Towards a Unified Approach to Economic Assessment in International Commercial Law Reform

Chapter 5 in Orkun Akseli and John Linarelli (eds), The Future of Commercial Law: Ways Forward for Change and Reform (Hart Publishing 2020).

University of Cambridge Faculty of Law Research Paper No. 31/2020

22 Pages Posted: 28 Sep 2020 Last revised: 30 Sep 2020

See all articles by Jenifer Varzaly

Jenifer Varzaly

University of Cambridge - Faculty of Law; Durham University - Law School

Date Written: December 1, 2019

Abstract

Economic assessment is critical to international commercial law reform in order to ensure law reform efforts are evidence-based and result in economic benefit. Yet, such assessment is seldom undertaken and, when done so, is not uniform in its scope or methodology, nor is it subject to systematic review. This article proposes a set of guidelines in order to address this challenge. While there are both political and technical challenges to law reform efforts and the implementation of a clear framework for assessment, this article aims to provide a first step forward towards creating a unified approach. It does so by proposing a series of guidelines which traverse five key components of any economic assessment undertaking, drawing on international and within country data regarding assessment processes. There is a particular focus on quantitative analysis, replicability, transparency, and continuous improvement, in relation to unifying private international law within the commercial sphere.

Keywords: commercial law, international law, behavioral law and economics, financial regulation, international commercial law, law reform, harmonisation

JEL Classification: K10, K20, K30, K33, G30, O16, E60

Suggested Citation

Varzaly, Jenifer, Towards a Unified Approach to Economic Assessment in International Commercial Law Reform (December 1, 2019). Chapter 5 in Orkun Akseli and John Linarelli (eds), The Future of Commercial Law: Ways Forward for Change and Reform (Hart Publishing 2020)., University of Cambridge Faculty of Law Research Paper No. 31/2020, Available at SSRN: https://ssrn.com/abstract=3698406 or http://dx.doi.org/10.2139/ssrn.3698406

Jenifer Varzaly (Contact Author)

University of Cambridge - Faculty of Law ( email )

10 West Road
Cambridge, CB3 9DZ
United Kingdom

Durham University - Law School ( email )

50 North Bailey
Palatine Centre
Durham, County Durham DH1 3ET
United Kingdom

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