Transaction Costs on a National Level: Causes and Consequences
AbstractThe empirical core of this essay is a set of estimates of the aggregate transaction costs for sixteen European nations. I explore a number of hypothesized determinants of these costs, but only an economic systems variable, defined in terms of the institutional structure of the country, passes a test of statistical significance. I also examine the impact of these aggregate costs by testing the hoary micro-economic proposition that high transaction costs cause greater vertical integration, an hypothesis I confirm on the macro-level.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 164 (2008)
Issue (Month): 4 (December)
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Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany
Find related papers by JEL classification:
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- D20 - Microeconomics - - Production and Organizations - - - General
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- P10 - Economic Systems - - Capitalist Systems - - - General
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