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首页> 外文期刊>The Review of Economic Studies >Relationships and Growth: On the Dynamic Interplay between Relational Contracts and Competitive Markets in Economic Development
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Relationships and Growth: On the Dynamic Interplay between Relational Contracts and Competitive Markets in Economic Development

机译：关系与增长：关系契约与竞争性市场在经济发展中的动态互动

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This article presents a dynamic general equilibrium model to investigate how different contracting modes based on formal and relational enforcements emerge endogenously and are linked dynamically with the process of economic development. Formal contracts are enforced by third-party institutions (courts), whereas relational contracts are self-enforcing agreements without third-party involvement. The novel feature of our model is that it demonstrates the co-evolution of these different enforcement modes and market equilibrium conditions, all of which are jointly determined. We then characterize the equilibrium paths of such dynamic processes and show the time structure of relational contracting in the process of development. In particular, we show that relational contracting fosters the emergence of a market-based economy in the growth phase of development; however, its role declines as the economy enters a mature phase.
机译：本文提出了一个动态的一般均衡模型，以研究基于正式和关系强制执行的不同合同模式是如何内生地出现并与经济发展过程动态地联系在一起的。正式合同是由第三方机构（法院）执行的，而关系合同是没有第三方参与的自我执行协议。我们模型的新颖之处在于它展示了这些不同的执法模式和市场均衡条件的共同演变，所有这些都是共同决定的。然后，我们描述了这种动态过程的平衡路径，并指出了在发展过程中关系收缩的时间结构。特别是，我们表明关系契约在发展的增长阶段促进了市场经济的兴起。但是，随着经济进入成熟阶段，其作用减弱。

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