- Table View
- List View
Institutional Competition between Common Law and Civil Law: Theory and Policy
by Michèle Schmiegelow Henrik SchmiegelowThis book addresses two countervailing challenges to theory and policy in law and economics. The first is the rise of legal origins theory, which denies the comparative law view of convergence between common law and civil law by the assertion of an economic superiority of common law. The second is the series of economic crises in the very financial markets on which that assertion was based. Both trends unsettled certainties about the rule of law and institutional economics.Meeting legal origins theory in its main areas of political science, sociology and economics, the book extends the interdisciplinary reach to neglected aspects of comparative law, legal history, dynamic econometric analysis and "quasi-natural experiments" with counterfactual evidence of different institutional regimes in divided countries. These combined methodological tools make tests of the economic impact of different legal origins much more reliable. This is shown for developed and newly industrialized countries as well as developing, transforming and emerging countries with or without financial center advantage, affected or not by financial crises. The Asian financial crises and the American subprime crisis have been, or could have been resolved using the resources of common law or civil law. These cases and data on access to justice in Africa, Asia and Latin America reveal the problem of substantive law remaining "law on the books" without efficient procedural rules and judicial structures. The single most striking common law-civil law divide is that lawyer-dominated common law procedure is slower and costlier than judge-managed civil law procedure.Countries as diverse as the Netherlands, Japan, and China show functional interaction between culture and law in legal reforms. Such interaction can reduce the occurrence of legal disputes as well as facilitate their resolution. It can use economic crises as catalysts for legal reforms or rely on regional integration, and it should replace the discredited method of legal "transplants" by sustained dialogue between legal advisors and all actors involved in legal reforms.
Institutional Competition between Optional Codes in European Contract Law: A Theoretical and Empirical Analysis (Ökonomische Analyse des Rechts)
by Alexander J. WulfThe Commission of the European Union has identified divergences between the national contract laws of the Member States as an obstacle to the completion of the European Internal Market and put this issue on its highest political agenda. Alexander J. Wulf analyses and predicts the effects. The study is situated in the context of the recent developments in the discussion on European contract law. The book begins with an introduction to the economic and legal theories that serve as the rationale for the development of the line of argument. These theories are then applied to the issues involved in the current controversy on European contract law. The author develops a model that he uses to analyze the institutional processes of European contract law. Empirical data are employed to test this model and discuss the results. From his analysis the author develops criteria that can serve as a starting point for thinking about the economic desirability of an optional European contract law.
Institutional Cosmopolitanism
by Luis CabreraIs a global institutional order composed of sovereign states fit for cosmopolitan moral purpose? Cosmopolitan political theorists challenge claims that states, nations or other collectives have ultimate moral significance. They focus instead on individuals: on what they share and on what each may owe to all the others. They see principles of distributive justice - and increasingly political justice - applying with force in a global system in which billions continue to suffer from severe poverty and deprivation, political repression, interstate violence and other ills. Cosmopolitans diverge widely, however, on the institutional implications of their shared moral view. Some argue that the current system of competing sovereign states tends to promote unjust outcomes and stands in need of deep structural reform. Others reject such claims and contend that justice can be pursued through transforming the orientations and conduct of individual and collective agents, especially states. This volume brings together prominent political theorists and International Relations scholars -- including some skeptics of cosmopolitanism -- in a far-ranging dialogue about the institutional implications of the cosmopolitan approach. Contributors offer penetrating analyses of both continuing and emerging issues around state sovereignty, democratic autonomy and accountability, and the promotion and protection of human rights. They also debate potential reforms of the current global system, from the transformation of cities and states to the creation of some encompassing world government capable of effectively promoting cosmopolitan aims.
Institutional Cosmopolitanism
Is a global institutional order composed of sovereign states fit for cosmopolitan moral purpose? Cosmopolitan political theorists challenge claims that states, nations or other collectives have ultimate moral significance. They focus instead on individuals: on what they share and on what each may owe to all the others. They see principles of distributive justice - and increasingly political justice - applying with force in a global system in which billions continue to suffer from severe poverty and deprivation, political repression, interstate violence and other ills. Cosmopolitans diverge widely, however, on the institutional implications of their shared moral view. Some argue that the current system of competing sovereign states tends to promote unjust outcomes and stands in need of deep structural reform. Others reject such claims and contend that justice can be pursued through transforming the orientations and conduct of individual and collective agents, especially states. This volume brings together prominent political theorists and International Relations scholars -- including some skeptics of cosmopolitanism -- in a far-ranging dialogue about the institutional implications of the cosmopolitan approach. Contributors offer penetrating analyses of both continuing and emerging issues around state sovereignty, democratic autonomy and accountability, and the promotion and protection of human rights. They also debate potential reforms of the current global system, from the transformation of cities and states to the creation of some encompassing world government capable of effectively promoting cosmopolitan aims.
Institutional Credit Markets: Structure, Funding, and Regulation
by José GabilondoInstitutional Credit Markets provides a framework for understanding the institutional funding markets that undergird the U.S. credit system. It traces the evolution of the depository bank model, its non-bank competitors, and the financial conglomerates that span credit and capital markets.As securitization introduced structured credit products that rezoned credit markets, federal reforms let banks venture into a wider range of financial services. After the Global Financial Crisis revealed cracks in the system, lawmakers affirmed pre-crisis products and business models while adding some guardrails. The post-crisis scheme subjected large financial conglomerates to enhanced supervision while adjusting the structure of banks by making them more liquid and stable. Through its stabilization activities, the Federal Reserve has morphed from bank regulator to arbiter of financial market structure, now using a more statist approach to monetary policy that relies to a greater extent on administered interest rates rather than those set by the market forces. This book explains post-crisis regulation in terms of its capitulation to financial capitalism.Financial law regulators and academics will benefit from this integrated account that considers banking, structured finance, capital markets, and money markets as parts of an institutional funding ecosystem. This book will also provide a more nuanced understanding of financial institutions and markets for financial law practitioners, sector analysts and journalists.
Institutional Dynamics in Environmental Governance (Environment & Policy #47)
by Bas Arts Pieter LeroyThis book presents fresh analyses of a number of well-known cases, but does so from one comprehensive view, the so-called policy arrangement approach. Cases discussed range over organic farming, integrated water management, nature policy, cultural heritage policy, integrated region-oriented policy, corporate environmental management and target group policy, always in search of the commonality of experience and conclusions to be drawn in understanding the past and in formulating future perspectives.
Institutional Failures: Duke Lacrosse, Universities, the News Media, and the Legal System
by Howard M. WassermanThe authors of this new collection argue that the many features of the now-infamous Duke University men’s lacrosse controversy are best understood in the context of the three major socio-legal institutions in which the drama played out. The legal system, Duke University, and the news media all struggled to respond to and handle the case, tinged as the events were with race, sex, violence, class, privilege, and notions and perceptions about sports. The problems, missteps, mistakes, and injustice in the case resulted from each institution's failure to operate properly, from the incentives built into each institution that affected individual behavior, and from the inability of each institution to communicate and cooperate with the others. To understand the Duke lacrosse controversy is to study these institutions and to answer questions about the performance of each-to learn what each did right and wrong and why, and to consider how each can improve in the future. By examining the actions of these institutions and the individuals within them, these essays consider the role each played in the case, how each contributed to the crisis and to its resolution, the ways in which they interacted with one another, and the lessons this case teaches about the appropriate functioning of each institution.
Institutional Failures: Duke Lacrosse, Universities, the News Media, and the Legal System
by Howard M. WassermanThe authors of this new collection argue that the many features of the now-infamous Duke University men’s lacrosse controversy are best understood in the context of the three major socio-legal institutions in which the drama played out. The legal system, Duke University, and the news media all struggled to respond to and handle the case, tinged as the events were with race, sex, violence, class, privilege, and notions and perceptions about sports. The problems, missteps, mistakes, and injustice in the case resulted from each institution's failure to operate properly, from the incentives built into each institution that affected individual behavior, and from the inability of each institution to communicate and cooperate with the others. To understand the Duke lacrosse controversy is to study these institutions and to answer questions about the performance of each-to learn what each did right and wrong and why, and to consider how each can improve in the future. By examining the actions of these institutions and the individuals within them, these essays consider the role each played in the case, how each contributed to the crisis and to its resolution, the ways in which they interacted with one another, and the lessons this case teaches about the appropriate functioning of each institution.
Institutional Foundations of Impersonal Exchange: Theory and Policy of Contractual Registries
by Benito ArruñadaGovernments and development agencies spend considerable resources building property and company registries to protect property rights. When these efforts succeed, owners feel secure enough to invest in their property and banks are able use it as collateral for credit. Similarly, firms prosper when entrepreneurs can transform their firms into legal entities and thus contract more safely. Unfortunately, developing registries is harder than it may seem to observers, especially in developed countries, where registries are often taken for granted. As a result, policies in this area usually disappoint. Benito Arruñada aims to avoid such failures by deepening our understanding of both the value of registries and the organizational requirements for constructing them. Presenting a theory of how registries strengthen property rights and reduce transaction costs, he analyzes the major trade-offs and proposes principles for successfully building registries in countries at different stages of development. Arruñada focuses on land and company registries, explaining the difficulties they face, including current challenges like the subprime mortgage crisis in the United States and the dubious efforts made in developing countries toward universal land titling. Broadening the account, he extends his analytical framework to other registries, including intellectual property and organized exchanges of financial derivatives. With its nuanced presentation of the theoretical and practical implications, Institutional Foundations of Impersonal Exchange significantly expands our understanding of how public registries facilitate economic growth.
Institutional Foundations of Impersonal Exchange: Theory and Policy of Contractual Registries
by Benito ArruñadaGovernments and development agencies spend considerable resources building property and company registries to protect property rights. When these efforts succeed, owners feel secure enough to invest in their property and banks are able use it as collateral for credit. Similarly, firms prosper when entrepreneurs can transform their firms into legal entities and thus contract more safely. Unfortunately, developing registries is harder than it may seem to observers, especially in developed countries, where registries are often taken for granted. As a result, policies in this area usually disappoint. Benito Arruñada aims to avoid such failures by deepening our understanding of both the value of registries and the organizational requirements for constructing them. Presenting a theory of how registries strengthen property rights and reduce transaction costs, he analyzes the major trade-offs and proposes principles for successfully building registries in countries at different stages of development. Arruñada focuses on land and company registries, explaining the difficulties they face, including current challenges like the subprime mortgage crisis in the United States and the dubious efforts made in developing countries toward universal land titling. Broadening the account, he extends his analytical framework to other registries, including intellectual property and organized exchanges of financial derivatives. With its nuanced presentation of the theoretical and practical implications, Institutional Foundations of Impersonal Exchange significantly expands our understanding of how public registries facilitate economic growth.
Institutional Foundations of Impersonal Exchange: Theory and Policy of Contractual Registries
by Benito ArruñadaGovernments and development agencies spend considerable resources building property and company registries to protect property rights. When these efforts succeed, owners feel secure enough to invest in their property and banks are able use it as collateral for credit. Similarly, firms prosper when entrepreneurs can transform their firms into legal entities and thus contract more safely. Unfortunately, developing registries is harder than it may seem to observers, especially in developed countries, where registries are often taken for granted. As a result, policies in this area usually disappoint. Benito Arruñada aims to avoid such failures by deepening our understanding of both the value of registries and the organizational requirements for constructing them. Presenting a theory of how registries strengthen property rights and reduce transaction costs, he analyzes the major trade-offs and proposes principles for successfully building registries in countries at different stages of development. Arruñada focuses on land and company registries, explaining the difficulties they face, including current challenges like the subprime mortgage crisis in the United States and the dubious efforts made in developing countries toward universal land titling. Broadening the account, he extends his analytical framework to other registries, including intellectual property and organized exchanges of financial derivatives. With its nuanced presentation of the theoretical and practical implications, Institutional Foundations of Impersonal Exchange significantly expands our understanding of how public registries facilitate economic growth.
Institutional Foundations of Impersonal Exchange: Theory and Policy of Contractual Registries
by Benito ArruñadaGovernments and development agencies spend considerable resources building property and company registries to protect property rights. When these efforts succeed, owners feel secure enough to invest in their property and banks are able use it as collateral for credit. Similarly, firms prosper when entrepreneurs can transform their firms into legal entities and thus contract more safely. Unfortunately, developing registries is harder than it may seem to observers, especially in developed countries, where registries are often taken for granted. As a result, policies in this area usually disappoint. Benito Arruñada aims to avoid such failures by deepening our understanding of both the value of registries and the organizational requirements for constructing them. Presenting a theory of how registries strengthen property rights and reduce transaction costs, he analyzes the major trade-offs and proposes principles for successfully building registries in countries at different stages of development. Arruñada focuses on land and company registries, explaining the difficulties they face, including current challenges like the subprime mortgage crisis in the United States and the dubious efforts made in developing countries toward universal land titling. Broadening the account, he extends his analytical framework to other registries, including intellectual property and organized exchanges of financial derivatives. With its nuanced presentation of the theoretical and practical implications, Institutional Foundations of Impersonal Exchange significantly expands our understanding of how public registries facilitate economic growth.
Institutional Integrity in Health Care (Philosophy and Medicine #79)
by Ana SmithIltisThis volume addresses the nature of health care organizational ethics, including such issues as corporate fraud and institutional moral integrity, and covers the broad range of issues that must be addressed for a coherent discussion of organizational moral responsibility. Its unique coverage makes it of interest to researchers, students and professionals working in the fields of bioethics, health care administration and management, organizational science, and business ethics.
Institutional Investor Activism: Hedge Funds and Private Equity, Economics and Regulation
by William W. Bratton and Joseph A. McCaheryThe past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.
Institutional Investor Activism: Hedge Funds and Private Equity, Economics and Regulation
The past two decades has witnessed unprecedented changes in the corporate governance landscape in Europe, the US and Asia. Across many countries, activist investors have pursued engagements with management of target companies. More recently, the role of the hostile activist shareholder has been taken up by a set of hedge funds. Hedge fund activism is characterized by mergers and corporate restructuring, replacement of management and board members, proxy voting, and lobbying of management. These investors target and research companies, take large positions in `their stock, criticize their business plans and governance practices, and confront their managers, demanding action enhancing shareholder value. This book analyses the impact of activists on the companies that they invest, the effects on shareholders and on activists funds themselves. Chapters examine such topic as investors' strategic approaches, the financial returns they produce, and the regulatory frameworks within which they operate. The chapters also provide historical context, both of activist investment and institutional shareholder passivity. The volume facilitates a comparison between the US and the EU, juxtaposing not only regulatory patterns but investment styles.
Institutional Leases in the 21st Century
by Chris Edwards Paul KrendelSince the 1980s the "institutional" lease has undergone a dramatic transformation. Landlord-orientated FRI leases for a term of twenty-five years with no breaks and upwards-only rent reviews have retreated before market demands for shorter, more flexible letting arrangements and, recently, in the face of threatened legislation. Nevertheless, valuers and lawyers will have to understand and deal with the 1980s leases until well into the second decade of the twnety-first century.The book sets out to explain the main changes that have occurred since the early 1990s (such as the rules relating to privity of contract). It also provides guidance on the factors driving further change, including the Code of Practice for Commercial Leases and the proposed new accounting standards.
Institutional Leases in the 21st Century
by Chris Edwards Paul KrendelSince the 1980s the "institutional" lease has undergone a dramatic transformation. Landlord-orientated FRI leases for a term of twenty-five years with no breaks and upwards-only rent reviews have retreated before market demands for shorter, more flexible letting arrangements and, recently, in the face of threatened legislation. Nevertheless, valuers and lawyers will have to understand and deal with the 1980s leases until well into the second decade of the twnety-first century.The book sets out to explain the main changes that have occurred since the early 1990s (such as the rules relating to privity of contract). It also provides guidance on the factors driving further change, including the Code of Practice for Commercial Leases and the proposed new accounting standards.
Institutional Legacies, Decision Frames and Political Violence in Rwanda and Burundi (African Governance)
by Stacey MitchellRwanda and Burundi are strikingly similar countries that underwent democratization in the early 1990s. In both, resistance to democratic reforms led to coups d’état and presidential assassinations. A conundrum arises in terms of what transpires next. In Rwanda, total genocide was perpetrated by extremist Hutu actors, including government officials, upon the country’s Tutsi and politically moderate Hutu populations. In Burundi the coup d’état failed and instead ushered in a lengthy period of civil war. This divergence in outcome is puzzling given the similarity of these two countries, and it is not adequately explained by studies that address collective violence in each. This book utilizes an integrative approach that facilitates the formation of an explanation that more fully accounts for variation in the type of collective violence that occurred in Rwanda and Burundi. Showing that political actors – during periods of major institutional change – do not all respond to or perceive reform in the exact same manner or in a necessarily rational manner, this book makes an important contribution to the literature on ethnic conflict, collective violence and democratization in Africa.
Institutional Legacies, Decision Frames and Political Violence in Rwanda and Burundi (African Governance)
by Stacey MitchellRwanda and Burundi are strikingly similar countries that underwent democratization in the early 1990s. In both, resistance to democratic reforms led to coups d’état and presidential assassinations. A conundrum arises in terms of what transpires next. In Rwanda, total genocide was perpetrated by extremist Hutu actors, including government officials, upon the country’s Tutsi and politically moderate Hutu populations. In Burundi the coup d’état failed and instead ushered in a lengthy period of civil war. This divergence in outcome is puzzling given the similarity of these two countries, and it is not adequately explained by studies that address collective violence in each. This book utilizes an integrative approach that facilitates the formation of an explanation that more fully accounts for variation in the type of collective violence that occurred in Rwanda and Burundi. Showing that political actors – during periods of major institutional change – do not all respond to or perceive reform in the exact same manner or in a necessarily rational manner, this book makes an important contribution to the literature on ethnic conflict, collective violence and democratization in Africa.
Institutional Legal Facts: Legal Powers and their Effects (Law and Philosophy Library #18)
by D.W. RuiterLaw is traditionally conceived as consisting of norms of conduct and power-conferring norms. This conception, however, is unable to account for a variety of elements of modern legal systems that differ significantly from the classical notions. This book concerns the problem of which results of human activity can obtain legal validity. The author makes use of recent findings in speech act theory, especially John R. Searle and Daniel Vanderveken's illocutionary logic. He sets out a theory of legal norms conceived as institutional legal facts resulting from performances of speech acts specified in power-conferring norms. The theory provides a classification of acts-in-the-law and of legal norms resulting from performances of these. Finally, the transition is made from institutional legal facts to legal institutions. The book is a contribution to the institutional theory of law as developed by N. MacCormick and O. Weinberger.
The Institutional Paradigm of Economic Geography: A Perspective from Natural Resource and Environmental Econometrics
by Yiming HeThis groundbreaking book offers a comprehensive and contemporary analysis of the major areas of institutional economic geography. Each chapter discusses in detail the new developments and changes in the field, and with a balance of theory, applications and empirical tests provides a rigorous grounding in the economic analysis of the natural resources and environmental issues that are increasingly prominent policy concerns. The book is a must-read for any social scientist interested in real-world economic geography and institutional economics, including economists, political scientists, sociologists, historians, geographers and anthropologists.
The Institutional Problem in Modern International Law (Hart Monographs in Transnational and International Law)
by Richard CollinsModern international law is widely understood as an autonomous system of binding legal rules. Nevertheless, this claim to autonomy is far from uncontroversial. International lawyers have faced recurrent scepticism as to both the reality and efficacy of the object of their study and practice. For the most part, this scepticism has focussed on international law's peculiar institutional structure, with the absence of centralised organs of legislation, adjudication and enforcement, leaving international legal rules seemingly indeterminate in the conduct of international politics. Perception of this 'institutional problem' has therefore given rise to a certain disciplinary angst or self-defensiveness, fuelling a need to seek out functional analogues or substitutes for the kind of institutional roles deemed intrinsic to a functioning legal system. The author of this book believes that this strategy of accommodation is, however, deeply problematic. It fails to fully grasp the importance of international law's decentralised institutional form in securing some measure of accountability in international relations. It thus misleads through functional analogy and, in doing so, potentially exacerbates legitimacy deficits. There are enough conceptual weaknesses and blindspots in the legal-theoretical models against which international law is so frequently challenged to show that the perceived problem arises more in theory, than in practice.
The Institutional Problem in Modern International Law: Improvisation And The Theatre (Hart Monographs in Transnational and International Law)
by Richard CollinsModern international law is widely understood as an autonomous system of binding legal rules. Nevertheless, this claim to autonomy is far from uncontroversial. International lawyers have faced recurrent scepticism as to both the reality and efficacy of the object of their study and practice. For the most part, this scepticism has focussed on international law's peculiar institutional structure, with the absence of centralised organs of legislation, adjudication and enforcement, leaving international legal rules seemingly indeterminate in the conduct of international politics. Perception of this 'institutional problem' has therefore given rise to a certain disciplinary angst or self-defensiveness, fuelling a need to seek out functional analogues or substitutes for the kind of institutional roles deemed intrinsic to a functioning legal system. The author of this book believes that this strategy of accommodation is, however, deeply problematic. It fails to fully grasp the importance of international law's decentralised institutional form in securing some measure of accountability in international relations. It thus misleads through functional analogy and, in doing so, potentially exacerbates legitimacy deficits. There are enough conceptual weaknesses and blindspots in the legal-theoretical models against which international law is so frequently challenged to show that the perceived problem arises more in theory, than in practice.
Institutional Roadblocks to Human Rights Mainstreaming in the FAO: A Tale of Silo Culture in the United Nations System (Studien des Leibniz-Instituts Hessische Stiftung Friedens- und Konfliktforschung)
by Carolin AnthesCarolin Anthes investigates how and why the Food and Agriculture Organization of the United Nations (FAO) struggles with systematically integrating a right to food approach in its operations. She analyzes multi-dimensional institutional roadblocks that prevent human rights from being fully mainstreamed. These barriers are shaped by a powerful state of fragmentation and disconnection: a silo culture. The book also offers valuable insights which go beyond the FAO and suggests a fairly unconventional avenue for systemic organizational change in (international) public administrations.
Institutional Structure of Financial Regulation: Theories and International Experiences (Routledge Research in Finance and Banking Law)
by Robin Hui Huang Dirk SchoenmakerIn light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.