Investment with weak contract enforcement: evidence from Hungary during transition

被引：25

作者：

Cungu, Azeta ^{[1
]}

Gow, Hamish ^{[2
]}

Swinnen, Johan F. M. ^{[3
,4
]}

Vranken, Liesbet ^{[3
,5
]}

机构：

[1] Food & Agr Org United Nations FAO, I-100153 Rome, Italy

[2] Michigan State Univ, E Lansing, MI 48824 USA

[3] Catholic Univ Louvain, LICOS Ctr Inst & Econ Performance, B-3000 Louvain, Belgium

[4] Catholic Univ Louvain, Dept Econ, B-3000 Louvain, Belgium

[5] Vlaamse Instelling Technol Onderzoek, Flemish Inst Technol Res, Mol, Belgium

来源：

EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS | 2008年 / 35卷 / 01期

关键词：

hold-ups; contract enforcement; reforms; economic transition;

D O I：

10.1093/erae/jbn001

中图分类号：

F3 [农业经济];

学科分类号：

0202 ; 020205 ; 1203 ;

摘要：

This paper aims to provide empirical evidence relating to the importance of contract enforcement for development. Survey data on Hungarian farms are used to estimate the impact of contract hold-ups on investment. We find that investment is affected by a variety of factors. Contract breaches in the form of delayed payments have a non-linear effect on investment: at high levels, they significantly deter the investment, but not at low levels.

引用

页码：75 / 91

页数：17

共 43 条

[1] CONTRACT CHOICE IN MODERN AGRICULTURE - CASH RENT VERSUS CROPSHARE [J].

ALLEN, D ;

LUECK, D .

JOURNAL OF LAW & ECONOMICS, 1992, 35 (02) :397-426

[2] The role of risk in contract choice [J].

Allen, DW ;

Lueck, D .

JOURNAL OF LAW ECONOMICS & ORGANIZATION, 1999, 15 (03) :704-736

[3]

BECKMAN V, 2003, IAAE C DURB S AFR 16

[4] THE EXISTENCE OF SELF-ENFORCING IMPLICIT CONTRACTS [J].

BULL, C .

QUARTERLY JOURNAL OF ECONOMICS, 1987, 102 (01) :147-159

[5]

CHIRINKO R, 1993, FINANCIAL MARKETS I, V2, P1

[6] WHY DOES LIQUIDITY MATTER IN INVESTMENT EQUATIONS [J].

CHIRINKO, RS ;

SCHALLER, H .

JOURNAL OF MONEY CREDIT AND BANKING, 1995, 27 (02) :527-548

[7]

Deaton A., 1997, The analysis of household surveys: a microeconometric approach to development policy.

[8] Foreign direct investment, vertical integration, and local suppliers: Evidence from the Polish dairy sector [J].

Dries, L ;

Swinnen, JFM .

WORLD DEVELOPMENT, 2004, 32 (09) :1525-1544

[9]

DRIES L, 2008, IN PRESS WORLD DEV

[10] WORKING CAPITAL AND FIXED INVESTMENT - NEW EVIDENCE ON FINANCING CONSTRAINTS [J].

FAZZARI, SM ;

PETERSEN, BC .

RAND JOURNAL OF ECONOMICS, 1993, 24 (03) :328-342

← 1 2 3 4 5 →