There isn't nearly as much trade as standard models suggest there should be. Formal trade barriers and transport costs are too low to account for the difference. The pattern of missing trade has interesting variation across country pairs. These clues suggest the need for theoretical and eventually structural empirical work on the missing transactions costs. This paper reviews recent empirical findings and some promising research directions in search, predation and contract theory.
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Length: 37 pages Date of creation: 15 Aug 1999 Date of revision: Publication status: published, Pacific Economic Review 5 (2000), 115-134. Handle: RePEc:boc:bocoec:428
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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[Downloadable!] (restricted)
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Kyle Bagwell & Robert W. Staiger, 1997.
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NBER Working Papers
6049, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
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James E. Anderson & Douglas Marcouiller, 1997.
"Trade and Security,I: Anarchy,"
NBER Working Papers
6223, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
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