Open Access. Powered by Scholars. Published by Universities.®
- Institution
- Keyword
-
- Breach of contract (1)
- Coase Theorem (1)
- Contracts (1)
- Damages (1)
- Debt (1)
-
- Debt relief (1)
- Distribution (1)
- Dodd-Frank (1)
- Empirical (1)
- Equity (1)
- International Monetary Fund (1)
- International finance (1)
- Law (1)
- Legal rights (1)
- Leverage (1)
- Liability rule (1)
- Licensing (1)
- Loans (1)
- Mortgage (1)
- Property rule (1)
- Regulation (1)
- Remedies (Law) (1)
- Theory of rights (1)
- Transaction structure (1)
- Yale Journal on Regulation (1)
- Yale Law Journal (1)
Articles 1 - 4 of 4
Full-Text Articles in Legal Remedies
The Myth Of Optimal Expectation Damages, Theresa Arnold, Amanda Dixon, Madison Sherrill, Mitu Gulati
The Myth Of Optimal Expectation Damages, Theresa Arnold, Amanda Dixon, Madison Sherrill, Mitu Gulati
Faculty Scholarship
A much-debated question in contract law scholarship is what the optimal measure of damages for breach should be. The casebook answer-drawing from the theory of efficient breach-is expectation damages. This standard answer, which was a major contribution of the law and economics field, has come under attack by theoreticians within that field itself. To shed an empirical perspective on the question, we look at data on the types of damages provisions parties contract/or themselves in international debt contracts. Specifically, we examine issuer call provisions, which are economically equivalent to damages for prepayment, yet not viewed as legally problematic in the …
Three Proposals For Regulating The Distribution Of Home Equity, Ian Ayres, Joshua Mitts
Three Proposals For Regulating The Distribution Of Home Equity, Ian Ayres, Joshua Mitts
Faculty Scholarship
The Consumer Financial Protection Bureau’s recently-released “qualified mortgage” rules effectively discourage predatory lending but miss an equally important source of systemic risk: low-equity clustering. Specific “volatility-inducing” mortgage terms, when present in a substantial cluster of mortgage contracts, exacerbate macroeconomic risk by increasing the chance that the housing and lending markets will have to absorb a wave of simultaneous defaults after a downturn in housing prices. This Article shows that these terms became prevalent in a substantial proportion of residential mortgages in the years leading up to the home mortgage crisis. In contrast, during the earlier “amortization era” (when mortgagors were …
Reform Of Imf Conditionality - A Proposal For Self-Imposed Conditionality, Ofer Eldar
Reform Of Imf Conditionality - A Proposal For Self-Imposed Conditionality, Ofer Eldar
Faculty Scholarship
The IMF has faced criticism of its expansive use of conditionality. The paper proposes a new procedure for IMF lending designed to meet these criticisms by arguing for the legalization and formalization of the procedure for IMF lending in the light of legal concepts derived mainly from national administrative laws. The gist of the procedure is that, rather than have the IMF determine loan conditions following informal negotiations with member countries, countries seeking Fund assistance will design the conditions themselves. The IMF will have specified powers under which to review these conditions. Apart from other procedural requirements, conditions will have …
Rethinking The Theory Of Legal Rights, Jules S. Coleman, Jody S. Kraus
Rethinking The Theory Of Legal Rights, Jules S. Coleman, Jody S. Kraus
Faculty Scholarship
In the economic approach to law, legal rights are designed, in part, to overcome the conditions under which markets fail. In correcting for market failure, economic analysis endorses two rules for assigning legal rights. The first specifies the allocation of rights under conditions of rational cooperation, full information and zero transaction costs. Provided that exchange is available and that obstacles to exercising it are insignificant, rational cooperators will negotiate around inefficiencies. Under these conditions, legal rights are not assigned in order to establish optimal levels of resource deployment directly; rather, they establish well-defined entitlements or negotiation points which create a …