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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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    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. Wacziarg, Romain & Alesina, Alberto, 1999. "Is Europe Going Too Far?," Scholarly Articles 4553012, Harvard University Department of Economics.
    2. Perotti, Roberto & Alesina, Alberto, 2004. "The European Union: A Politically Incorrect View," Scholarly Articles 4553004, Harvard University Department of Economics.
    3. Alberto Alesina & Roberto Perotti, 2004. "The European Union: A Politically Incorrect View," NBER Working Papers 10342, National Bureau of Economic Research, Inc.
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    5. Alberto Alesina & Ignazio Angeloni & Ludger Schuknecht, 2001. "What Does the European Union Do?," NBER Working Papers 8647, National Bureau of Economic Research, Inc.
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    7. Enrico Spolaore & Alberto Alesina & Romain Wacziarg, 2000. "Economic Integration and Political Disintegration," American Economic Review, American Economic Association, American Economic Association, vol. 90(5), pages 1276-1296, December.
    8. Casella, Alessandra & Feinstein, Jonathan, 1991. "Public Goods in Trade: On the Formation of Markets and Political Jurisdictions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 511, C.E.P.R. Discussion Papers.
    9. Martin Feldstein, 1998. "The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability," NBER Working Papers 6150, National Bureau of Economic Research, Inc.
    10. Kyle Bagwell & Robert W. Staiger, 1999. "Domestic Policies, National Sovereignty and International Economic Institutions," NBER Working Papers 7293, National Bureau of Economic Research, Inc.
    11. Jonathan Morduch, 1999. "The Microfinance Promise," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 37(4), pages 1569-1614, December.
    12. Wacziarg, Romain & Alesina, Alberto, 1998. "Openness, Country Size and Government," Scholarly Articles 4553014, Harvard University Department of Economics.
    13. Alberto Alesina & Ignazio Angeloni & Federico Etro, 2001. "Institutional Rules for Federations," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1940, Harvard - Institute of Economic Research.
    14. Keith E. Maskus, 1993. "Intellectual property rights and the Uruguay Round," Economic Review, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Q I, pages 10-25.
    15. Ronald Fischer & Pablo Serra, 1998. "Standards and Protection," Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile 45, Centro de Economía Aplicada, Universidad de Chile.
    16. Kaushik Basu & Zafiris Tzannatos, 2003. "Child Labor and Development: An Introduction," World Bank Economic Review, World Bank Group, World Bank Group, vol. 17(2), pages 145-146, December.
    17. Roumeen Islam, 2003. "Institutional reform and the judiciary : which way forward?," Policy Research Working Paper Series 3134, The World Bank.
    18. Madani, Dorsati, 1999. "A review of the role and impact of export processing zones," Policy Research Working Paper Series 2238, The World Bank.
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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, 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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