Overview

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.

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9780226028323

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Reviews

Benito Arrunada has written an excellent and well-thought-out work that highlights the importance of legal rules - rather than speculative stylized ideas about institutions - in understanding the true value of property rights and the problems impeding real-world reform. The book will find a ready audience among economists, lawyers, political scientists, and the aid community. (Pablo T. Spiller, University of California, Berkeley)

"""Benito Arrunada has written an excellent and well-thought-out work that highlights the importance of legal rules - rather than speculative stylized ideas about institutions - in understanding the true value of property rights and the problems impeding real-world reform. The book will find a ready audience among economists, lawyers, political scientists, and the aid community."" (Pablo T. Spiller, University of California, Berkeley)"""

Author Information

Benito Arrunada is professor of business organization at Pompeu Fabra University in Barcelona.

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