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How global rules are established and stabilized

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  • Siebert, Horst

Abstract

This paper analyzes how international rules are established and stabilized, i.e. how an international institutional order develops. Rules emerge mainly through learning from negative experience and serve to reduce transaction costs. The paper looks at mechanisms that stabilize rule systems, at bargaining procedures for cooperation gains, dispute settlement, sanctions, side payments, self-enforcing contracts, waivers and regional integrations within a multilateral order. In addition it analyzes the prevention of negative spillovers, international courts and global public goods.

Suggested Citation

  • Siebert, Horst, 2007. "How global rules are established and stabilized," Kiel Working Papers 1388, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:1388
    as

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    File URL: https://www.econstor.eu/bitstream/10419/4103/1/kap1388.pdf
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    References listed on IDEAS

    as
    1. Siebert, Horst, 2005. "TAFTA - a dead horse or an attractive open club?," Kiel Working Papers 1240, Kiel Institute for the World Economy (IfW Kiel).
    2. Gary Clyde Hufbauer & Jeffrey J. Schott & Kimberly Ann Elliott, 2009. "Economic Sanctions Reconsidered, 3rd Edition (paper)," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4129, October.
    3. Michael G. Plummer, 2007. "‘Best Practices’ in Regional Trading Agreements: An Application to Asia," The World Economy, Wiley Blackwell, vol. 30(12), pages 1771-1796, December.
    4. Barro, Robert J, 1986. "Recent Developments in the Theory of Rules versus Discretion," Economic Journal, Royal Economic Society, vol. 96(380a), pages 23-37, Supplemen.
    5. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
    6. Gary Clyde Hufbauer & Kimberly Ann Elliott, 1999. "Same Song, Same Refrain? Economic Sanctions in the 1990's," American Economic Review, American Economic Association, vol. 89(2), pages 403-408, May.
    7. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64(5), pages 416-416.
    8. Stokke, Olav Schram, 2007. "A legal regime for the Arctic?: Interplay with the Law of the Sea Convention," Marine Policy, Elsevier, vol. 31(4), pages 402-408, July.
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    More about this item

    Keywords

    Transaction costs; Institutional competition; Gains from cooperation; Bargaining for cooperation gains; Positive mechanisms; International rules;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • F15 - International Economics - - Trade - - - Economic Integration
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • N00 - Economic History - - General - - - General

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