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Access_open The Effectiveness Paradigm in Financial Legislation – Is Effectiveness Measurable?

Journal Erasmus Law Review, Issue 2 2020
Keywords effectiveness, effectiveness measurement methodologies, financial legislation, legislative objective, product approval governance
Authors Jeroen Koomans
AbstractAuthor's information

    How can you determine if financial legislation is effective? This article seeks to identify three characteristics that make up the basis for an effectiveness review, being the determination what the legislative objective is, who is it aimed at and what approach is taken to achieve this objective. Determining the legislative objective may prove to be a challenging undertaking, and the uncertainties that come with that affect the other two characteristics as well. And even if a clear legislative objective can be established, how can you be sure that its achievement was in fact attributable to the legislation under review? What do you compare your results to absent a baseline measurement and how can the vast number of variables that affect the effectiveness of the legislation under review be accounted for, if at all? Is effectiveness in financial legislation at all measurable and, when measured, what is its value in practice?


Jeroen Koomans
Jeroen Koomans is affiliated to the University of Amsterdam FEB Academy for Banking and Insurance and employed by ABN AMRO Bank N.V.

Willem H. van Boom
Professor of Law at the Erasmus School of Law, Erasmus University Rotterdam.

Anthony Ogus
Professor of Fundamentals of Private Law at Erasmus University Rotterdam; Emeritus Professor of Law at the University of Manchester.

Daniel Schwarcz
Associate Professor of Law, University of Minnesota Law School. A version of this paper, titled Insurance Demand Anomalies and Regulation, was simultaneously published in the Journal of Consumer Affairs. For helpful comments and suggestions, I thank Ken Abraham, Tom Baker, Oren Bar-Gill, Prentiss Cox, Brenda Cude, Kristin Hickman, Claire Hill, Bert Kritzer, Brett McDonnell, Amy Monahan, Francesco Parisi, Arden Rowell, Steven Schwarcz, Peter Siegelman and Paul Slovic. I also thank the participants in Erasmus Law School's conference on Juxtaposing Autonomy and Paternalism in Private Law, the University of Minnesotas seminar on Alternative Perspective on Law and Economics and the National Bureau of Economic Research's Insurance Project Workshop. Christina Alexander and Carl Engstrom provided excellent research assistance.
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