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Code or court: the financial-political aspect of correlation between common and civil law

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  • Olga Pogrebennyk

Abstract

This paper analyses the ‘law and finance theory’ and other papers which are based on it and finds that the theory has more in common with a political order than independent scientific research. This paper argues that, as our world becomes more and more globalized, common law countries in general, and case law in particular, have a little advantage when it concerns financial and business relationships. Consequently, such differences as legal origins can become a huge rift for global unity. It concludes that, in agreement with many philosophers, the best way is a ‘middle way’. It recommends the construction a new system of law, which combines the best aspects of the common and civil law families. Copyright Springer Science+Business Media, LLC 2014

Suggested Citation

  • Olga Pogrebennyk, 2014. "Code or court: the financial-political aspect of correlation between common and civil law," European Journal of Law and Economics, Springer, vol. 37(2), pages 175-181, April.
    • Handle: RePEc:kap:ejlwec:v:37:y:2014:i:2:p:175-181
    DOI: 10.1007/s10657-011-9263-6
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    References listed on IDEAS

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    1. Thorsten Beck & Ross Levine, 2008. "Legal Institutions and Financial Development," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 11, pages 251-278, Springer.
    2. Prabirjit Sarkar & Ajit Singh, 2010. "Law, finance and development: further analyses of longitudinal data," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(2), pages 325-346, March.
    3. Philip Arestis & Ajit Singh, 2010. "Financial globalisation and crisis, institutional transformation and equity," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(2), pages 225-238, March.
    4. Stulz, Rene M. & Williamson, Rohan, 2003. "Culture, openness, and finance," Journal of Financial Economics, Elsevier, vol. 70(3), pages 313-349, December.
    5. Michael Graff, 2005. "Law and Finance: Common-law and Civil-law Countries Compared," KOF Working papers 05-99, KOF Swiss Economic Institute, ETH Zurich.
    6. Klaus Gugler & B. Burcin Yurtoglu (ed.), 2008. "The Economics of Corporate Governance and Mergers," Books, Edward Elgar Publishing, number 13007.
    7. Sonja Fagernäs & Prabirjit Sarkar & Ajit Singh, 2008. "Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis," Chapters, in: Klaus Gugler & B. Burcin Yurtoglu (ed.), The Economics of Corporate Governance and Mergers, chapter 2, Edward Elgar Publishing.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Law and finance; Legal origins; Common law; Civil law; LLSV; F0; G3; K4;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General
    • G3 - Financial Economics - - Corporate Finance and Governance
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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