Legal System as a Determinant of Economic Performance: Factual Records in Romania

EIRP Proceedings

关键词: law and judicial system;    economic performance;    institutions;    transaction costs;    contract enforcement;   

DOI  :  

来源: DOAJ

【 摘 要 】

The role of the legal system in generating economic performance is enjoying increased attention inliterature. Our scientific endeavour tries to underline, from an original perspective, the incoherence whichcharacterises the Romanian law and judicial system; at the same time, it also offers a few solutions meant torestore and reconsider the role of public institutions in the legislative and judicial process. Considering thefacts presented in our study, the existence of efficient legal institutions, who enforce contracts ex post whileusing the judicial infrastructure (courts and judicial procedures), is more than critical for the formation of anagreement of will between contracting parties, thus generating economic performance for privateorganisations by reducing transaction costs and by limiting the opportunism of economic agents. Equity,predictability, transparency and reduced costs are advantages deriving from the legal enforcement ofcontracts, which stimulate competition and trade, while reducing the risks associated with different types oftransactions. Thus, it is necessary to implement an anti-corruption policy, to enhance the predictability of thelaw-making process, to reconsider and restore the attributions of institutions involved in the Romanianlegislative and judiciary process, in order to promote proper civil and commercial judicial procedures,together with the analysis of the possibility to acknowledge jurisprudence as a source of law.

【 授权许可】

Unknown