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Moneys' Legal Hierarchy, Katharina Pistor
Moneys' Legal Hierarchy, Katharina Pistor
Faculty Scholarship
This chapter discusses the way in which money is legally constructed and hierarchically structured. In financial markets, participants trade different forms of money, some of which is state-issued and some privately issued. A form of money is closer to the “apex” of the system the closer it is to entities that can issue liquid means or determine acceptable forms of payment, such as central banks and governments. During financial crises, market participants close to the “apex” are systematically advantaged. Various legal devices, e.g. property rights, collateral rights, or trust law, contribute to hierarchically structuring the financial system, by granting preferential …
Law And Economics Of Information, Tim Wu
Law And Economics Of Information, Tim Wu
Faculty Scholarship
Information is of enormous importance to contemporary economics, science, and technology. Since the 1970s, economists and legal scholars, relying on a simplified “public good” model of information, have constructed an impressively extensive body of scholarship devoted to the relationship between law and information. The public good model tends to justify law, such as the intellectual property laws or various forms of securities regulation that seek to incentivize the production of information or its broader dissemination. This chapter reviews the public choice model and identifies two recent trends. First, scholars have extended the public good model of information to an ever-increasing …