Transaction Costs on a National Level: Causes and Consequences

Frederic L. Pryor

Journal of Institutional and Theoretical Economics (JITE), 2008, vol. 164, issue 4, 676-695

Abstract: The empirical core of this essay is a set of estimates of the aggregate transaction costs for sixteen European nations. I explore a number of hypothesized determinants of these costs, but only an economic systems variable, defined in terms of the institutional structure of the country, passes a test of statistical significance. I also examine the impact of these aggregate costs by testing the hoary micro-economic proposition that high transaction costs cause greater vertical integration, an hypothesis I confirm on the macro-level.

JEL-codes: D20 D80 L10 L14 P10 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (1)

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