The economics of the EUâ€™s corporate-insolvency law and the quest for harmonisation by market forces
AbstractIn 2002, a new legislation that harmonises insolvency laws within the EU came into effect. I find reasons â€“ both theoretical and empirical â€“ to doubt whether the new law has achieved the goal of decreasing the cost of cross-border insolvency and borrowing. I thus suggest an alternative approach to the problem, which is based â€“ to a larger extent â€“ on market forces rather than on political or bureaucratic initiative.
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Bibliographic InfoPaper provided by Oxford Financial Research Centre in its series OFRC Working Papers Series with number 2005fe16.
Date of creation: 2005
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-01-01 (All new papers)
- NEP-EEC-2006-01-01 (European Economics)
- NEP-REG-2006-01-01 (Regulation)
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