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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/26559
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| Title: | | The relevance of judicial procedure for economic growth  |
| Authors: | | Hayo, Bernd Voigt, Stefan |
| Issue Date: | | 2008 |
| Series/Report no.: | | CESifo working paper 2514 |
| Abstract: | | It has been argued that procedural formalism undermines economic efficiency by fostering rent-seeking and corruption. We challenge this view by arguing that a number of judicial procedures foster economic growth by increasing the predictability of court decisions, which leads to more transactions and higher investment levels. We investigate the effects on economic growth of 15 judicial procedures. Employing a standard growth model, we find in a cross-section of 67 countries that timeliness, writtenas opposed to oralprocedures, and the right to counsel have a positive effect on growth, whereas the number of independent procedural actions as well as the presumption of innocence have negative effects. Our results partially contradict the results of former studies based on the Lex Mundi dataset. |
| Subjects: | | Judicial procedure legal formalism judicial independence rule of law investment growth |
| JEL: | | H11 K40 O40 P51 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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