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Secured Transactions Reform and Access to Credit

Edited by Frederique Dahan, Chief Counsel and John Simpson, European Bank for Reconstruction and Development
The chapters presented here provide, for the first time, a comprehensive and cutting-edge view of the subject – from both a legal and economic perspective. They start at the macro level of financial systems, moving towards the behaviours of lenders (commercial banks and micro-lenders), policy options for government and the mechanisms of collateral law reform.
Extent: 296 pp
Hardback Price: $136.00 Web: $122.40
Publication Date: 2009
ISBN: 978 1 84720 598 8
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  • Economics and Finance
  • Financial Economics and Regulation
  • Law - Academic
  • Finance and Banking Law
Secured transactions reform, also known as collateral or pledge law reform, is increasingly seen as an important building block for economic development. The commonly held view is that the availability and cost of credit, as well as the efficiency of the market for secured credit, are directly influenced by the laws affecting secured transactions and their implementation. However, there is still a lot of confusion about this relatively complex and technical area of the law and its role in promoting access to credit and economic growth. The chapters presented here provide, for the first time, a comprehensive and cutting-edge view of the subject – from both a legal and economic perspective. They start at the macro level of financial systems, moving towards the behaviours of lenders (commercial banks and micro-lenders), policy options for government and the mechanisms of collateral law reform.

By approaching the subject from different angles and experiences, the work advocates an inclusive approach to the subject where all stakeholders’ interests can be taken into account. It addresses the question of what role laws and institutions can play to encourage access to credit. This book will be of primary interest to those involved in economic development and the interaction between law and economics, either for practical reasons (for example, working on reform or providing advice on investment in transition economies) or for research purposes.
‘The book is unique. . . It brings together articles on the economics and the law of property rights, and combines these with case studies, observations of what works and what does not, and a checklist of things to watch for. . . This is a very useful book that should appeal to reformers working in the field, whether they are governmental officials trying to modernize their economies, or economists and lawyers working in developmental agencies. . . There are few other books or publications that bring together the views of experts working in this important, albeit somewhat neglected, are of financial sector plumbing.’
– William P. Armstrong, Banking and Finance Law Review

‘. . . a well-presented collection of interesting papers within which one finds a rich resource of information and perspectives on secured transactions reform from parts of the world which are often overlooked in comparative commercial law scholarship.’
– Noel McGrath, Journal of Business Law

‘. . . with its insightful analysis, interesting empirical studies and knowledgeable team of contributors, the book will be illuminating and useful not just for those interested in development, but also anyone who has anything to do with granting credit and taking security.’
– Dora S. Neo, Singapore Journal of Legal Studies

‘This is an excellent, unique book. The material is very well written and presented in a carefully thought-out, coherent way. It tells us a legal story of our own, unique time. Any lawyer working in transition economies, whether or not directly on reform projects, would find it of great interest. Even economists should perhaps take a look at it!’
– Roger McCormick, Law and Financial Markets Review
Contributors: M.-E. Ancel, T. Beck, F. Dahan, N. de la Peña, T. Engelhardt, H. Fleisig, M. Holtmann, F. Lopez-de-Silanes, D. Lupulescu, K. Mathernová, B. Regitz, M.S. Safavian, J. Simpson
Contents:

Foreword

PART I: ACCESS TO CREDIT AND SECURED TRANSACTIONS IN A GLOBAL WORLD
1. Turning the Key to Credit: Credit Access and Credit Institutions
Florencio Lopez-de-Silanes

2. Policy Choices for an Efficient and Inclusive Financial System
Thorsten Beck

PART II: SECURED TRANSACTIONS LAW TO SUPPORT ACCESS TO CREDIT: A CASE FOR REFORM
3. The Economics of Collateral and of Collateral Reform
Heywood Fleisig

4. Firm-level Evidence on Collateral and Access to Finance
Mehnaz S. Safavian

5. Legal Efficiency of Secured Transactions Reform: Bridging the Gap between Economic Analysis and Legal Reasoning
Frederique Dahan and John Simpson

PART III: TAKING SECURITY IN PRACTICE: MICROFINANCE AND MORTGAGE
6. The State of Nature and Lending in an Unreformed Environment: Experience from Early Transition Countries
Thomas Engelhardt and Benjamin Regitz

7. Use of Security in Challenging Environments: The Microfinance Perspective
Martin Holtmann

8. Mortgages in Transition Economies
John Simpson and Frederique Dahan

PART IV: STORIES OF REFORM: LESSONS LEARNED AND REMAINING CHALLENGES
9. The Slovak Secured Transactions Reform: Ingredients of a Successful Reform and Reflection on its Achievements
Katarína Mathernová

10. The Romanian Electronic Archive of Security Interests in Personal Property
Diana Lupulescu

11. Challenges in Implementing Secured Transactions Reform in Latin America
Nuria de la Peña

12. Recent Reform in France: The Renaissance of a Civilian Collateral Regime?
Marie-Elodie Ancel

Index