An edition of Institutional foundations of impersonal exchange
(2012)
Institutional foundations of impersonal exchange
theory and policy of contractual registries
by Benito Arruñada
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With its nuanced presentation of the theoretical and practical implications, this book expands our understanding of how property rights work in today's world.
Subjects
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Institutional foundations of impersonal exchange: theory and policy of contractual registries
2012, The University of Chicago Press
in English
0226028321 9780226028323
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Book Details
Table of Contents
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
Istitutions 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 challenge. 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.
Edition Notes
Includes bibliographical references and index.
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