A Strategic Interpretation of Legal Transplants

Nuno Garoupa and Anthony Ogus

No 4123, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: In this Paper we provide a strategic explanation for the spontaneous convergence of legal rules, which nevertheless falls short of harmonization across jurisdictions. We identify a free-riding problem and discuss its implications for legal culture, integration, and harmonization. It is argued that harmonization of legal rules by a central authority in order to generate a uniform legal culture could be the response to a coordination failure. It could also be a serious policy mistake, however, leaving everybody worse off. The result depends crucially on the relative benefits and costs of importing and integrating different legal orders.

Keywords: K00; Legal transplant; Game theory; Harmonization (search for similar items in EconPapers)
JEL-codes: C70 (search for similar items in EconPapers)
Date: 2003-11
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Citations: View citations in EconPapers (4)

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