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What are the right institutions in a globalizing world? and... can we keep them if we have found them?

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  • Islam, Roumeen
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    Abstract

    Greater trade integration has often been viewed as requiring greater standardization in institutions, without which the benefits of trade do not materialize. There are many current debates concerning the degree and area of standardization needed and these debates are likely to continue for the foreseeable future. This paper, drawing on both the fiscal federalism and the trade literature, argues that increasing trade integration is consistent with a wide array of institutional choices. The final outcome, in terms of which institutions have prevailed, has depended substantially on political pressures for standardization and not necessarily on a clear assessment of economic gains.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3448.

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    Date of creation: 01 Nov 2004
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    Handle: RePEc:wbk:wbrwps:3448

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    Related research

    Keywords: Labor Policies; Environmental Economics&Policies; Economic Theory&Research; Decentralization; Banks&Banking Reform; Environmental Economics&Policies; Economic Theory&Research; Banks&Banking Reform; National Governance; Trade and Regional Integration;

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    1. Alberto Alesina & Romain Wacziarg, 1999. "Is Europe Going Too Far?," NBER Working Papers 6883, National Bureau of Economic Research, Inc.
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    12. Jonathan Morduch, 1999. "The Microfinance Promise," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1569-1614, December.
    13. Perotti, Roberto & Alesina, Alberto, 2004. "The European Union: A Politically Incorrect View," Scholarly Articles 4553004, Harvard University Department of Economics.
    14. Kyle Bagwell & Robert W. Staiger, 2001. "Domestic Policies, National Sovereignty, And International Economic Institutions," The Quarterly Journal of Economics, MIT Press, vol. 116(2), pages 519-562, May.
    15. Maskus, Keith E. & Penubarti, Mohan, 1995. "How trade-related are intellectual property rights?," Journal of International Economics, Elsevier, vol. 39(3-4), pages 227-248, November.
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    17. Martin Feldstein, 1997. "The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 23-42, Fall.
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    Cited by:
    1. Edgar Demetrio Tovar García, 2007. "Globalización del capital y desarrollo institucional del sistema financiero," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 9(17), pages 75-107, July-Dece.
    2. Kouni, Mohamed, 2004. "المشهد الحضاري العربي: سؤال المؤسسة.. سؤال الإنسان.. في تحديد ملامح الابعاد السياسية و الاقتصادية
      [The Arab cultural s
      ," MPRA Paper 28463, University Library of Munich, Germany.

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