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Trade and Harmonization
Good institutional quality (function) and similar institutional design (form) can promote international trade by reducing transactions costs. The authors evaluate the relative importance of function versus form in a gravity model, using an indicator of different legal systems as a proxy for differences in form, together with indicators of overall institutional quality. They find that good institutions promote trade much more than similar legal systems and have much more explanatory power. This effect is economically large-up to 10 times the effect of different legal systems. Moreover, better infrastructure matters as much as good institutions.
The Right to Tell
This book explores the role of the news media in promoting equitable economic development, and considers the obstacles it faces as a catalyst for change and growth. It examines the capacity of investigative journalism to scrutinise public policy and the activities of the corporate sector, to facilitate public access to information, expose corruption and weak governance and thus promote greater transparency and accountable government. It contains contributions from journalists, television and newspaper editors, economists and academics, as well as the winner of the Nobel Prize for Economics Joseph Stiglitz, and for Literature, Gabriel Garcia Marquez. A number of case studies examine the work of the media and the challenges they face in various countries including Thailand, Bangladesh, Egypt, Zimbabwe and the former Soviet Union.
Economic Information and Finance
This paper builds on recent work that shows how financial sector outcomes are affected by the provision of information by financial and other entities. In particular, it shows that an indicator of economic transparency is positively related to higher levels of private credit and a lower share of nonperforming loans even after accounting for factors commonly believed to influence financial sector development in cross-country empirical estimation. Timely access to economic data allows investors to make better decisions on investments and to better monitor banks' financial health. Greater economic transparency raises accountability and lowers corruption in bank lending.
What are the Right Institutions in a Globalizing World?
"Greater trade integration has often been viewed as requiring greater standardization in institutions, without which the benefits of trade do not materialize. There are many current debates concerning the degree and area of standardization needed and these debates are likely to continue for the foreseeable future. This paper, drawing on both the fiscal federalism and the trade literature, argues that increasing trade integration is consistent with a wide array of institutional choices. The final outcome, in terms of which institutions have prevailed, has depended substantially on political pressures for standardization and not necessarily on a clear assessment of economic gains"--Abstract.
Which way Forward?
The author presents some general lessons in institution-building that has relevance for judiciary reform. She emphasizes the value of simplicity in design commensurate with country capacity, the importance of innovation and experimentation, and of economic openness in effective institution-building. The author underscores how the incentives of individuals depend on both the details of institutional design within the judiciary and also some critical institutions external to the judiciary. Finally she argues for the need to ground reform initiatives on a solid empirical and comparative approach. The author illustrates some of these issues by drawing on a recent project conducted by the World Bank and other institutions.
Institutional Reform and the Judiciary
Islam presents some general lessons in institution-building that has relevance for judiciary reform. She emphasizes the value of simplicity in design commensurate with country capacity, the importance of innovation and experimentation, and of economic openness in effective institution-building. The author underscores how the incentives of individuals depend on both the details of institutional design within the judiciary and also some critical institutions external to the judiciary. Finally she argues for the need to ground reform initiatives on a solid empirical and comparative approach. The author illustrates some of these issues by drawing on a recent project conducted by the World Bank and other institutions.This paper - a product of the Poverty Reduction and Economic Management Division, World Bank Institute - is based on word done for World Development Report 2002: Building Institutions for Markets.
