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Author : Avner Greif
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.F/5 ( download)
Download or read book Informal Contract Enforcement written by Avner Greif and published by . This book was released on 1997 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zhigang Tao
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (45 download)
Download or read book An Agency Theory of Informal Contract Enforcement written by Zhigang Tao and published by . This book was released on 2000 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael J. Trebilcock
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Role of Formal Contract Law and Enforcement in Economic Development written by Michael J. Trebilcock and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses the role of formal contract law and contract enforcement institutions in economic development. Its inquiry is consequentialist: whether the existence of a formal contract law and enforcement regime significantly contributes to economic growth in developing countries. We also address the related issue of the extent to which it is possible for a state to adopt an effective formal contract law and enforcement regime, without also adopting a particular type of political regime. Our inquiry further addresses the extent to which political theorizing about the role and structure of private law (in our case, contract law) applies universally, or whether such theorizing is highly contingent on context-specific political, cultural, and social values and practices. As the paper elaborates, two different hypotheses emerge from the literature. One takes the view that strong formal contract law and enforcement mechanisms are indispensable to economic development, while the other contends that much economic development is realizable through informal contracting mechanisms. To test the validity of these two hypotheses, we provide a critical review of existing literature, including literature on two cases of great contemporary development significance: the so-called 'China Enigma' and the 'East Asian Miracle.' In both of these cases, high rates of economic growth have been achieved, often in the absence of strong formal contract law and enforcement regimes. We argue that at low levels of economic development informal contract enforcement mechanisms may be reasonably good substitutes for formal contract enforcement mechanisms, but become increasingly imperfect substitutes at higher levels of economic development involving large, long-lived, highly asset-specific investments or increasingly complex traded goods and services, especially outside repeated exchange relationships. In the case of the 'China Enigma,' for example, even if the lack of effective formal contract enforcement has not been a major impediment to economic development to date (although some commentators contend otherwise), weak rule of law surely carries other significant costs in a more complete conception of development which embodies other non-instrumental values. We conclude that on one of the central questions in contemporary development debates - do good institutions cause growth, or does growth cause good institutions? - the answer, in the context of contract enforcement mechanisms, is a nuanced one.
Author : Arun G. Chandrasekhar
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (884 download)
Download or read book Social Networks as Contract Enforcement written by Arun G. Chandrasekhar and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Absence of well-functioning formal institutions leads to reliance on social networks to enforce informal contracts. Social ties may aid cooperation, but agents vary in network centrality, and this hierarchy may hinder cooperation. To assess the extent to which networks substitute for enforcement, we conducted high-stakes games across 34 Indian villages. We randomized subjects' partners and whether contracts were enforced to estimate how partners' relative network position differentially matters across contracting environments. Socially close pairs cooperate even without enforcement; distant pairs do not. Pairs with unequal importance behave less cooperatively without enforcement. Thus capacity for cooperation depends on the underlying network.
Author : Priyodorshi Banerjee
Publisher :
ISBN 13 :
Total Pages : 250 pages
Book Rating : 4.:/5 (519 download)
Download or read book Formal and Informal Institutions in Developing Economies with Limited Contract Enforcement written by Priyodorshi Banerjee and published by . This book was released on 2002 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Edward Yorio
Publisher : Wolters Kluwer
ISBN 13 : 145480114X
Total Pages : 832 pages
Book Rating : 4.4/5 (548 download)
Download or read book Contract Enforcement written by Edward Yorio and published by Wolters Kluwer. This book was released on 2011-01-01 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rev. ed. of: Contract enforcement / Edward Yorio. c1989.
Author : Christopher Clague
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (3 download)
Download or read book Contract-intensive Money written by Christopher Clague and published by . This book was released on 1997 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Iva Bozovic
Publisher :
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4.:/5 (13 download)
Download or read book Scaffolding written by Iva Bozovic and published by . This book was released on 2015 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a study that follows in Macaulay's (1963) footsteps, we asked businesses what role formal contract law plays in managing their external relationships. We heard similar answers to the ones Macaulay obtained fifty years ago from smaller companies that described important but non-innovation-oriented external relationships. But we also uncovered an important phenomenon: companies, large and small, that described innovation-oriented external relationships reported making extensive use of formal contracts to plan and manage these relationships. They do not, however, generate these formal contracts in order to secure the benefits of a credible threat of formal contract enforcement. Instead, like Macaulay's original respondents, they largely relied on relational tools such as termination and reputation to induce compliance. In this paper we first present examples of this phenomenon from our interview respondents, and then consider how conventional models of relational contracting can be enriched to take account of a very different role for formal contracting, independent of formal enforcement. In particular, we propose that formal contracting -- meaning the use of formal documents together with the services of an institution of formal contract reasoning -- serves to coordinate beliefs about what constitutes a breach of a highly ambiguous set of obligations. This coordination supports implementation of strategies that induce compliance -- despite the presence of substantial ambiguity ex ante at the time of contracting--with what is fundamentally still a relational contract.
Author : Hamish Rafe Gow
Publisher :
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.E/5 ( download)
Download or read book Essays on Contract Enforcement in Transition Economies written by Hamish Rafe Gow and published by . This book was released on 2000 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steven Y. Wu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Contract Enforcement, Social Efficiency, and Distribution written by Steven Y. Wu and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use economic experiments to investigate how different contract enforcement regimes affect efficiency and the distribution of surplus in a vertically coordinated market with buyer concentration. We find that if a third party (e.g., government) perfectly enforces contracts, social efficiency is enhanced. We also find that when third-party enforcement is imperfect, social efficiency will not necessarily decrease because trading partners find ways to self enforce contracts. However, opportunistic behavior by some traders leaves some sellers (growers) with ex post profits below reservation levels. Finally, partial or one-sided third-party enforcement causes significant efficiency losses by constraining subjects' ability to use informal enforcement instruments.
Author : Steven Y. Wu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Contract Enforcement, Social Efficiency, and Distribution written by Steven Y. Wu and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use economic experiments to investigate how different contract enforcement regimes affect efficiency and the distribution of surplus in a vertically coordinated market with buyer concentration. We find that if a third party (e.g., government) perfectly enforces contracts, social efficiency is enhanced. We also find that when third-party enforcement is imperfect, social efficiency will not necessarily decrease because trading partners find ways to self enforce contracts. However, opportunistic behavior by some traders leaves some sellers (growers) with ex post profits below reservation levels. Finally, partial or one-sided third-party enforcement causes significant efficiency losses by constraining subjects' ability to use informal enforcement instruments.
Author : Albert E. Yorio
Publisher : Aspen Publishers
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.0/5 ( download)
Download or read book Contract Enforcement written by Albert E. Yorio and published by Aspen Publishers. This book was released on 2001 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marian Panganiban
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (13 download)
Download or read book To Friends Everything, to Strangers the Law? An Experiment on Contract Enforcement and Group Identity written by Marian Panganiban and published by . This book was released on 2015 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the role of formal and informal institutions in promoting economic growth and sustaining exchange relations is now well established, explaining and differentiating how informal and formal rules affect individual behavior remain a challenge. This study aims to distill the essential characteristics of formal and informal institutions and disentangle their effects on trust and performance in exchange relations through a laboratory experiment. Formal institutions are modeled as third-party contract enforcement while informal institutions are represented as shared group identity. Results show that trust choices increase as contract enforcement increases but are not affected by shared group identity. However, performance is more likely to occur in interactions with in-group members than out-group members.
Author : Jeremy Edwards
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Contract Enforcement, Institutions, and Social Capital written by Jeremy Edwards and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social scientists draw important lessons for modern development from the medieval Maghribi traders who, it has been argued, lacked effective legal mechanisms for contract enforcement and instead relied on informal sanctions based on collective ostracism within an exclusive coalition. We show that this claim is untenable. Not a single empirical example adduced as evidence of the putative coalition shows that a coalition actually existed. The Maghribi traders made use of the formal legal system in order to enforce agency agreements in long-distance trade. A subset of the traders did form a web of trusted business associates that contributed to informal contract enforcement, but this was very different from the hypothesized coalition, in neither being exclusive nor having a clearly defined membership. The Maghribi traders combined reputation-based sanctions with legal mechanisms, in ways that resemble the practices of medieval European merchants. We find no evidence that the Maghribi traders had more 'collectivist' cultural beliefs than their European counterparts.
Author : Amrita Dhillon
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (318 download)
Download or read book Development and the Interaction of Enforcement Institutions written by Amrita Dhillon and published by . This book was released on 2006 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine how institutions that enforce contracts between two parties, producers and consumers, interact in a competitive market with one-sided asymmetric information and productivity shocks. They compare an informal enforcement mechanism, reputation, the efficacy of which is enhanced by consumers investing in "connectedness," with a formal mechanism, legal enforcement, the effectiveness of which can be reduced by producers by means of bribes. When legal enforcement is poor, consumers connect more with one another to improve informal enforcement. In contrast, a well-connected network of consumers reduces producers' incentives to bribe. In equilibrium, the model predicts a positive relationship between the frequency of productivity shocks, bribing, and the use of informal enforcement, providing a physical explanation of why developing countries often fail to have efficient legal systems. Firm-level estimations confirm the partial equilibrium implication of the model
Author : Thomas Dietz
Publisher : Bloomsbury Publishing
ISBN 13 : 1782253920
Total Pages : 231 pages
Book Rating : 4.7/5 (822 download)
Download or read book Global Order Beyond Law written by Thomas Dietz and published by Bloomsbury Publishing. This book was released on 2014-12-01 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Well-functioning contract law is a crucial prerequisite for economic development. However, even though international trade has increased enormously in recent decades, we still know little about the contract enforcement mechanisms that exist in today's globalised markets. The aim of this work is to shed light on the governance of complex cross-border contracts by developing a comprehensive theoretical framework for understanding the relevance of both formal and informal institutions. This framework is then applied to an empirical study of cross-border software development contracts. Combining a unique data set of 41 qualitative expert interviews with statistical data and surveys, the author demonstrates that state contract laws show fundamental signs of dysfunction across borders. Companies engaged in globalised exchange therefore rarely use this mechanism. Even the European Union's supranational enforcement order is, in practice, insignificant. Against all expectations, international commercial arbitration also turns out to be limited in its ability to provide a workable legal infrastructure for global commerce. With global trade lacking a reliable formal legal order, companies have reacted by creating their own informal governance structures. This book explains how complex exchange in global markets has emerged in the absence of a global legal order.
Author : Erwan Gilbert Quintin
Publisher :
ISBN 13 :
Total Pages : 292 pages
Book Rating : 4.:/5 (319 download)
Download or read book Limited Enforcement and Economic Development written by Erwan Gilbert Quintin and published by . This book was released on 2000 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
