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

Oren Sussman

No 2005-FE-16, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: 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.

Date: 2005-11-01
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