Peat and M Windsor

"France's Subnational Insolvency Framework" in Canuto, Otaviano and Liu, Lili, Until Debt Do Us Part: Subnational Debt, Insolvency and Markets (Ed), pp. 221-260

Pages:
221-260
Published Date:
Aug 2013
Co-Author/s:
Canuto, Otaviano and Liu, Lili

"Out of Thin Air? Tracing the Origins of the UNCTAD Principles in Customary International Law" in C Espósito, L Yuefen and JP Bohoslavsky, Sovereign Financing and International Law: The UNCTAD Principles on Responsible Sovereign Lending and Borrowing (Oxford University Press), pp. 87-112

Publisher:
Oxford University Press
Pages:
87-112
Published Date:
Apr 2013
Co-Author/s:
C Espósito, L Yuefen and JP Bohoslavsky

"Staateninsolvenzen in historischer Sicht" in Kodek, Georg Reinisch, August (Ed), Staateninsolvenz (Bank Verlag) (Ed)

Publisher:
Bank Verlag
Published Date:
Aug 2012
Co-Author/s:
Kodek, Georg Reinisch, August

"Technology Transfer" in Rüdiger Wolfrum, Max Planck Encyclopedia of Public International Law (Oxford University Press) (Ed)

Publisher:
Oxford University Press
Published Date:
Feb 2012
ISBN 13:
978-0199291687
Co-Author/s:
Rüdiger Wolfrum

"Falkland Islands/Malvinas" in Rüdiger Wolfrum, The Max Planck Encyclopedia of Public International Law (Oxford University Press) (Ed)

Publisher:
Oxford University Press
Published Date:
Feb 2012
ISBN 13:
978-0199291687
Co-Author/s:
Rüdiger Wolfrum

"Investment Codes" in Rüdiger Wolfrum, The Max Planck Encyclopedia of Public International Law (Oxford University Press) (Ed)

Publisher:
Oxford University Press
Published Date:
Feb 2012
ISBN 13:
978-0199291687
Co-Author/s:
Rüdiger Wolfrum

"Un Etat peut-il faire faillite ? Le point de vue juridique" in Mathias Audit, Insolvabilité des Etats et dettes souveraines (L.G.D.J) (Ed)

Publisher:
L.G.D.J
Published Date:
Nov 2011
ISBN 13:
978-2-275-03765-3
Co-Author/s:
Mathias Audit

"International Investment Law and Treaty Interpretation" in R Hofmann & CJ Tams, International Investment Law and General International Law – From Clinical Isolation to Systemic Integration? (Nomos) (Ed), pp. 29-52

Publisher:
Nomos
Pages:
29-52
Published Date:
Aug 2011
Co-Author/s:
R Hofmann & CJ Tams

"Managing Subnational Credit and Default Risks" in Primo Braga, Carlos A. Vincelette, Gallina A., Sovereign Debt and the Financial Crisis (World Bank) (Ed), pp. 273-294

Publisher:
World Bank
Pages:
273-294
Published Date:
Aug 2011
Co-Author/s:
Primo Braga, Carlos A. Vincelette, Gallina A.

"Staateninsolvenzen in historischer Sicht" in Georg Kodek and August Reinisch, Staateninsolvenzen (Springer) (Ed)

Publisher:
Springer
Published Date:
Jun 2011
Co-Author/s:
Georg Kodek and August Reinisch

"Bank Insolvency and State Insolvency" in Rosa Maria Lastra, Cross Border Bank Insolvency (Oxford University Press) (Ed)

Publisher:
Oxford University Press
Published Date:
May 2011
Co-Author/s:
Rosa Maria Lastra

"Retaliating against exchange-rate manipulation under WTO rules" in SJ Evenett, The US-Sino Currency Dispute: New Insights from Economics, Politics, and Law (Centre for Economic Policy Research), pp. 133-138

Publisher:
Centre for Economic Policy Research
Pages:
133-138
Published Date:
Aug 2010
Co-Author/s:
SJ Evenett

"Creditor Protection in International Law" in Bekker, Pieter Dolzer, Rudolf Waibel, Michael, Making Transnational Law Work in the Global Economy: Essays in Honour of Detlev Vagts (Cambridge University Press) (Ed), pp. 431-452

Publisher:
Cambridge University Press
Pages:
431-452
Published Date:
Aug 2010
Co-Author/s:
Bekker, Pieter Dolzer, Rudolf Waibel, Michael

"Gibraltar" in Rüdiger Wolfrum, Max Planck Encyclopedia of Public International Law (Oxford University Press) (Ed)

Publisher:
Oxford University Press
Published Date:
Jun 2010
ISBN 13:
978-0199291687
Co-Author/s:
Rüdiger Wolfrum

"The Diplomatic Channel" in James Crawford, Allain Pellet, Simon Olleson, The Law of International Responsibility (Oxford University Press) (Ed)

Publisher:
Oxford University Press
Published Date:
May 2010
ISBN 13:
978-0-19-929697-2
Co-Author/s:
James Crawford, Allain Pellet, Simon Olleson

"The Backlash against Investment Arbitration: Perceptions and Reality" in Claire Balchin, Asha Kaushal and Kyo-Hwa Liz Chung, The Backlash against Investment Arbitration (Kluwer Law International) (Ed)

Publisher:
Kluwer Law International
Published Date:
Mar 2010
ISBN 13:
9789041132024
Co-Author/s:
Claire Balchin, Asha Kaushal and Kyo-Hwa Liz Chung

"Corfu Channel Case" in Rüdiger Wolfrum, Max Planck Encyclopedia of Public International Law (Oxford University Press) (Ed)

Publisher:
Oxford University Press
Published Date:
Dec 2009
Co-Author/s:
Rüdiger Wolfrum

"Subnational Insolvency: Cross Country Experiences and Lessons" in Ahmad, Ethisham Brosio, Giorgio, Managing Subnational Finances (International Monetary Fund; Edgar Elgar) (Ed)

Publisher:
International Monetary Fund; Edgar Elgar
Published Date:
Aug 2009
Co-Author/s:
Ahmad, Ethisham Brosio, Giorgio

"’Subnational Insolvency and Governance: Cross-Country Experiences and Lessons" in E Ahmad and G Brosio, Does Decentralization Enhance Service Delivery and Poverty Reduction? (Elgar) (Ed), pp. 333-76

Publisher:
Elgar
Pages:
333-76
Published Date:
May 2009
Co-Author/s:
E Ahmad and G Brosio

"BIT by BIT - The Silent Liberalization of the Capital Account" in August Reinisch et al, International Investment Law for the 21st Century - Essays in Honour of Christoph Schreuer (OUP) (Ed), pp. 497-518

Publisher:
OUP
Pages:
497-518
Published Date:
May 2009
ISBN 13:
978-0-19-957134-5
Co-Author/s:
August Reinisch et al

"Subnational borrowing, insolvency and regulation" in A Shaw, Macro Federalism and Local Finance (World Bank) (Ed), pp. 238-264

Publisher:
World Bank
Pages:
238-264
Published Date:
Aug 2008
Co-Author/s:
A Shaw

"Borrowing, Insolvency and Regulation" in , Macrofederalism and Local Finances (World Bank), pp. 215-239

Publisher:
World Bank
Pages:
215-239
Published Date:
Aug 2007

Case Notes

A Good Day and Salutary Warning for the European Union Cambridge Law Journal, March 2010, 38-40

Published:
Mar 2010

Elusive Certainty - Implications of Donegal v. Zambia International Financial Law Review

World Duty Free v. Kenya 46 ILM 337-338

Reports

‘United Kingdom‘, in EMU: Constitutional and Institutional Aspects of the Economic Governance within the EU’

Co-Author/s:
P Eeckhout
Published:
Aug 2014
Body / Institution:
1 FIDE Conference Report

Principles on Responsible Sovereign Borrowing and Lending, Guidelines for Implementation

Published:
Aug 2013
Body / Institution:
UNCTAD

'Competence Review: Trade and Investment', as part of the Balance of EU competences review: trade and investment

Published:
Aug 2013
Body / Institution:
Department of Business, Innovation and Skills

State insolvency: options for the way forward

Co-Author/s:
Philip Wood, Brian Hunt
Published:
Aug 2010
Reference Number:
http://www.ila-hq.org/download.cfm/docid/0A7ACEAC-94A3-4B47-B9E642CF4BEA5D81
Body / Institution:
International Law Association, Study Group on Sovereign Insolvency

Subnational Insolvency: Cross-Country Experiences and Lessons

Co-Author/s:
Liu, Lili
Published:
Aug 2008
Reference Number:
4496
Body / Institution:
World Bank Policy Research