期刊名称：DEEP Cahiers de Recherches Économiques / Université de Lausanne
出版年度：2010
卷号：1
出版社：Université de Lausanne
摘要：Abstract
This paper introduces a model of litigation in a growth framework. Investors use litigation to enforce their financial contracts with entrepreneurs. A contest ensues in which both agents hire lawyers to increase their probability of winning the trial. The issue and the cost of the contest determine how much investors are willing to lend. More lawyers are hired when judicial efficiency is lower and damages are higher. Higher judicial efficiency and tighter restrictions on the supply of lawyers benefit the economy, while the impact of higher damages is ambiguous. Some empirical evidence is also presented.
关键词：contract enforcement; litigation; lawyers; economic development
