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Faculty of Business Administration and Economics, Philipps-Universität Marburg >
MAGKS Joint Discussion Paper Series in Economics, Universität Marburg >
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http://hdl.handle.net/10419/30074
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| Title: | | The relevance of judicial procedure for economic growth  |
| Authors: | | Hayo, Bernd Voigt, Stefan |
| Issue Date: | | 2008 |
| Series/Report no.: | | Joint discussion paper series in economics 2008,28 |
| 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 predict-ability 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 040 P51 |
| Document Type: | | Working Paper |
| Appears in Collections: | | MAGKS Joint Discussion Paper Series in Economics, Universität Marburg
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