| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9235 |
| DP9235 Towards a Legal Theory of Finance | |
| Katharina Pistor | |
| 发表日期 | 2012-11-25 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put them in direct tension with commitments enshrined in law or contracts. This is the case especially in times of financial crises when the full enforcement of legal commitments would result in the self-destruction of the financial system. This law-finance paradox tends to be resolved by suspending the full force of law where the survival of the system is at stake; that is, at its core. Here, power becomes salient. This helps explain why finance is concentrated around ultimate lenders of last resort and why regulating finance?s core has become so elusive. It also holds lessons for future reforms. |
| 主题 | Development Economics ; Financial Economics |
| 关键词 | Finance Financial crisis Financial regulation Law Political economy Power |
| URL | https://cepr.org/publications/dp9235 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538069 |
| 推荐引用方式 GB/T 7714 | Katharina Pistor. DP9235 Towards a Legal Theory of Finance. 2012. |
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