Secured Transactions Reform and Access to Credit

Secured Transactions Reform and Access to Credit

Elgar Financial Law series

Edited by Frederique Dahan and John Simpson

The chapters presented here provide, for the first time, a comprehensive and cutting-edge view of the subject – from both a legal and economic perspective. They start at the macro level of financial systems, moving towards the behaviours of lenders (commercial banks and micro-lenders), policy options for government and the mechanisms of collateral law reform.

Chapter 9: The Slovak Secured Transactions Reform: Ingredients of a Successful Reform and Reflection on its Achievements

Katarína Mathernová

Subjects: economics and finance, financial economics and regulation, law - academic, finance and banking law

Extract

9. The Slovak secured transactions reform: ingredients of a successful reform and reflection on its achievements Katarína Mathernová* 9.1 INTRODUCTION The reform process is often a mysterious one: unless one has been part of it (an insider), the ingredients that made the reform succeed, or fail for that matter, have left few tangible traces. This applies also to law reform. The final product – a law, a decree, a register – cannot testify for what had taken place. What makes reforms succeed in one country while they fail in another? What ingredients are necessary to lead to the adoption and smooth implementation of reforms?1 The ambition of this chapter is to revisit the content and context of the secured transactions reform that was successfully concluded in Slovakia. And since the reform has now been in operation for several years, the chapter also tries to draw some conclusions as to whether the reform reached its objectives. The parliamentary elections in September 1998 marked a major breakthrough for Slovakia in its political and economic transition from communism. They were followed by a full parliamentary term of profound reforms and reorientation of the country away from its authoritarian governments of the mid-1990s. Slovakia’s reform trend and path towards European * Between 1999 and 2002, Katarína Mathernová served as Special Advisor to Deputy Prime Minister for Economic Affairs Ivan Mikloˇ. Currently, she is Deputy s Director General in the Directorate General for Regional Policy in the European Commission in Brussels. The views...

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