Institutional Quality and International Trade
- Topics:
- World Bank
- Tags:
- Difference,
- IMF
- Source:
- International Monetary Fund
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Overview: The purposes of this paper are twofold. First, it studies the consequences of trade when institutional differences are the source of comparative advantage among countries. Institutional differences are modeled within the Grossman-Hart-Moore framework of contract incompleteness. It is shown, among other things, that the less developed country may not gain from trade, and that factor prices may actually diverge as a result of trade. Second, the paper provides empirical evidence of "institutional content of trade:" institutional differences are shown to be important determinant of trade flows.
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Format: PDF | Size: 1,024KB | Date: Dec 2004 | Pages: 47
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