Appendix: resources
| Pages | 93-103 |
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Several different types of resources are available to task managers to aid in planning and implementing a secured transactions reform project.
These short notes and articles discuss the source of legal barriers to access to credit and the economic impact of these barriers. These summary resources may be particularly useful where brief introductions to the legal and economic issues are needed for discussions with policymakers.
de la Peña, Nuria, and Heywood Fleisig. "SMEs and Collateral." CEAL Issues Brief. Center for the Economic Analysis of Law, Washington, D.C., 2002.
Fleisig, Heywood. "The Power of Collateral: How Problems in Secured Transactions Limit Private Credit for Movable Property." Viewpoint series, Note 43. World Bank Group, Private Sector Development Vice Presidency, Washington, D.C., 1995.
---. "The Right to Borrow: Legal and Regulatory Barriers That Limit Access to Credit by Small Farmers and Businesses." Viewpoint series, Note 44. World Bank Group, Private Sector Development Vice Presidency, Washington, D.C., 1995.
---. "Secured Transactions: The Power of Collateral." Finance and Development 33, no. 2 (1996): 44-46. (Available in Arabic, Chinese, French, German, and Spanish.)
Fleisig, Heywood, and Nuria de la Peña. "Microenterprise and Collateral." CEAL Issues Brief. Center for the Economic Analysis of Law, Washington, D.C., 2002.
---. "Why the Microcredit Crunch?" Microenterprise Development Review (Inter-American Development Bank) 5, no. 2 (2002). http://www.iadb. org/sds/doc/vol5n2eng.pdf. (Available in Spanish.)
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Safavian, Mehnaz, Heywood Fleisig, and Jevgenijs Steinbuks. "Unlocking Dead Capital: How Reforming Collateral Laws Improves Access to Finance." Viewpoint series. World Bank Group, Private Sector Development Vice Presidency, Washington, D.C., forthcoming.
These articles reviewing general issues of reform in developing and transition economies give an additional flavor of how problems can vary among countries with similar legal systems and among different legal systems. Several of the authors have experience in reform efforts.
Dahan, Frédérique, and John Simpson. "The European Bank for Reconstruction and Development's Secured Transactions Project: A Model Law and Ten Core Principles for a Modern Secured Transactions Law in Countries of Central and Eastern Europe (and Elsewhere!)." In Eva-Maria Kieninger, ed., Security Rights in Movable Property in European Private Law. Cambridge: Cambridge University Press, 2004.
de la Peña, Nuria, Heywood Fleisig, and Philip Wellons. "Secured Transactions." In Law and Policy Reform at the Asian Development Bank 2000. Vol. 2. Manila: Asian Development Bank, 2000. http://www.adb.org/Documents/ others/Law_ADB/lpr_2000_2.asp?p=lawdevt.
Garro, Alejando M. "Harmonization of Personal Property Security Law: National, Regional and Global Initiatives." Uniform Law Review/Revue de droit uniforme 8 (2003): 357-68.
Norton, Joseph J., and Mads Andenas, eds. Emerging Financial Markets and Secured Transactions. The Hague: Kluwer Law International, 1998.
Welsh, Allen. "Secured Transactions Law: Best Practices & Policy Options." Working Paper 03/06. IRIS Center at the University of Maryland, College Park, 2003. http://www.iris.umd.edu/Reader.aspx?TYPE=FORMAL_ PUBLICATION&ID=b0ad1ce9-1d11-4a41-a5fb-5740dfbf6600.
Summarizing the vast legal literature on secured lending is beyond the scope of this book. With apologies to those excluded, following is a brief list of useful material. For detailed judgments about the legal aspects of reform, however, task managers should generally depend on specialist lawyers. It is unrealistic Page 95 to hope to become expert in this area in the normal time frame for executing development projects or in typical tours of duty in staff positions at multilateral institutions.
Bailey, Henry J., III, and Richard B. Hagedorn. Secured Transactions in a Nutshell. 4th ed. St. Paul, Minn.: West Publishing Company, 2000.
Hakes, Russell A. The ABCs of the UCC, Article 9: Secured Transactions. Chicago: Section of Business Law, American Bar Association, 1996.
These comprehensive early studies laid the foundation for the study of the severe defects in the laws on secured transactions in both industrial and developing countries. Aimed at a general legal audience, they often set out a comparative exposition of defects and many fundamental points more clearly than typical law review articles. They also include discussions on the function of the judicial system (such as on contract enforcement and the timeliness of courts).
Garro, Alejandro M. "Recordation in Argentine Law." Revista Jurídica de la Universidad Interamericana de Puerto Rico 15 (January-April 1981): 175- 221.
---. "Security Interests in Personal Property in Latin America: A Comparison with Article 9 and a Model for Reform." Houston Journal of International Law 9 (1987): 157-242.
---. "Unification and Harmonization of Private Law in Latin America." American Journal of Comparative Law 40, no. 3 (1992): 587-616.
Kozolchyk, Boris. "Law and the Credit Structure in Latin America." Virginia Journal of International Law 7, no. 1 (1967).
---. "Toward a Theory on Law in Economic Development: The Costa Rican USAID-ROCAP Law Reform Project." Law & Social Order Journal (Arizona State University) 4 (1971): 681-.
United Nations Commission on International Trade Law (UNCITRAL). "Report of the Secretary-General: Study on Security Interests." In United Nations Commission on International Trade Law Yearbook Volume VIII: 1977. New York: United Nations, 1978. A/CN.9/131.
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These two articles ponder some of the legal subtleties of the secured transactions framework, offering lawyers' perspectives on the economic issues in secured lending. The issues they explore apply to reform in both industrial and developing countries. Though less accessible than the studies cited in the previous section, the articles contain extensive bibliographies listing similar articles as well as articles discussing individual topics in greater detail.
Scott, Robert E. "A Relational Theory of Secured Financing." Columbia Law Review 86 (June 1986): 901-77.
Triantis, George G. "On the Efficiency of Secured Lending." Virginia Law Review 80 (1994): 2155-68.
International organizations, alert to the growing attention being paid to the legal framework for secured lending, have responded with two broad...
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