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Transaction Costs on a National Level: Causes and Consequences

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  • Frederic L. Pryor

Abstract

The empirical core of this essay is a set of estimates of the aggregate transaction costs for sixteen European nations. I explore a number of hypothesized determinants of these costs, but only an economic systems variable, defined in terms of the institutional structure of the country, passes a test of statistical significance. I also examine the impact of these aggregate costs by testing the hoary micro-economic proposition that high transaction costs cause greater vertical integration, an hypothesis I confirm on the macro-level.

Suggested Citation

  • Frederic L. Pryor, 2008. "Transaction Costs on a National Level: Causes and Consequences," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 164(4), pages 676-695, December.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200812)164:4_676:tcoanl_2.0.tx_2-m
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    References listed on IDEAS

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    1. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
    2. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    3. Stanley L. Engerman & Robert E. Gallman, 1986. "Long-Term Factors in American Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number enge86-1.
    4. Stanley L. Engerman & Robert E. Gallman, 1986. "Introduction to "Long-Term Factors in American Economic Growth"," NBER Chapters,in: Long-Term Factors in American Economic Growth, pages 1-6 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Sedlarski, Teodor & Ankova, Iliana, 2010. "Възможност За Счетоводно Отчитане На Транзакционните Разходи В Предприятията
      [A Possible Way to Estimate Transaction Costs Through the Firm's Accounting System]
      ," MPRA Paper 52428, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • D20 - Microeconomics - - Production and Organizations - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • P10 - Economic Systems - - Capitalist Systems - - - General

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