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Arbitration in International Trade

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Author Info
Alessandra Casella

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Abstract

The great majority of international contracts provides that any disputes which may arise will be decided by arbitration. Legal scholars argue that international arbitration is leading to the development of legal doctrine attuned to the needs of business and independent of national laws. This paper studies international arbitration as a beautiful example of the role of private trade in shaping international institutions. We review the provisions and the practice of international arbitration, and present a general equilibrium model of the relationship between the expansion of trade and the adoption of arbitration. The model focuses on the heterogeneity existing among economic agents in terms of their legal needs. It shows how arbitration alters the size and composition of markets, while at the same time responding to exogenous change in trade. In addition, it shows how the legal services provided by the courts deteriorate in the presence of arbitration and predicts that the share of traders using arbitration should rise as markets expand. Overall, the model does remarkably well in generating results commonly discussed in the legal literature.

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Publisher Info
Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4136.

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Date of creation: Aug 1992
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Handle: RePEc:nbr:nberwo:4136

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References listed on IDEAS
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  1. Alessandra Casella & Jonathan S. Feinstein, 1990. "Public Goods in Trade: On the Formation of Markets and Political Jurisdictions," NBER Working Papers 3554, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Casella, Alessandra, 1992. "On Markets and Clubs: Economic and Political Integration of Regions with Unequal Productivity," American Economic Review, American Economic Association, vol. 82(2), pages 115-21, May. [Downloadable!] (restricted)
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(explanations, 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.)

  1. Alessandro Turrini & Tanguy Van Ypersele, 2002. "Traders, Courts, and the Home Bias Puzzle," Working Papers 0205, University of Bergamo, Department of Economics. [Downloadable!]
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  2. Bruce Benson, 1999. "To Arbitrate or To Litigate: That Is the Question," European Journal of Law and Economics, Springer, vol. 8(2), pages 91-151, September. [Downloadable!] (restricted)
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  3. Bruno S. Frey, 2005. "Zwei Utopien jenseits des Weltstaates und der Anarchie," CREMA Working Paper Series 2005-32, Center for Research in Economics, Management and the Arts (CREMA). [Downloadable!]
    Other versions:
  4. de Sousa, Jose & Disdier, Anne-Celia, 2002. "Legal Framework as a Trade Barrier - Evidence from Transition Countries: Hungarian, Romanian and Slovene Examples," Discussion Paper Series 26300, Hamburg Institute of International Economics. [Downloadable!]
  5. Turrini, Alessandro Antonio & van Ypersele, Tanguy, 2006. "Legal Costs as Barriers to Trade," CEPR Discussion Papers 5751, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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