The Rise of Collateral Based Finance from the Perspective of Austrian Business Cycle Theory: A Legal-Historical Analysis of How Financial Sector Rehypothecation Transformed Securities Ownership and Generated Systemic Risk: An Austrian Business Cycle Theory Perspective

James Henry

doi:10.52195/pm.v23i2.1952

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The Rise of Collateral Based Finance from the Perspective of Austrian Business Cycle Theory: A Legal-Historical Analysis of How Financial Sector Rehypothecation Transformed Securities Ownership and Generated Systemic Risk: An Austrian Business Cycle Theory Perspective

Procesos de Mercado

Volume 22 (2025): Issue 2 (December 2025)

By: James Henry

Open Access

|May 2026

DOI: https://doi.org/10.52195/pm.v23i2.1952 | Journal eISSN: 1697-6797

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Language: Spanish, English

Page range: 145 - 178

Submitted on: Feb 28, 2025

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Accepted on: Nov 20, 2025

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Published on: May 29, 2026

Published by: Unión Editorial S.A. in collaboration with the Faculty of Economics and Entrepreneurial Sciences of Universidad Rey Juan Carlos of Madrid

In partnership with: Paradigm Publishing Services

Keywords:

Securities Entitlement,

Property Rights,

Collateral Reuse,

Rehypothecation,

Central Securities Depositories,

Depository Trust & Clearing Corporation (DTCC),

Austrian Business Cycle Theory (ABCT),

Systemic Risk

JEL:

K11,

G01,

E32

Related subjects:

Business and economics,

Political economics,

Economic theory, systems and structures,

Economic policy,

History of economics,

Political economics, other

© 2026 James Henry, published by Unión Editorial S.A. in collaboration with the Faculty of Economics and Entrepreneurial Sciences of Universidad Rey Juan Carlos of Madrid
This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 License.

Volume 22 (2025): Issue 2 (December 2025)