Maria Benedetta Carosi

Legal Certainty and Transaction Security - an Economic-Comparative Reflection

  • Abstract

Informations and abstract

Keywords: Legal Certainty; Comparative Law and Economics; Real Estate Transactions; Land Registration Systems; Regulation; Legal Professionals; Blockchain.

The paper deals with some comparative reflections concerning the controversial relation between legal certainty and market efficiency. After examining the methodological issues concerning the difficulty of measuring the efficiency of legal systems and assessing their economic «attractiveness», the essay points out the importance of a dynamic perspective, underlining the relevance of reliable informations on property rights in order to reduce the costs associated with exchanges and facilitate the circulation of goods. The article particularly focuses on real estate transactions, comparing the different solutions developed by common-law and civil-law countries, also regarding the role played by legal professionals. Considering the contribution that legal practitioners can give to ensure legal certainty, through monitoring the legality of transactions and protecting the parties involved, the essay highlights the importance of their impartialty and independency, then addressing the specific problem of de-regulation in the market for legal services. Finally, the article outlines some emerging issues raised by the growing trend of disintermediation and by new technologies (e.g. blockchain) that could affect the role of legal institutions and professionals, discussing the need for accountable trusted third-parties and strict regulation.

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