What Are the Right Institutions in a Globalizing World? And... Can We Keep Them If We Have Found Them?
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 an...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, D.C.
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/11/5442336/right-institutions-globalizing-world-can-keep-found http://hdl.handle.net/10986/14218 |
| Summary: | 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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