Arbeitspapier

The relevance of judicial procedure for economic growth

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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.

Language: Englisch

Bibliographic citation: Series: MAGKS Joint Discussion Paper Series in Economics ; No. 2008,28

Classification: Wirtschaft
Structure, Scope, and Performance of Government
Legal Procedure, the Legal System, and Illegal Behavior: General
Economic Growth and Aggregate Productivity: General
Comparative Analysis of Economic Systems

Subject: Judicial procedure
legal formalism
judicial Independence
rule of law
investment
growth

Event: Geistige Schöpfung

(who): Hayo, Bernd
Voigt, Stefan

Event: Veröffentlichung

(who): Philipps-University Marburg, Faculty of Business Administration and Economics

(where): Marburg

(when): 2008

Handle: http://hdl.handle.net/10419/30074

Last update: 10.03.2025, 11:45 AM CET

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Object type

Arbeitspapier

Associated

Hayo, Bernd
Voigt, Stefan
Philipps-University Marburg, Faculty of Business Administration and Economics

Time of origin

2008

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