The Mechanism of Enforcement

Andrey Shastitko

Voprosy Ekonomiki, 2002, vol. 1

Abstract: (Economic Analysis) The alternative mechanisms of contract enforcement are examined in the article. The author analyses self-enforced contracts and contracts, the enforcement of which is provided by the third party. He formulates two fundamental dilemmas of institutional development. The first one is the search of the compromise (not necessarily realized by the actors) between transaction and transformation costs; the second - the search of the compromise between opportunities of economies of scale in creation the institute of enforcement and the risk of unfair behavior of the guarantor. On the basis of the theoretical analysis the practical recommendations for the directions of institutional development of the Russian economy are developed.

Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:2002-1-3

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