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The Choice of Contract-enforcement Institutions: A Review

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  • Indervir Singh

Abstract

All public- and private-order institutions have strengths and weaknesses when it comes to the enforcement of contracts. In general, the availability of a low-cost legal system and multilateral reputation institutions is found to be more important for the long-term development of a country than bilateral reputation and private enforcement. The efficiency and cost of institutions differ considerably from place to place. The studies have observed that the cost of using private-order institutions is often lower than public-order institutions in underdeveloped economies. While the existing literature has substantially added to our understanding of contract-enforcement institutions, the issue of complementarity among these institutions has only recently received attention. Investigating this issue may considerably enhance our understanding of enforcement institutions and their economic impact. JEL: K12, K42

Suggested Citation

  • Indervir Singh, 2026. "The Choice of Contract-enforcement Institutions: A Review," Journal of Interdisciplinary Economics, , vol. 38(2), pages 233-258, July.
    • Handle: RePEc:sae:jinter:v:38:y:2026:i:2:p:233-258
    DOI: 10.1177/02601079221083477
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    Keywords

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    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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