Socialized credit and the working-class family economy: a comparative history of Britain and France 1900-2000

This paper provides a comparative analysis of working class consumer credit in Britain and France from the early twentieth century through to the 1980s. It indicates a number of similarities between the two nations in the earlier part of the period: in particular, in the operation of doorstep credit systems. For the British case study, we explore consumer finance offered by credit drapers (sometimes known as tallymen) whilst in France the paper explores a similar system that functioned in the coalmining communities around the city of Lens. Both methods operated on highly socialised relationships that established the trust on which credit was offered and long-term creditor/borrower relationships established. In the second part of the paper, we analyse the different trajectories taken in post-war France and Britain in this area of working class credit. In France this form of socialized credit gradually dwindled due to factors such as ‘Bancarisation’, which saw the major banks emerge as modern bureaucratized providers of credit for workers and their families. In contrast, in Britain the tallymen (and other related forms of doorstep credit providers) were offered a new lease of life in the 1960s and 1970s. This was a period during which British credit providers utilised multiple methods to evade the hire purchase controls put in place by post-war governments. Thus, whilst the British experience was one of fragmented consumer loan types (including the continuation of doorstep credit), the French experience (like elsewhere in Europe) was one of greater consolidation. The paper concludes by reflecting on the role of these developments in the creation of differential experiences of credit inclusion/exclusion in the two nations and the impact of this on financial inequality.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

Annual Meeting September 1, 1892 and By-Law No.13

The meeting includes a written report of the Statement of Affairs (May 24, 1892), Profit and Loss. There is also another by-law included in the meeting notes, no.13, which focuses on an amount of $27,000 owed to creditor George Barnes.

La monnaie en droit : nature d'une abstraction outre fondée : essai dialectique et logique sur la dualité dans la catégoricité juridique et sur l'abstraction d'hérédité monétaire

"Thèse présentée à la Faculté des études supérieures en vue de l'obtention du grade de Docteur en droit (LL.D.)"

La problématique de l'opposabilité aux tiers des droits des créanciers aux contrats conclus à des fins de garantie et portant sur des biens mobiliers

La Loi modifiant le Code civil et d'autres dispositions législatives relativement à la publicité des droits personnels et réels mobiliers et à la constitution d'hypothèques mobilières sans dépossession, L.Q. 1998, ch. 5 a assujetti à la publicité pour fins d'opposabilité aux tiers la fiducie à titre onéreux constituée pour garantir l'exécution d'une obligation, les droits du crédit-bailleur et, dans certains cas, les droits des vendeurs à tempérament et avec faculté de rachat et du locateur à long terme. L'interprétation de certaines de ces dispositions législatives a suscité une vive controverse jurisprudentielle portant sur la requalification des contrats et l'effet de la publicité dans le contexte où le vendeur à tempérament et le locateur à long terme ont fait défaut de publier leurs droits en temps utile et avant la faillite de leur débiteur. Le présent mémoire étudie cette problématique en procédant à l'analyse des jugements pertinents, et plus particulièrement des arrêts de la Cour suprême dans Lefebvre (Syndic de); Tremblay (Syndic de), [2004] 3 R.C.S. 326 et Ouellet (Syndic de), [2004] 3 R.C.S. 348. Également, ce mémoire traite de l'amendement apporté par le législateur à la définition de « créancier garanti» de la Loi sur la faillite et l'insolvabilité, qui a tenté, sans succès, d'harmoniser cette notion avec celle du Code civil. Ainsi, il sera démontré que la situation juridique des contrats conclus à des fins de garantie s'est complexifiée au fil des ans.

Le devoir de coopération durant l'exécution du contrat

Sous le régime du Code civil du Bas-Canada, le devoir d’exécuter le contrat de bonne foi était une condition implicite de tout contrat suivant l’article 1024 C.c.B.C. Le 1er janvier 1994, ce devoir a toutefois été codifié à l’article 1375 du Code civil du Québec. Parallèlement à ce changement, le contrat a subi plusieurs remises en question, principalement en raison des critiques émises contre la théorie de l’autonomie de la volonté. En réponse à ces critiques, la doctrine a proposé deux théories qui supposent une importante coopération entre les contractants durant l’exécution du contrat, à savoir le solidarisme contractuel et le contrat relationnel. La notion de bonne foi a aussi évolué récemment, passant d’une obligation de loyauté, consistant généralement en une abstention ou en un devoir de ne pas nuire à autrui, à une obligation plus active d’agir ou de faciliter l’exécution du contrat, appelée devoir de coopération. Ce devoir a donné lieu à plusieurs applications, dont celles de renseignement et de conseil. Ce mémoire étudie la portée et les limites du devoir de coopération. Il en ressort que le contenu et l’intensité de ce devoir varient en fonction de critères tenant aux parties et au contrat. Une étude plus particulière des contrats de vente, d’entreprise et de franchise ainsi que des contrats conclus dans le domaine informatique indique que le devoir de coopération est plus exigeant lorsque le contrat s’apparente au contrat de type relationnel plutôt qu’au contrat transactionnel. Le créancier peut, entre autres choses, être obligé d’« aider » son débiteur défaillant et même de renégocier le contrat devenu déséquilibré en cours d’exécution, bien que cette dernière question demeure controversée. Le devoir de coopération n’est cependant pas illimité parce qu’il s’agit d’une obligation de moyens et non de résultat. Il est également limité, voire inexistant, lorsque le débiteur de cette obligation est tenu à d’autres obligations comme un devoir de réserve ou de non-ingérence, lorsque le cocontractant est de mauvaise foi ou qu’une partie résilie unilatéralement le contrat ou décide de ne pas le renouveler.

Human rights and mortgage repossession: beyond property law using Article 8

Following the Supreme Court decisions in Manchester CC v Pinnock and Hounslow CC v Powell, this article examines the possible impact of Article 8 of the European Convention on Human Rights and Fundamental Freedoms upon protection of the home in creditor repossession proceedings. The central argument advanced is that, although occupiers may not all be protected through property law, they may enjoy an independent right to respect for their home under Article 8, which should be acknowledged in the legal frameworks governing creditor's enforcement rights against the home. The article suggests that the most common creditor enforcement route, through mortgage repossession proceedings, falls short in this regard. It takes as its primary focus the treatment of children in such proceedings to provide an example of the potential for a human rights-based property protection heralded by these two Supreme Court decisions.

The new Brazilian bankruptcy law and its impacts on the credit market

No início de 2005, uma nova Lei de Falências foi aprovada pelo Congresso Nacional, entrando em meados de junho do mesmo ano. A nova legislação ampliou o grau de proteção ao credor em muitos aspectos. Este artigo busca investigar algumas das consequências empíricas dessa nova lei sobre o mercado de crédito, utilizado dados de firmas argentinas, brasileiras, chilenas e mexicanas para estimar dois modelos para dados em painel: o primeiro com tendências específicas para cada firma e o outro com tendência macro comum às firmas de um mesmo país. A estimação dos dois modelos produziu resultados similares. Foram encontrados impactos significativos sobre a oferta de crédito, o custo da dívida e a oferta de crédito segurado, não-segurado e de longo prazo. Não foram encontrados impactos sobre o total de dívida de curto prazo.

Sujeição passiva do credor na obrigação tributária e alienação fiduciária em garantia de bens imóveis: um estudo sobre IPTU à luz da jurisprudência e doutrina brasileira

O presente trabalho visa elucidar se com a formação do negócio de Alienação Fiduciária de Bem Imóvel para garantia de uma Obrigação Civil, o Credor-fiduciário, em razão das prerrogativas que a Lei 9.514/97 e suas respectivas alterações lhe conferem, poderiam levá-lo a figurar como sujeito passivo do Imposto Predial Territorial Urbano-IPTU para fins tributários. Para tanto, serão analisados aspectos gerais a cerca do IPTU e da Alienação Fiduciária para Bens Imóveis, utilizando como norte a legislação, a doutrina e jurisprudência pátria. Por conseguinte, em razão deste estudo, será levado a debate se o credor-fiduciário é realmente parte legítima para figurar no polo passivo de demandas que visem à execução de débitos tributários inadimplidos, que remetam a época em que o devedor-fiduciante exercia a posse direta sobre a coisa. Esta obra analisa se existe compatibilidade do parágrafo 8º do art. 27 da Lei 9.514/97 frente ao Código Tributário Nacional e a Constituição da República, sob duas análises interpretativas da norma, procurando revelar que vigora atualmente um cenário de insegurança jurídica para os credores-fiduciários e, caso não seja sanado, provocará um aumento no custo dos empréstimos.

International migration, capital flows and the global economy: a long run view

Includes bibliography

Commercial bank financing for micro-enterprises and SMEs in Mexico

Includes bibliography.

Securitization and Special Purpose Vehicles in an International Setting: a Systemic View

The present work tries to display a comprehensive and comparative study of the different legal and regulatory problems involved in international securitization transactions. First, an introduction to securitization is provided, with the basic elements of the transaction, followed by the different varieties of it, including dynamic securitization and synthetic securitization structures. Together with this introduction to the intricacies of the structure, a insight into the influence of securitization in the financial and economic crisis of 2007-2009 is provided too; as well as an overview of the process of regulatory competition and cooperation that constitutes the framework for the international aspects of securitization. The next Chapter focuses on the aspects that constitute the foundations of structured finance: the inception of the vehicle, and the transfer of risks associated to the securitized assets, with particular emphasis on the validity of those elements, and how a securitization transaction could be threatened at its root. In this sense, special importance is given to the validity of the trust as an instrument of finance, to the assignment of future receivables or receivables in block, and to the importance of formalities for the validity of corporations, trusts, assignments, etc., and the interaction of such formalities contained in general corporate, trust and assignment law with those contemplated under specific securitization regulations. Then, the next Chapter (III) focuses on creditor protection aspects. As such, we provide some insights on the debate on the capital structure of the firm, and its inadequacy to assess the financial soundness problems inherent to securitization. Then, we proceed to analyze the importance of rules on creditor protection in the context of securitization. The corollary is in the rules in case of insolvency. In this sense, we divide the cases where a party involved in the transaction goes bankrupt, from those where the transaction itself collapses. Finally, we focus on the scenario where a substance over form analysis may compromise some of the elements of the structure (notably the limited liability of the sponsor, and/or the transfer of assets) by means of veil piercing, substantive consolidation, or recharacterization theories. Once these elements have been covered, the next Chapters focus on the regulatory aspects involved in the transaction. Chapter IV is more referred to “market” regulations, i.e. those concerned with information disclosure and other rules (appointment of the indenture trustee, and elaboration of a rating by a rating agency) concerning the offering of asset-backed securities to the public. Chapter V, on the other hand, focuses on “prudential” regulation of the entity entrusted with securitizing assets (the so-called Special Purpose vehicle), and other entities involved in the process. Regarding the SPV, a reference is made to licensing requirements, restriction of activities and governance structures to prevent abuses. Regarding the sponsor of the transaction, a focus is made on provisions on sound originating practices, and the servicing function. Finally, we study accounting and banking regulations, including the Basel I and Basel II Frameworks, which determine the consolidation of the SPV, and the de-recognition of the securitized asset from the originating company’s balance-sheet, as well as the posterior treatment of those assets, in particular by banks. Chapters VI-IX are concerned with liability matters. Chapter VI is an introduction to the different sources of liability. Chapter VII focuses on the liability by the SPV and its management for the information supplied to investors, the management of the asset pool, and the breach of loyalty (or fiduciary) duties. Chapter VIII rather refers to the liability of the originator as a result of such information and statements, but also as a result of inadequate and reckless originating or servicing practices. Chapter IX finally focuses on third parties entrusted with the soundness of the transaction towards the market, the so-called gatekeepers. In this respect, we make special emphasis on the liability of indenture trustees, underwriters and rating agencies. Chapters X and XI focus on the international aspects of securitization. Chapter X contains a conflicts of laws analysis of the different aspects of structured finance. In this respect, a study is made of the laws applicable to the vehicle, to the transfer of risks (either by assignment or by means of derivatives contracts), to liability issues; and a study is also made of the competent jurisdiction (and applicable law) in bankruptcy cases; as well as in cases where a substance-over-form is performed. Then, special attention is also devoted to the role of financial and securities regulations; as well as to their territorial limits, and extraterritoriality problems involved. Chapter XI supplements the prior Chapter, for it analyzes the limits to the States’ exercise of regulatory power by the personal and “market” freedoms included in the US Constitution or the EU Treaties. A reference is also made to the (still insufficient) rules from the WTO Framework, and their significance to the States’ recognition and regulation of securitization transactions.

On The Timing of Default Losses: When and Why?

At the light of what happened in 2010 and 2011, a lot of European countries founded themselves in a difficult position where all the credit rating agencies were downgrading debt states. Problem of solvency and guarantees on the states' bond were perceived as too risky for a Monetary Union as Europe is. Fear of a contagion from Greece as well was threatening the other countries as Italy, Spain, Portugal and Ireland; while Germany and France asked for a division between risky and riskless bond in order to feel more safe. Our paper gets inspiration by Roch and Uhlig (2011), it refers to the Argentinian case examined by Arellano (2008) and examine possible interventions as monetization or bailout as proposed by Cole and Kehoe (2000). We propose a model in which a state defaults and cannot repay a fraction of the old bond; but contrary to Roch and Uhlig that where considering a one-time cost of default we consider default as an accumulation of losses, perceived as unpaid fractions of the old debts. Our contributions to literature is that default immediately imply that economy faces a bad period and, accumulating losses, government will be worse-off. We studied a function for this accumulation of debt period by period, in order to get an idea of the magnitude of this waste of resources that economy will face when experiences a default. Our thesis is that bailouts just postpone the day of reckoning (Roch, Uhlig); so it's better to default before accumulate a lot of debts. What Europe need now is the introduction of new reforms in a controlled default where the Eurozone will be saved in its whole integrity and a state could fail with the future promise of a resurrection. As experience show us, governments are not interested into reducing debts since there are ECB interventions. That clearly create a distortion between countries in the same monetary union, giving to the states just an illusion about their future debtor position.

Eurozone Crisis and Social Models: What We Can Learn from Italy and Spain. CES Papers - Open Forum #20, 2013-2014

This paper considers the role of social model features in the economic performance of Italy and Spain during the run-up to the Eurozone crisis, as well as the consequences of that crisis, in turn, for the two countries social models. It takes issue with the prevailing view - what I refer to as the “competitiveness thesis” - which attributes the debtor status of the two countries to a lack of competitive capacity rooted in social model features. This competitiveness thesis has been key in justifying the “liberalization plus austerity” measures that European institutions have demanded in return for financial support for Italy and Spain at critical points during the crisis. The paper challenges this prevailing wisdom. First, it reviews the characteristics of the Italian and Spanish social models and their evolution in the period prior to the crisis, revealing a far more complex, dynamic and differentiated picture than is given in the political economy literature. Second, the paper considers various ways in which social model characteristics are said to have contributed to the Eurozone crisis, finding such explanations wanting. Italy and Spain ́s debtor status was primarily the result of much broader dynamics in the Euro- zone, including capital flows from richer to poorer countries that affected economic demand, with social model features playing, at most, an ancillary role. More aggressive reforms responding to EU demands in Spain may have increased the long term social and economic costs of the crisis, whereas the political stalemate that slowed such reforms in Italy may have paradoxically mitigated these costs. The comparison of the two countries thus suggests that, in the absence of broader macro-institutional reform of the Eurozone, compliance with EU dictates may have had perverse effects.