The economics of the EUâ€™s corporate-insolvency law and the quest for harmonisation by market forces
In 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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