Availability of Credit and Secured Transactions in a Time of Crisis

In the light of the financial crisis, it has become clear that the globalisation of financial markets has not been matched by the globalisation of legal certainty relating to financial transactions. The ability to give security influences not only the cost of credit but also, in some cases, whether credit will be available at all. Increasing the availability and lowering the cost of credit can make an important contribution to international and domestic economic development. Assessing the international challenges posed by inefficient secured credit laws, this book explores how these can be overcome to facilitate credit through legal reforms. Leading authorities in the field address the key issues surrounding the availability of credit, the role of banks in economic development and financial crises, UNCITRAL's legislative efforts, and international organisations and financial institutions and their involvement in the reform of secured transactions law.Foreword Sir Roy Goode; Introduction N. Orkun Akseli; Part I. Availability of Credit: 1. Money, bank debt, and business cycles: between economic development and financial crises David Bholat; 2. Secured Transactions Law reform, UNCITRAL, and the export of foreign legal models Gerard McCormack; 3. Comments on the availability of credit Joanna Gray; Part II. Involvement of International Financial Institutions in Secured Transactions Law Reform: 4. International organizations as global law-makers: seven shifts in practice for Secured Transactions Law and beyond Terence C. Halliday; 5. The creation of international commercial law standards by international financial institutions - why they do it and whether they should Spyridon V. Bazinas; 6. The power of Secured Transactions Law and the challenge of its reform Frederique Dahan; 7. Involvement of international financial institutions in Secured Transactions Law reform: a commentary Loukas Mistelis; Part III. The Availability of Credit and the Utility and Efficacy of the UNCITRAL's legislative efforts: 8. The utility and efficacy of the UNCITRAL Legislative Guide on Secured Transactions Spyridon V. Bazinas; 9. The utility and efficacy of the UN Convention on the Assignment of Receivables and the Facilitation of Credit N. Orkun Akseli; 10. Commentary on the availability of credit and the utility and efficacy of the UNCITRAL's legislative efforts in Secured Transactions Henry D. Gabriel; Part IV. Availability of Credit and Secured Transactions Law Reform: 11. International standards and English reform Anjanette H. Raymond; 12. International standards and the reform of English Personal Property Securities Law Noel McGrath; 13. The UNCITRAL Legislative Guide on Secured Transactions as a model for law reform: some conclusions Hugh Beale.