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Transaction costs and institutional change of trade litigations in Bulgaria

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  • Shteryo Nozharov
  • Petya Koralova-Nozharova

Abstract

The methods of new institutional economics for identifying the transaction costs of trade litigations in Bulgaria are used in the current paper. For the needs of the research, an indicative model, measuring this type of costs on microeconomic level, is applied in the study. The main purpose of the model is to forecast the rational behavior of trade litigation parties in accordance with the transaction costs in the process of enforcing the execution of the signed commercial contract. The application of the model is related to the more accurate measurement of the transaction costs on microeconomic level, which fact could lead to better prediction and management of these costs in order market efficiency and economic growth to be achieved. In addition, it is made an attempt to be analysed the efficiency of the institutional change of the commercial justice system and the impact of the reform of the judicial system over the economic turnover. The augmentation or lack of reduction of the transaction costs in trade litigations would mean inefficiency of the reform of the judicial system. JEL Codes: O43, P48, D23, K12

Suggested Citation

  • Shteryo Nozharov & Petya Koralova-Nozharova, 2018. "Transaction costs and institutional change of trade litigations in Bulgaria," Papers 1807.03034, arXiv.org.
    • Handle: RePEc:arx:papers:1807.03034
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    References listed on IDEAS

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    1. Dahlman, Carl J, 1979. "The Problem of Externality," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 141-162, April.
    2. Oliver Reimers, 2015. "Tax Evasion and the Shadow Economy," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(04), pages 61-62, January.
    3. George Chobanov & Henrik Egbert, 2007. "The Rise of the Transaction Sector in the Bulgarian Economy," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 49(4), pages 683-698, December.
    4. Kessler, Daniel P. & Rubinfeld, Daniel L., 2007. "Empirical Study of the Civil Justice System," Handbook of Law and Economics, in: A. Mitchell Polinsky & Steven Shavell (ed.), Handbook of Law and Economics, edition 1, volume 1, chapter 5, pages 343-402, Elsevier.
    5. Oliver Reimers, 2015. "Tax Evasion and the Shadow Economy," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(4), pages 61-62, 01.
    6. repec:ces:ifodic:v:12:y:2015:i:4:p:19149998 is not listed on IDEAS
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    More about this item

    JEL classification:

    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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