Fordham Journal of Corporate & Financial Law Volume 14 Issue 4 Article 2 2009 Don't Cry for Me Argentina: Economic Crises and the Restructuring of Financial Property Horacio Spector Follow this and additional works at: https://ir.lawnet.fordham.edu/jcfl Part of the Banking and Finance Law Commons, and the Business Organizations Law Commons Recommended Citation Horacio Spector, Don't Cry for Me Argentina: Economic Crises and the Restructuring of Financial Property, 14 Fordham J. Corp. & Fin. L. 771 (2009). Available at: https://ir.lawnet.fordham.edu/jcfl/vol14/iss4/2 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Journal of Corporate & Financial Law by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact
[email protected]. DON’T CRY FOR ME ARGENTINA: ECONOMIC CRISES AND THE RESTRUCTURING OF FINANCIAL PROPERTY Horacio Spector* I. INTRODUCTION Property rights are a prerequisite for economic growth. Indeed, economists and legal scholars stress the ability of property rights to solve collective action problems, such as the tragedy of the commons and the tragedy of the anti-commons.1 More direct contributions have also been noted. For instance, it has been argued that formal land own- ership plays a central role in economic development, and that formal property titles are correlated with an increase in social well-being.2 * Dean of the Law School and Professor of courses in Law and Economics and Legal Theory at the Universidad Torcuato Di Tella.