Theory tells us that weak rule of law and institutions deter cross-border integration, deter investment relative to … business in North Korea, we consider how informal institutions have addressed these problems in a setting in which rule of law … and institutions are particularly weak. Given the apparent reliance on hedging strategies, the rapid growth in exchange …

Post-socialist transition raises crucial issues about the institutional setting of a market economy. The priority has …

, politically and economically strong conglomerates in transition and developing countries. The model predicts that oligarchs are …

market economies. These transitions entail far-reaching and complex changes in social, economic and political institutions … that characterise the transition process in both the economic and political realms. Contrary to a widespread assumption …, market-supporting institutions do not necessarily arise when assets are privatised in a highly unstable and uncertain …