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Trade and harmonization : if your institutions are good, does it matter if they are different ?

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  • Islam, Roumeen
  • Reshef, Ariell

Abstract

Good institutional quality (function) and similar institutional design (form) can promote international trade by reducing transactions costs. The authors evaluate the relative importance of function versus form in a gravity model, using an indicator of different legal systems as a proxy for differences in form, together with indicators of overall institutional quality. They find that good institutions promote trade much more than similar legal systems and have much more explanatory power. This effect is economically large-up to 10 times the effect of different legal systems. Moreover, better infrastructure matters as much as good institutions.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3907.

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Date of creation: 01 May 2006
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Handle: RePEc:wbk:wbrwps:3907

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Related research

Keywords: Legal Products; Trade Law; Economic Theory&Research; Transport and Trade Logistics; Common Carriers Industry;

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  1. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
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Cited by:
  1. Roumeen Islam & Gianni Zanini, 2008. "World Trade Indicators 2008 : Benchmarking Policy and Performance," World Bank Publications, The World Bank, number 6334, August.
  2. Frank A.G. den Butter & Stefan P.T. Groot & Faroek Lazrak, 2007. "The Transaction Costs Perspective on Standards as a Source of Trade and Productivity Growth," Tinbergen Institute Discussion Papers, Tinbergen Institute 07-090/3, Tinbergen Institute.
  3. repec:dgr:uvatin:2007090 is not listed on IDEAS

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