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N° 214 |
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| July-August 2000 |
| International Trade, Borders
and Market Institutions |
| Jérôme Sgard |
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| Far greater international flows in goods
and services are still a long way off from having abolished the importance of
borders in international economic relations. One factor explaining such border
effects stems from the national character of institutions that guarantee the contracts
on which all trade and financial transactions are based. The variety of existing
national legal frameworks creates uncertainties, which carry a considerable costs.
While economic institutions have shown signs of converging, the risks of fragmentation
have also grown, given the evolving nature of trade and the actors present in
goods and capital markets. Furthermore, international integration also requires
that States be able to coordinate strong action by their public institutions,
guaranteeing the integrity of private contracts, even when these are concluded
across borders. |
Abstract |
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