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The Enforcement of Property Rights and Underdevelopment

This paper formalizes the role of legal infrastructure in economic development in a general equilibrium model with endogenously determined property rights enforcement. It illustrates the mutual importance of property rights protection and market production by the model’s multiplicity of equilibria....

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Bibliographic Details
Main Author: Dabla-Norris, Era
Other Authors: Freeman, Scott
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1999
Series:IMF Working Papers
Subjects:
Wealth
One, Two, And Multisector Growth Models
Research And Development
Intellectual Property Rights: General
Public Finance & Taxation
Productivity
Technology
Saving
Transaction Costs
Industrial Productivity
Technology; General Issues
Legal Support In Revenue Administration
Macroeconomics: Production
Consumption; Economics
Taxation, Subsidies, And Revenue: General
Organizational Behavior
Innovation
Consumption
Macroeconomics
Tax Incentives
Macroeconomics: Consumption
Technological Change
Taxation
Public Finance
Property Rights
Revenue
Production And Operations Management
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper formalizes the role of legal infrastructure in economic development in a general equilibrium model with endogenously determined property rights enforcement. It illustrates the mutual importance of property rights protection and market production by the model’s multiplicity of equilibria. In one equilibrium, property rights are enforced and market activity is unhampered. In the other, property rights are not enforced, which discourages economic activity and leaves the economy without the resources and incentives to enforce property rights. Even identically endowed economies may therefore find themselves in very different equilibria
Physical Description:22 pages
ISBN:9781451854961

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