The paper explores whether the question of why some countries are able to implement more extensive reforms is closely related to the question of why some countries have better institutions than others. We analyze this question by using an empirical econometric model based on Poisson regression...

Since the Indian government had traditionally viewed power as a key infrastructure sector, it was the first to be opened to foreign direct investment in 1991. Foreign power companies were allowed 100 per cent ownership, automatic investment approval and other incentives. In response, all of the...

This paper aims to identify the main determinants of FDI in Latin America during the period 1990–2010. Evidence points to positive influences on FDI inflows of trade openness, maintaining low short-term debt levels and presenting a balance of payment deficit, government stability and low...

Since the end of the Cold War, developing a better framework to correctly recognize which direction globalization and the transition will take us has been necessary. The transition economies of China and Central Europe, in particular, hold significant implications for East Asian integration and...

This article discusses the dormitory labor system, a specific Chinese labor system through which the lives of Chinese women migrant workers are shaped by the international division of labor. This dormitory labor system is a gendered form of labor use that underlies the boom of export-oriented...

Yang's theory of economic specialization under increasing returns to scale (Yang, 2001) is a formal development of the fundamental Smith-Young theorem on the extent of the market and the social division of labor. In this theory, specialization — and thus, the social division of labor — is...

In the paper, the concept of Walrasian sequential equilibrium is developed to formalize the notions of fundamental social and endogenous uncertainties and decentralized social learning. It predicts that social sequential experiments with efficient as well as inefficient network patterns of...

No abstract received.

This paper brings order to the vast conceptual and empirical literature on measuring transaction costs. It critically reviews the broad and diverse landscape of the field of transaction costs measurement, ranging from financial economics, Williamsonian transaction cost economics, the transaction...

The transaction cost literature continues to mature as improvements have been made on both theoretical and empirical fronts. Over the past several years, serious attempts have been made to actually measure transaction costs. Here I argue that successful measurement must solve three...