Elgar Financial Law series
Edited by Frederique Dahan and John Simpson
Chapter 5: Legal Efficiency of Secured Transactions Reform: Bridging the Gap between Economic Analysis and Legal Reasoning
5. Legal eﬃciency of secured transactions reform: bridging the gap between economic analysis and legal reasoning Frederique Dahan and John Simpson 5.1 INTRODUCTION The case for the importance of law and institutions to boost investment and access to credit does not have to be made. Other chapters in this volume have unambiguously demonstrated that secured transactions and creditors’ rights are among the most inﬂuential measures. This need was acknowledged by the countries of Central and Eastern Europe and the former Soviet Union from the very beginning of the transition process. Since 1990 a huge eﬀort has been made to transform their legal regimes. From the moment communism had collapsed it was urgent to introduce the changes that were necessary to develop modern market economies. The laws and institutions relating to commercial transactions (such as the laws of contracts, companies, property and insolvency) were hopelessly inadequate and economic reform had to be accompanied by major programmes for legal reform. Never before did so many legal systems have to change so much and in such a short period of time. The European Bank for Reconstruction and Development (EBRD or the Bank) has engaged in many aspects of legal reform in the region. Its involvement in secured transactions reform began in 1992 and has continued every since. The objective of the Bank is to encourage countries to modernise their secured transactions laws1 and it oﬀers assistance at all stages of the reform process to achieve an eﬀective legal...
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