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New Institutional Arrangements for the World Economy Hans-Jiirgen Vosgerau, Konstanz I. The Problem During the first days of July 1987 the newly established Sonderforschungs bereich 178 "Internationalisierung der Wirtschaft" held its first symposium in Konstanz/Bodensee. "New Institutional Arrangements for the World Economy" were discussed by a group of economists and lawyers working in the fields of interna tional trade, international monetary economics, international finance, international public choice, and international economic law. Cooperation between these areas of research is an important condition for attaining the long-term aim of the Sonderforschungsbereich, viz. analysis of the complex interdependencies between international economic transactions of various kinds and international economy related institutions in a broad sense. The nature of these interdependencies seems to be crucial for the world economy's further development. A better understanding of their characteristics will be helpful for the solution of most imminent international economic problems. Four problem areas were especially addressed during the conference, each con sisting of three or four contributions. The revised papers are presented in this volume, each followed by a comment of the invited discussant, or by a summary of the discussion. The last contribution is meant as a summary conclusion and has no comment. The four problem areas discussed were: (1) Exchange rate stabilization and econ omic policy coordination, (2) International financial markets and their regulation, (3) Protectionism and the Uruguay GAIT-round, and (4) The institutional frame work for international production.
An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
This book is about some of the most important problems confronting social scientists who study institutions and institutional change. It is also about globalization, particularly the frequent claim that globalization is transforming national political and economic institutions as never before.
In this book, Miles Kahler examines both global and regional institutions and their importance in the world economy. Kahler explains the variation in these institutions and assesses the role they play in sustaining economic cooperation among nations.
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
This publication examines issues of water sector reform and performance from the perspectives of institutional economics and political economic studies. The authors develop an alternative quantitative assessment methodology based on the principle of 'institutional ecology', as well as data collected from 127 water experts from 43 countries and regions around the world using a cross-country review of recent water sector reforms within an institutional transaction cost framework.
A conceptual and analytical framework for understanding economic institutions and institutional change. Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others have begun to appreciate the many institution-related events and phenomena that have a significant impact on economic performance. Examples include the demise of the communist states, the emergence of Silicon Valley and e-commerce, the European currency unification, and the East Asian financial crises. In this book Masahiko Aoki uses modern game theory to develop a conceptual and analytical framework for understanding issues related to economic institutions. The wide-ranging discussion considers how institutions evolve, why their overall arrangements are robust and diverse across economies, and why they do or do not change in response to environmental factors such as technological progress, global market integration, and demographic change.
Rules for the Global Economy is a timely examination of the conditions under which international rules of globalization come into existence, enabling world economic and financial systems to function and stabilize. Horst Siebert, a leading figure in international economics, explains that these institutional arrangements, such as the ones that govern banking, emerge when countries fail to solve economic problems on their own and cede part of their sovereignty to an international order. Siebert demonstrates that the rules result from a trial-and-error process--and usually after a crisis--in order to prevent pointless transaction costs and risks. Using an accessible and nonmathematical approach, Siebert links the rules to four areas: international trade relations, factor movements, financial flows, and the environment. He looks at the international division of labor in the trade of goods and services; flow of capital; diffusion of technology; migration of people, including labor and human capital; protection of the global environment; and stability of the monetary-financial system. He discusses the role of ethical norms and human rights in defining international regulations, and argues that the benefits of any rules system should be direct and visible. Comprehensively supporting rules-based interactions among international players, the book considers future issues of the global rules system.
Recoge: 1. Introduction-2. Summary of recommendations-3. Standars for crisis prevention-4. Banks and capital flows-5. Bailing in the private sector-6. What won't work-7. What the IMF should do (and what we should do about the IMF).
Part 1 of this volume focusses on globalization. Gains from trade, international competitiveness, labour market issues in open economies, customs unions, dumping and intra-firm trade are the topics of this part. Part 2 puts a stronger emphasis on dynamic economics. Social income, intergenerational transfers, public pension systems, and bequest and gift motives in overlapping generation models are main topics. Economic policies are analyzed in Part 3, including the relation between wage rigidity and migration, several aspects of German financial and monetary policy, as well as tax competition. The volume concludes with institutional issues of globalization, a western view on eastern transition, social cost of rent seeking, and the evolution of social institutions.