Property Rights in an Era of Global Finance
In: Handbook of Key Global Financial Markets, Institutions, and Infrastructure, Gerard Caprio ed., Vol. I (Elsevier, 2013), pp. 547-556.
30 Pages Posted: 8 Jul 2010 Last revised: 8 Feb 2017
Date Written: July 8, 2013
This chapter for the Encyclopedia of Financial Globalization studies the unique challenges of property rights in an era of global finance. It first defines the fundamental features of property, trying to bridge the gap that often exists between lawyers and economists in conceptualizing this term. The chapter then explains the local origins of property laws and the ways in which their traditional construct is being increasingly challenged by the forces of globalization. It surveys the prominent institutions and mechanisms that currently address the cross-border effects of property rights through supranational norm-making or other types of coordination among different national property systems. Finally, the chapter moves to a more resource-specific analysis of the challenges of property rules in a globalized era. It assesses how the ordering of property rights in land, chattels, intangibles, and intellectual property can be better adapted to a rapidly-changing global financial environment.
Keywords: Property, Globalization, Land, Chattels, Intangibles, Securities, Intellectual Property
JEL Classification: F01, F3, K11, P5
Suggested Citation: Suggested Citation