Abstract as per original application
(English/Chinese): |
Inclusive access to credit is of paramount importance to reducing poverty. The expansion of credit has been supported by ambitious law reforms particularly in developing economies. By and large, these initiatives adhere to international legal standards and aim to reduce the risk of lending to micro and small businesses, individuals and, more generally, groups that are disenfranchised from society’s formal financial system. A conspicuous number of jurisdictions have embarked on reforming domestic laws to promote the use of secured transactions, whereby assets commonly available to micro and small businesses may be used as collateral for a loan, without requiring their delivery to the creditor. Yet, it remains unclear to what extent these reforms have succeeded in incentivising financiers – banks in particular – to provide new credit and promote financial inclusion. The effectiveness of such reform efforts is further challenged by profound political, economic, and technological changes that ushered the dawn of the new millennium. Specifically, the 2007-2008 global financial crisis and current concerns over the stability of emerging markets indicate the fragility of credit-based economies; whilst, the emergence of disruptive technologies in finance, commonly referred to as FinTech, is reshaping credit markets.
This project, drawing from our research and direct involvement in the international and national policymaking processes, calls into questions dominant assumptions on the role of law in creating credit by carrying out the first comprehensive and comparative study on how law reforms are implemented across over 30 jurisdictions, mostly emerging economies. Common patterns in the strategies and methods deployed by law reformers are isolated to offer a new conceptual paradigm explaining the relationship between legal change and credit creation. To this end, the fundamental tension between access to credit and financial stability is gauged in different economic and legal contexts. Moreover, the project reassesses the relationship between law reforms and technology, as the very need to acquire collateral in order to reduce credit risk is probed by the advent of solutions based on artificial intelligence, smart contracts, and distributed ledger technology.
Through this prism, our research indicates new pathways for policymakers to balance the need to expand the credit availability with the necessity of curbing the overaccumulation of debt. Specific suggestions are distilled to inform the debates concerning law reforms in key jurisdictions of the Asia Pacific region, including China, Hong Kong, and Japan.
包容性獲得信貸對減少貧困至關重要。信貸擴張得到雄心勃勃的法律改革的支持，特別是在發展中經濟體。總的來說，這些舉措符合國際法律標準，旨在降低向微型和小型企業，個人以及更普遍的社會正規金融體系剝奪權利的群體提供貸款的風險。顯著數量的司法管轄區已著手改革國內法以促進擔保交易的使用，通過微型和小型企業普遍可用的資產可用作貸款的抵押品，而無需將其交付給債權人。然而，目前尚不清楚這些改革在多大程度上成功地激勵金融家 - 特別是銀行 - 提供新的信貸並促進金融包容性。這一改革努力的有效性進一步受到了迎來新千年曙光的深刻政治，經濟和技術變革的挑戰。具體而言，2007 - 2008年全球金融危機和當前對新興市場穩定性的擔憂表明信貸型經濟體的脆弱性;而金融領域的顛覆性技術 正在重塑信貸市場。
該項目借鑒我們的研究並直接參與國際和國家政策制定過程，通過對30多個司法管轄區如何實施法律改革進行第一次全面和比較研究，提出了關於法律在創造信貸方面的作用的主要假設問。法律改革者所採用的戰略和方法中的共同模式被孤立，以提供一種新的概念範式，解釋法律變革與信用創造之間的關係。為此，在不同的經濟和法律背景下衡量獲得信貸和金融穩定之間的根本緊張關係。此外，該項目重新評估了法律改革與技術之間的關係，因為基於人工智能，智能合約和分佈式賬本技術的解決方案的出現，探索了獲取抵押品以降低信用風險的非常需要。
通過這一棱鏡，我們的研究為政策制定者提供了新的途徑，以平衡擴大信貸可獲得性的必要性和抑制債務過度積累的必要性。提出具體建議，以便為包括中國，香港和日本在內的亞太地區主要司法管轄區的法律改革辯論提供信息。
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