Where jurisdictions are not compelled to agree on the same rule, some jurisdiction will try a different rule, and will do so more quickly, when changed economic circumstances make a different rule optimal.
Source quote, verbatim
diction will try a different rule, and will do so more quickly, than if all jurisdictions felt compelled to agree upon the same rule.
From
Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012), VI. Benefits of Experimentation, p. 41 https://ssrn.com/abstract=1998455 · source PDF
Cite as
Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance (2012). SSRN: https://ssrn.com/abstract=1998455
Holds when
where jurisdictions are not compelled to converge on a single rule
where underlying economic circumstances change so that a different rule would be optimal
restated_bykaal:claim:2029983-006 Jurisdictional competition adapts legal rules to changed economic circumstances faster than harmonization does...
extended_bykaal:claim:2273857-051 Experimentation with different combinations of regulatory approaches is effective when several different appro...
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