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Which mechanisms support the fulfillment of sales agreements? Asking decision-makers in firm

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Author Info

  • Kathryn Hendley

    ()
    (University of Wisconsin-Madison)

  • Peter Murrell

    ()
    (Department of Economics, University of Maryland)

Abstract

The paper proposes a methodology to obtain evidence on the relative importance of different mechanisms for supporting agreements. A survey question posed to company directors summarizes key aspects of mechanisms and asks for judgments on use. In contrast to existing approaches, the data covers the full complement of mechanisms and much economic activity, offering aggregate numerical judgments. The methodology is applied in Romania. Popular hypotheses are examined. Bilateralism is numerically dominant; the legal system is used extensively; third-party mechanisms are less important. These three mechanisms are non-complementary.

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Bibliographic Info

Paper provided by University of Maryland, Department of Economics in its series Electronic Working Papers with number 03-002.

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Length: 11 pages
Date of creation: Mar 2003
Date of revision:
Handle: RePEc:umd:umdeco:03-002

Contact details of provider:
Postal: Department of Economics, University of Maryland, Tydings Hall, College Park, MD 20742
Web page: http://www.econ.umd.edu/

Order Information:
Postal: Ms. Elizabeth Martinez, Department of Economics, University of Maryland, Tydings Hall, College Park, MD 20742
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Related research

Keywords: Law; transactions; private ordering; law; networks; transition; Romania;

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References

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  1. Alan S. Blinder, 1994. "On Sticky Prices: Academic Theories Meet the Real World," NBER Chapters, in: Monetary Policy, pages 117-154 National Bureau of Economic Research, Inc.
  2. Fafchamps, Marcel, 1996. "The enforcement of commercial contracts in Ghana," World Development, Elsevier, vol. 24(3), pages 427-448, March.
  3. Simon Johnson & John McMillan & Christopher Woodruff, 2001. "Courts and Relational Contracts," NBER Working Papers 8572, National Bureau of Economic Research, Inc.
  4. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
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Citations

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Cited by:
  1. Murrell, Peter, 2003. "Firms facing new institutions: transactional governance in Romania," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 695-714, December.
  2. Harry G. Broadman & James Anderson & Constantijn A. Claessens & Randi Ryterman & Stefka Slavova & Maria Vagliasindi & Gallina A. Vincelette, 2004. "Buildings Market Institutions in South Eastern Europe : Comparative Prospects for Investment and Private Sector Development," World Bank Publications, The World Bank, number 14947, February.
  3. World Bank, 2007. "Costa Rica : Investment Climate Assessment," World Bank Other Operational Studies 7691, The World Bank.
  4. Steer, Liesbet & Sen, Kunal, 2010. "Formal and Informal Institutions in a Transition Economy: The Case of Vietnam," World Development, Elsevier, vol. 38(11), pages 1603-1615, November.
  5. Pyle, William, 2006. "Resolutions, recoveries and relationships: The evolution of payment disputes in Central and Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 34(2), pages 317-337, June.
  6. World Bank, 2005. "El Salvador : Investment Climate Assessment, Volume 2, Detailed Findings and Recommendations," World Bank Other Operational Studies 8670, The World Bank.
  7. El-Haddad, Amirah, 2008. "Dispute resolution mechanisms in the Egyptian garment industry," Economics Letters, Elsevier, vol. 99(3), pages 425-430, June.
  8. World Bank, 2005. "El Salvador : Investment Climate Assessment, Volume 1, Main Findings and Policy Recommendations," World Bank Other Operational Studies 8673, The World Bank.
  9. World Bank, 2007. "Chile : Investment Climate Assessment, Volume 2. Background Chapters," World Bank Other Operational Studies 7716, The World Bank.

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