Institutional foundations of impersonal exchange : theory and policy of contractual registries (Book, 2012) []
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Institutional foundations of impersonal exchange : theory and policy of contractual registries

Institutional foundations of impersonal exchange : theory and policy of contractual registries

Author: Benito Arruñada
Publisher: Chicago : The University of Chicago Press, 2012.
Edition/Format:   Print book : EnglishView all editions and formats
"Governments and development agencies spend considerable resources building property and company registries to protect property rights. When these efforts succeed, owners feel secure enough to invest in their property and banks are able use it as collateral for credit. Similarly, firms prosper when entrepreneurs can transform their firms into legal entities and thus enter into contracts more safely. Unfortunately,  Read more...

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Genre/Form: contracts
Document Type: Book
All Authors / Contributors: Benito Arruñada
ISBN: 9780226028323 0226028321
OCLC Number: 769323257
Description: xv, 299 pages ; 24 cm
Contents: Introduction. Misguided property titling and business formalization policies ; How public registries reduce the transaction costs of impersonal trade ; Organization of the book ; Methodology and exposition: approach, assumptions, and caveats --
The role of verifiable contract publicity in impersonal trade. Impersonal exchange requires rights on assets, not merely on persons ; What do rights on assets mean? difference between rights on assets and rights on persons ; Differences between the economic and legal views on enforcement, or why economics chose to ignore legal property ; Specialization and transactions require multiple rights on each asset, hindering impersonal trade ; Generalizing the analysis ; Prevalence and varying contractual difficulty of sequential exchange ; Information problem of sequential exchange and solving it by selective application of property and contract rules ; Conclusion and next steps --
Institutions for facilitating property transactions. Private titling: privacy of claims as the starting point ; Publicity of claims ; Registration of rights ; Land titling systems compared: promise and reality ; Organizational requirements: registries' monopoly as a safeguard of their independence --
Institutions for facilitating business transactions. Prevalence of "contract rules" in business exchange ; Requirements for applying contract rules: the rationale of formal publicity ; Difficulties involved in organizing company registries: independence and collective action ; Lessons from four historical cases ; Registration and the theory of the firm --
Strategic issues for creating contractual registries ; Understanding conflict between local and wider legal orders ; Following a logical sequence of reform ; Identifying the key attributes and users of registry services ; Evidence on the effects of property titling ; Evidence on the effects of business formalization --
The choice of title and registration systems. Private versus public titling ; Voluntary versus universal titling ; Recordation of deeds versus registration of rights ; Choice of business formalization system --
Conveyancing and documentary formalization. The palliative nature of documentary formalization ; Role of conveyancers in each titling system ; Market-driven changes in the conveyancing industry ; Regulation of conveyancing services in the twenty-first century ; Role of title and credit insurance --
Organizational challenges. Producing useful information for decisions on formalization systems ; Integrating contractual and administrative registries ; Exploiting technical change ; Structuring incentives for effective public registries ; Reconsidering self-interest --
Concluding remarks. Recapitulation ; Challenge of public registries.
Responsibility: Benito Arruñada.


Tracing the development of registries in developed and developing countries, the author argues that, while no single institutional arrangement is appropriate across the board, there are general  Read more...


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"Benito Arrunada has written an excellent and well-thought-out work that highlights the importance of legal rules - rather than speculative stylized ideas about institutions - in understanding the Read more...

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