How global rules are established and stabilized

Horst Siebert

No 1388, Kiel Working Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: This paper analyzes how international rules are established and stabilized, i.e. how an international institutional order develops. Rules emerge mainly through learning from negative experience and serve to reduce transaction costs. The paper looks at mechanisms that stabilize rule systems, at bargaining procedures for cooperation gains, dispute settlement, sanctions, side payments, self-enforcing contracts, waivers and regional integrations within a multilateral order. In addition it analyzes the prevention of negative spillovers, international courts and global public goods.

Keywords: Transaction costs; Institutional competition; Gains from cooperation; Bargaining for cooperation gains; Positive mechanisms; International rules (search for similar items in EconPapers)
JEL-codes: A12 F02 F15 K00 N00 P00 (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1388

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