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The Institutional Framework Of Markets For Private Debt

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Chapter Summary

This chapter classifies the many rules aimed at the capital market in three institutional clusters: contracting institutions, institutions aimed at problems related to asymmetric information, and property rights institutions. It explains why local courts had a virtual monopoly on voluntary jurisdiction and how this allowed them to claim a central position in the capital market. The chapter analyzes why the public sector usually developed &t;good institutions&t; in the market for private debt. This is followed by a discussion on what the three institutional clusters embracing the capital market looked like. Contracting institutions, institutions coping with the problem of asymmetric information, and property rights institutions reduced transaction costs. They channelled supply and demand and provided contracting parties with legal security; thus they made up the core of the private capital market.

Keywords: capital market; legal security; private debt; property rights institutions; public sector



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