Ebook Institutional Foundations of Impersonal Exchange: Theory and Policy of Contractual Registries, by Benito Arruñada
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Institutional Foundations of Impersonal Exchange: Theory and Policy of Contractual Registries, by Benito Arruñada
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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 contract more safely. Unfortunately, developing registries is harder than it may seem to observers, especially in developed countries, where registries are often taken for granted. As a result, policies in this area usually disappoint.
Benito Arruñada aims to avoid such failures by deepening our understanding of both the value of registries and the organizational requirements for constructing them. Presenting a theory of how registries strengthen property rights and reduce transaction costs, he analyzes the major trade-offs and proposes principles for successfully building registries in countries at different stages of development. Arruñada focuses on land and company registries, explaining the difficulties they face, including current challenges like the subprime mortgage crisis in the United States and the dubious efforts made in developing countries toward universal land titling. Broadening the account, he extends his analytical framework to other registries, including intellectual property and organized exchanges of financial derivatives. With its nuanced presentation of the theoretical and practical implications, Institutional Foundations of Impersonal Exchange significantly expands our understanding of how public registries facilitate economic growth.
- Sales Rank: #473268 in eBooks
- Published on: 2012-09-15
- Released on: 2012-09-15
- Format: Kindle eBook
Review
"This is law and economics at its best. Benito Arruñada’s brilliant book greatly advances our understanding of how law and legal institutions affect the possibilities for trade. Very unusually, it also demonstrates how the needs of transacting parties and the interests of those who serve them profoundly shape a wide range of institutions from contract enforcement to title registries." (Henry E. Smith, Harvard Law School)
"With Institutional Foundations of Impersonal Exchange, Benito Arruñada fills an important gap in the literature on institutions and economic growth. He recognizes the importance of impersonal exchange for growth, but also understands there are trade-offs in developing the institutional framework for such exchange. This book is a 'must read' for anyone who wants to understand the full range of rules governing property rights protection, enforcement, and exchange."
(P.J. Hill, Wheaton College)
"Benito Arruñada has produced a masterly analysis informed by sound economic and legal theory. It deals with a very real-world problem: the issue of how best to provide security to participants in transactions in impersonal contexts. His focus on impersonality clarifies the fundamentals of a long-running debate in the world of development over the priority to be given to formalization of land rights. Registration, his analysis suggests, is properly seen as a response to the needs of impersonal markets in land, not a magic wand for creating them."
(John W. Bruce, Land and Development Solutions International, Inc.)
About the Author
Benito Arruñada is professor of business organization at Pompeu Fabra University in Barcelona.
Most helpful customer reviews
2 of 2 people found the following review helpful.
From the Washington Consensus to Arruñada's Institutional Foundations of Impersonal Exchange
By Nuno Garoupa
Since the Washington Consensus and the deregulation movement took place thirty years ago, administrative simplification and reduction of bureaucracy has been on the agenda of policymakers. In fact, economists tended to agree that a strongly market-based approach requires an effective public administration imposing light burdens on economic players (thus creating a business-friendly economic environment). This view was later popularized by De Soto's The Other Path in 1989 which inspired the work of many international organizations and the (by now) famous Doing Business Project in the late 1990s. Simplification, cutting red tape, one-stop bureaucratic agencies, reduction of licenses and procedures, de-formalizing business activities have become popular slogans with many governments around the world.
The important work of Benito Arruñada takes a fresh look at these issues. We all know that the Washington Consensus promotes deregulation, but it also defends strong legal security for property rights (understood in a nontechnical way, that is, both rights in rem and rights in personam) in the tradition of Coase, Williamson and North. In his book, Arruñada convincingly shows that certain simplifications of procedures and some forms of de-formalization actually hurt important safeguards. In other words, there could be an intrinsic and convoluted trade-off between the popularized programs of administrative simplification and adequate legal certainty. Eliminating certain formalisms might save some apparent costs in the immediate, but augment considerably transaction costs in time, therefore damaging the proper functioning of markets.
Economists have a tendency to see formalism as an example of capture by private interests, thus promoting rents, increasing transaction costs and, as a consequence, damaging business activity (including business creation and investment) and economic growth. In the context of contractual registries, Arruñada explains that some formalism responds to efficient institutional design precisely to reduce transaction costs and facilitate impersonal exchange. More importantly, in the absence of such formalism, efficient transactions might not take place and market failures could be more acute.
My understanding of the policy implications from Arruñada's work is simple. First, not all simplification is good, not all formalism is bad. A degree of formalism is important to promote development and trade in a globalized world of impersonal exchange. Second, when de-formalizing, policymakers should consider the extent to which they are eliminating unnecessary procedures (those in place to satisfy mainly a few particular private interests) and not institutions governing property rights protection. Finally, the appropriate formalization in the context of contractual registries (for property as well as for business transactions) responds to a set of determinants identified by Arruñada that could vary across jurisdictions. Concerning de-formalizing, there is no such thing as a "one-size-fits-all" policy.
1 of 1 people found the following review helpful.
See the online seminar on Arrunada's "Institutional Foundations of Impersonal Exchange"
By Lasse B. Lien
On the blog "Organizations and Markets" you'll find an online seminar dedicated to various aspects of Arrunada's great book. To find the seminar, go to organizationsandmarkets.com and use the search term "Arrunada seminar". Please feel free to join the discussion.
0 of 0 people found the following review helpful.
Public Institutions and Endogenous Information in Contracting
By Stephen Hansen
Benito Arruñada's Institutional Foundations of Impersonal Exchange: Theory and Policy of Contractual Registries is an impressive and erudite study of the relationship between legal institutions and impersonal exchange. While clearly valuable for better understanding policies regarding formalization, in my mind it also introduces ideas that are relevant for contract theory more generally and yet hardly treated in the literature.
Since the 1970′s economic theorists have understood that information asymmetries between parties who write contracts are a key source of inefficiencies in exchange. Since then, a vast literature has developed exploring this idea from many different angles. Nevertheless, two key features usually appear. First, the set of parties who write contracts all observe each other, know they are contracting with each other, and (with some exceptions) observe the terms of the contracts agreed. Second, the information asymmetries are assumed to be a fixed, exogenous feature of relationships.
Benito's book convincingly shows that both of these limit our understanding of trading frictions in the real world. A key insight is that, in addition to his "type" or "action" (to use the language of contract theory), the formal contracts that an economic agent has written with others may be unobservable. After reading the book, it became clear to me that this dimension of non-observability is just as important for generating market failure as others. The second, and intimately related, insight is that the degree of non-observability of contractual rights depends on public institutions, in particular registration systems. Whereas it is unclear how a public body would help contracting parties discover -- to take a standard example -- each other's preferences over the good they are proposing to trade, Benito shows that they can affect the amount of information they have about each other's formal legal rights. And, in line with what one would expect, when institutions can reduce this information asymmetry, the likelihood of efficient trades increases.
Putting these two ideas together provides an original and to me very exciting view on the value of legal systems. Economists often discuss "good" legal systems as those which enforce written agreements transparently at low cost. After reading Benito's book, I recognized that legal systems also act to endogenously affect the amount of information that parties have available to reach those agreements in the first place. This deserves to be an influential idea in future discussions of law, economics, and contract theory.
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