Pistor, Katharina; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2003
This Paper studies the design of lawmaking and law enforcement institutions based on the premise that law is inherently … incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure. As a potential remedy, a … reactively, that is only once others have initiated law enforcement procedures, while regulators enforce law proactively, i.e. on …