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CSEF - Center for Studies in Economics and Finance

1 August 2000 – 0000
Understanding Financial Architecture: Legal and Political Framework and Economic Efficiency

Law, Finance and Politics

The objective of this project is to study the interaction between legal frameworks and financial arrangements, and their effects on economic efficiency and growth. The project aims to characterise legal rules and financial arrangements, in particular in regard to firms’ ownership and control, and creditor protection. A second objective of the project is to link research on law and finance with political economy. Politics plays an important role in shaping the legal and financial systems, and these systems give rise to significant stakeholders with influence over the political process. Understanding this interaction is essential to any attempt to reform the European financial architecture. The research focuses on three areas where law and finance intersect: corporate governance, bankruptcy law, and market organisation and efficiency. In these areas international co-operation in research between economists and lawyers is expected to yield valuable insights, which could bear on major policy issues facing Europe.

On these themes, CSEF cooperates with SITE (Stockholm), CFS (Frankfurt), CEMFI (Madrid), CEPR (London), ECARES (Brussels), IDEI (Toulouse), Oxford, Princeton and Yale, in the context of the RTN network on "Understanding Financial Architecture: Legal and Political Frameworks and Economic Efficiency".