Экзамен зачет учебный год 2023 / Institutional Foundations of Impersonal Exchange. Contractual registries

Institutional Foundations

of Impersonal Exchange

Institutional Foundations

of Impersonal Exchange

Theory and Policy of Contractual Registries

B E N I T O A R R U Ñ A D A

The University of Chicago Press

Chicago and London

Au bio to come from Marketing

The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London © 2012 by The University of Chicago

All rights reserved. Published 2012.

Printed in the United States of America

ISBN-13: 978-0-226-02832-3 (cloth)

ISBN-13: 978-0-226-02835-4 (e-book)

ISBN-10: 0-226-02832-1 (cloth)

ISBN-10: 0-226-02835-6 (e-book)

CIP data to come

o This paper meets the requirements of ANSI/NISO Z39.48–1992 (Permanence of Paper).

To Marisa

C O N T E N T S

List of Illustrations / 000

Acknowledgments / 000

I N T R O D U C T I O N / 000

Misguided Property Titling and Business Formalization Policies / 000 How Public Registries Reduce the Transaction Costs of Impersonal Trade / 000

Organization of the Book / 000

Methodology and Exposition: Approach, Assumptions, and Caveats / 000

O N E / The Role of Verifiable Contract Publicity in Impersonal Trade / 000

Impersonal Exchange Requires Rights on Assets, Not Merely on Persons / 000 What Do Rights on Assets Mean? Difference between Rights on

Assets and Rights on Persons / 000

Differences between the Economic and Legal Views on Enforcement— Or Why Economics Chose to Ignore Legal Property / 000 Specialization and Transactions Require Multiple Rights on Each Asset, Hindering Impersonal Trade / 000

Generalizing the Analysis / 000

Prevalence and Varying Contractual Difficulty of Sequential Exchange / 000 Information Problem of Sequential Exchange and Solving It by

Selective Application of Property and Contract Rules / 000

Conclusion and Next Steps / 000

T W O / Institutions for Facilitating Property Transactions / 000

Private Titling: Privacy of Claims as the Starting Point / 000

Publicity of Claims / 000

Registration of Rights / 000

Land Titling Systems Compared: Promise and Reality / 000

Organizational Requirements: Registries’ Monopoly as a

Safeguard of Their Independence / 000

T H R E E / Institutions for Facilitating Business Transactions / 000

Prevalence of “Contract Rules” in Business Exchange / 000 Requirements for Applying Contract Rules: The Rationale of Formal Publicity / 000

Difficulties Involved in Organizing Company Registries: Independence

and Collective Action / 000 Lessons from Four Historical Cases / 000

Registration and the Theory of the Firm / 000

F O U R / Strategic Issues for Creating Contractual Registries / 000

Understanding Conflict between Local and Wider Legal Orders / 000 Following a Logical Sequence of Reform / 000

Identifying the Key Attributes and Users of Registry Services / 000 Evidence on the Effects of Property Titling / 000

Evidence on the Effects of Business Formalization / 000

F I V E / The Choice of Title and Registration Systems / 000

Private versus Public Titling / 000

Voluntary versus Universal Titling / 000

Recordation of Deeds versus Registration of Rights / 000

Choice of Business Formalization System / 000

S I X / Conveyancing and Documentary Formalization / 000

The Palliative Nature of Documentary Formalization / 000

Role of Conveyancers in Each Titling System / 000

Market-Driven Changes in the Conveyancing Industry / 000 Regulation of Conveyancing Services in the Twenty-First Century / 000 Role of Title and Credit Insurance / 000

S E V E N / Organizational Challenges / 000

Producing Useful Information for Decisions on Formalization Systems / 000 Integrating Contractual and Administrative Registries / 000

Exploiting Technical Change / 000

Structuring Incentives for Effective Public Registries / 000

Reconsidering Self-Interest / 000

C O N C L U D I N G R E M A R K S / 000

Recapitulation / 000

Challenge of Public Registries / 000

Notes / 000

References / 000

Index / 000