Transactions and Governance: An Institutional Explanation of Financial Regimes

Konstantinos Loizos ()
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Konstantinos Loizos: Centre of Planning and Economic Research (KEPE)

Chapter Chapter 4 in Between Markets and Governments, 2025, pp 71-99 from Springer

Abstract: Abstract This chapter reviews the contribution of John R. Commons and Oliver Williamson concerning the ideas of transaction, reasonable value, and negotiation on the one hand and various governance structures ranging from markets to hierarchies on the other hand. The focus is on notions that will prove useful in understanding development banks as particular governance structures in Williamson’s terms, which promote economic development by providing finance at reasonable values in the context of relational lending and negotiation in Commons’s terms.

Keywords: Transaction Cost Economics; Asset specificity; Governance structures; Bargaining transaction; Managerial transaction; Rationing transaction; Reasonable value (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-88527-3_4

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DOI: 10.1007/978-3-031-88527-3_4

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