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White, Lucy; Williams, Mark - C.E.P.R. Discussion Papers - 2006

The game-theoretic bargaining literature insists on non-cooperative bargaining procedure but allows 'cooperative' implementation of agreements. The effect of this is to allow free-reign of bargaining power with no check upon it. In reality, courts cannot implement agreements costlessly, and...

Persistent link: https://www.econbiz.de/10005662212

Deregulation of Business

Yakovlev, Evgeny; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2007

What determines the enforcement of deregulation reform of business activities? What are the outcomes of deregulation … variation. 2) The enforcement of deregulation reform was better in regions with a transparent government, low corruption, better …

Persistent link: https://www.econbiz.de/10005667109

Economic incongruities in the European patent system

Mejer, Malwina; van Pottelsberghe de la Potterie, Bruno - C.E.P.R. Discussion Papers - 2009

This paper argues that the consequences of the ‘fragmentation’ of the European patent system are more dramatic than the mere prohibitive costs of maintaining a patent in force in many jurisdictions. First, detailed analysis of judicial systems in several European countries and four case...

Persistent link: https://www.econbiz.de/10005788910

Developing Countries and Enforcement of Trade Agreements: Why Dispute Settlement Is Not Enough

Bown, Chad P.; Hoekman, Bernard - C.E.P.R. Discussion Papers - 2007

Poor countries are rarely challenged in formal WTO trade disputes for failing to live up to commitments, reducing the benefits of their participation in international trade agreements. This paper examines the political-economic causes of the failure to challenge poor countries and discusses the...

Persistent link: https://www.econbiz.de/10005788988

Enforcement Problems and Secondary Markets

Broner, Fernando A; Martin, Alberto; Ventura, Jaume - C.E.P.R. Discussion Papers - 2007

There is a large and growing literature that studies the effects of weak enforcement institutions on economic … the allocation of investment and consumption. The general conclusion is that weak enforcement institutions impair the … workings of these markets, giving rise to various inefficiencies. But weak enforcement institutions also create incentives to …

Persistent link: https://www.econbiz.de/10005791368

Law and Equity Markets: A Simple Model

Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999

We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while …

Persistent link: https://www.econbiz.de/10005792541

Legal Determinants of the Return on Equity

Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999

Recent work documents that better legal institutions are associated with broader equity markets. We investigate whether international differences in legal institutions also help explain the international cross-section of expected stock returns. We document three main regularities. First, total...

Persistent link: https://www.econbiz.de/10005123538

Courts and Banks: Effects of Judicial Enforcement on Credit Markets

Bianco, Magda; Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 2002

The cost of enforcing contracts is a key determinant of market performance. We document this point with reference to the credit market in a model of opportunistic debtors and inefficient courts. According to the model, improvements in judicial efficiency should reduce credit rationing and...

Persistent link: https://www.econbiz.de/10005123567

Legal Standards, Enforcement and Corruption

Immordino, Giovanni; Pagano, Marco - C.E.P.R. Discussion Papers - 2008

Stricter laws require more incisive and costlier enforcement. Since enforcement activity depends both on available tax …

Persistent link: https://www.econbiz.de/10005504469

Rethinking the Effects of Financial Liberalization

Broner, Fernando A; Ventura, Jaume - C.E.P.R. Discussion Papers - 2010

imperfect enforcement of domestic debts and the interactions between domestic and international financial transactions. In the …

Persistent link: https://www.econbiz.de/10008784713