Reforming Collateral Laws to Expand Access to Finance

Heywood Fleisig
Nuria de la Peña
World Bank, 2006
ISBN 0821364901


Índice de la Obra

Secciones

  • Summary

Acknowledgments

Introduction

What the book aims to do. How the world bank has supported reform.

Why collateral matters

Borrowers typically face requirements for collateral. Loans secured by collateral have better terms. Most enterprises have productive assets-but can't use them as collateral.

How collateral reform can support other important reforms and initiatives

Broadening the effect of macroeconomic reform. Supporting the objectives of reform of bank supervision and regulation. Fostering capital market development. Shoring up state loan and guarantee programs. Allowing the growth of financial leasing. Supporting judicial reform. Reinforcing the strengths of microfinance institutions.

The economic consequences of obsolete systems for secured transactions

Creation: problems that exclude goods, agents, and transactions. Limits on who can be a party to a security agreement. Limits on coverage of goods and transactions. Limits on using a general description of collateral or a floating security interest. Limits on creating a security interest in after-acquired collateral or after-created debt. Priority: problems that undermine lenders' security. No priority rules for future advances. Limits on the continuation in proceeds and products of a securit...

Determining the content of the reform

Covering the detail. Shaping the architecture. Creation. Priority. Publicity. Enforcement. Derogating conflicting laws.

Implementing the reform

Carrying out the diagnostic study. Initial legal assessment. Field interviews. Data. Preparing and presenting the draft law. Timing of presentation. Drafting committee. Commentaries. The filing archive. Building public awareness and mobilizing support. Private lenders and sellers on credit. Debtors and borrowers. The government. Lawyers and notaries. The legislature. The central bank or superintendent of banks. Weighing when to compromise.

Monitoring and evaluating the reform

Measuring economic gain using model-based indicators. Measuring gains using data from filing archives. Assessing access to credit using enterprise survey data. Assessing lenders' transaction costs using doing business indicators.

Appendix: resources

Brief introductions to secured transactions and development. General reviews of reform in developing and transition economies. Legal literature. Brief general guides. Early studies of and proposals for reform. Scholarly reviews. International conventions and model laws. International conventions. Model laws. Economics literature. Studies integrating the law and economics of secured transactions in developing and transition economies.

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