This paper analyzes the relation between the quality of the legal enforcement of loan contracts and the allocation of credit to households, both theoretically and empirically. We use a model of household credit market with secured debt contracts, where the judicial system affects the cost incurred by banks to actually repossess the collateral. The model shows that the working of the judicial sy...

Evidence on international capital ‡ows suggests that foreign direct investment (FDI) is less volatile than other ...nancial ‡ows. To explain this ...nding, I model international capital ‡ows under the assumptions of imperfect enforcement of ...nancial contracts and inalienability of FDI. Imperfect enforcement of contracts leads to endogenous ...nancing constraints and the pricing of default ris...

The article highlights issues related to determining the jurisdiction of disputes purchase goods, works and services meet state municipal needs. author comes conclusion that law enforcement practice positions highest courts Russian Federation confirm possibility considering arising from contracts supplies for needs in framework arbitration proceedings.

The advent of multicore technologies is set to significantly increase the average compute power per machine. Effective and efficient exploitation of this power poses unprecedented challenges and opportunities. The Pleiades system, currently under development in UCF, CSU and UCC [1], proposes the construction of a distributed, heterogeneous, and secure marketplace for trading and administer thes...

140 countries have adopted bans on exports of antiquities, in part because these are seen as needed to protect cultural heritage for future generations. However, if enforcement is imperfect, export bans may be counterproductive, spurring the growth of a black market trade which can damage objects and obscure the archaeological record. We argue that allowing fixed-duration, long-term leases of a...

This paper presents an approach to describe, deploy and manage component-based applications having dynamic functional and non-functional requirements, which include different types of QoS. The approach is centered on an ADL that allows functional and non-functional requirements to be described by high-level textual contracts. The meta information extracted from the software architecture descrip...

This paper studies individual incentives to pay to the fixed cost of an impartial contract enforcement institution. If agents do not collect enough resources, they could still enforce their trades through an asymmetric enforcement system, where only resourceful agents are able to punish their encounters for cheating. The main results are: (i) When the impartial system excludes non-contributors,...

Holmstrom (1982) argues that a principal is required to restrain moral hazard in a team: wasting output in a certain state is required to enforce efficient effort, and the principal is a commitment device for such enforcement. Under competition in commodity and team-formation markets, I extend his model à la Prescott and Townsend (1984) to show that competitive contracts can exploit the futures...

jContractor is a purely library based approach to support Design By Contract specifications such as preconditions, postconditions, class invariants, and recovery and exception handling in Java. jContractor uses an intuitive naming convention, and standard Java syntax to instrument Java classes and enforce Design By Contract constructs. The designer of a class specifies a contract by providing c...