Vereinheitlichung des Vertragsrechts in Europa - eine Lösung auf der Suche nach dem Problem? Die Sicht der Neuen Institutionenökonomik
It is the purpose of the paper to shed light on the question to what extent there is a need for a unified contract law in the European Union. The paper outlines a concept of constitutional uncertainty in international trade and presents a model of international transactions in the presence of a diversity of legal orders and the territoriality of law. The model is used to identify the problems emerging in contracts and the contracting process due to factors such as the multitude of legal orders and the territoriality of law. Next, the economic arguments in favour of and against harmonisation are discussed. In weighing up the costs that full harmonisation generates against the costs of constitutional uncertainty the paper considers the arguments in favour of the diversity of law to be stronger from an efficiency point of view. The paper makes a plea for freedom of choice of contract law and a free movement of judgements in the European Union. Both conditions are necessary and sufficient for a proper functioning of the internal market – but, as a matter of fact, both conditions are already met.
|Date of creation:||2007|
|Date of revision:|
|Contact details of provider:|| Postal: Postfach 151150, 66041 Saarbrücken|
Phone: *49(0)681-302 2132
Fax: *49(0)681-302 3591
Web page: http://www.uni-saarland.de/fak1/fr12/csle/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Schnitzer, Monika, 1997.
"Debt vs. Foreign Direct Investment: The Impact of Sovereign Risk on the Structure of International Capital Flows,"
CEPR Discussion Papers
1608, C.E.P.R. Discussion Papers.
- Schnitzer, Monika, 2002. "Debt v. Foreign Direct Investment: The Impact of Sovereign Risk on the Structure of International Capital Flows," Economica, London School of Economics and Political Science, vol. 69(273), pages 41-67, February.
- Schnitzer, Monika, 2002. "Debt v. foreign direct investment: The impact of sovereign risk on the structure of international capital flows," Munich Reprints in Economics 19886, University of Munich, Department of Economics.
- Kronman, Anthony T, 1985. "Contract Law and the State of Nature," Journal of Law, Economics and Organization, Oxford University Press, vol. 1(1), pages 5-32, Spring.
- Kirstein, Roland & Schmidtchen, Dieter, 1997.
"Judicial detection skill and contractual compliance,"
International Review of Law and Economics,
Elsevier, vol. 17(4), pages 509-520, December.
- Kirstein, Roland & Schmidtchen, Dieter, 1997. "Judicial Detection Skill and Contractual Compliance," CSLE Discussion Paper Series 97-07, Saarland University, CSLE - Center for the Study of Law and Economics.
- Kirstein, Roland & Schmidtchen, Dieter, 2000. "Do Artists Benefit from Resale Royalties? An Economic Analysis of a New EU Directive," CSLE Discussion Paper Series 2000-07, Saarland University, CSLE - Center for the Study of Law and Economics.
When requesting a correction, please mention this item's handle: RePEc:zbw:csledp:200701. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.