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| Author: | Casella, A. |
| Title: | On market integration and the development of institutions: The case of international commercial arbitration |
| Journal: | European Economic Review
1996 : VOL. 40:1, p. 155-186 |
| Index terms: | INTERNATIONAL TRADE MARKETS ARBITRATION |
| Language: | eng |
| Abstract: | Institutional basis necessary to support efficient international trade is provided not only by treaties among national governments but also by international coalitions of private agents. International commercial arbitration is an important example of these private coalitions. Provisions and practice of international arbitration is reviewed, a general equilibrium model of the relationship btw. the expansion of international trade and the adoption of arbitration is presented. The model shows that the arbitration alters the size and composition of markets, while at the same time responding to exogenous changes in trade. |
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