Costul creditului si garantiile reale mobiliare: o analizã empiricã
The cost of lending and security interests in personal property: an empirical study

Summary/Abstract: In a previous study, we tried to answer the critics of the current system of security interests (in personal property) by focusing on the economic advantages they create to the modern world and by using the economic analysis of law method. In this study we use the theoretic basis laid down therein for presenting a case study of the evolution of security interests in Romania over the past decade. The analysis refers to determining the sources of lending costs and identification of the causes that trigger the variation of such costs. Starting from the empirical observation that the cost of credit is (ultimately) borne by the debtor, we conclude that reducing the credit cost will benefit the debtor. Since the security interests (in personal property) lead to the lowering of the credit cost they are beneficial to the debtor (as well). Then, the article shows the compatibility between the economic analysis of security interests with the moral rules and generally with the evolution of the society. The economic analysis is not a simple “cold” equation of the social life where the elements of equity and justice are absent, but it I rather a modality of ensure social justice by creating rules that are accepted by most of the people. In the end, we are using the economic analysis of law method for studying the evolution of the private lending (and the security interests associated therewith) in Romania over the first decade of the third millennium. The results show that an increase in the unsecured loans leads to an increase of the overall lending costs.

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