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The economics of the EU’s corporate-insolvency law and the quest for harmonisation by market forces


  • Oren Sussman


In 2002, a new legislation that harmonises insolvency laws within the EU came into effect. I find reasons – both theoretical and empirical – 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 – to a larger extent – on market forces rather than on political or bureaucratic initiative.

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  • Oren Sussman, 2005. "The economics of the EU’s corporate-insolvency law and the quest for harmonisation by market forces," OFRC Working Papers Series 2005fe16, Oxford Financial Research Centre.
  • Handle: RePEc:sbs:wpsefe:2005fe16

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