The Institutional Foundations of Public Policy: A Transactions Approach with Application to Argentina
Public policies are the outcomes of complex intertemporal exchanges among politicians. The political institutions of a country constitute the framework within which these transactions are accomplished. We develop a transactions theory to understand the ways in which political institutions affect the transactions that political actors are able to undertake, and hence the quality of the policies that emerge. We argue that Argentina is a case in which the functioning of political institutions has inhibited the capacity to undertake efficient intertemporal political exchanges. We use positive political theory and transaction cost economics to explain the workings of Argentine political institutions and to show how their operation gives rise to low-quality policies. Copyright 2003, Oxford University Press.
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Volume (Year): 19 (2003)
Issue (Month): 2 (October)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Jones, Mark P. & Sanguinetti, Pablo & Tommasi, Mariano, 2000. "Politics, institutions, and fiscal performance in a federal system: an analysis of the Argentine provinces," Journal of Development Economics, Elsevier, vol. 61(2), pages 305-333, April.
- Mariano Tommasi & Matias Iaryczower & Pablo T. Spiller, 2002. "Judicial Decision Making in Unstable Environments, Argentina 1935-1998," Working Papers 30, Universidad de San Andres, Departamento de Economia, revised Oct 2002.
- Alesina, Alberto, 1988. "Credibility and Policy Convergence in a Two-Party System with Rational Voters," American Economic Review, American Economic Association, vol. 78(4), pages 796-805, September. Full references (including those not matched with items on IDEAS)
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