This paper discusses various ways to organize these consultations, so that a compromise agreement is reached on the solution of the (re)distribution problem. These institutionalized structures of consultation are referred to as 'matching zones' here. Practical experiences, mainly from the...

In this era of globalization, with decreasing transaction costs and world wide specialization, the character of international trade changes. The traditional trade in products in line with the Ricardian theory of comparative advantages is replaced by a trade in tasks. This paper discusses the...

In this era of globalization the traditional Ricardian theory of trade in products governed by comparative advantages is replaced by a modern theory of trade in tasks. Tasks are outsourced to those places in the world where the lower production costs outweigh the additional transaction costs...

This era of globalization is characterized by an ongoing international fragmentation of production where the supply chain is split up in more and more parts. The traditional Ricardian theory of trade in products governed by comparative advantages is replaced by a modern theory of trade in tasks....

In the analysis of the credit crisis of 2007-2010 a clear distinction should be made between (i) the initial shock; (ii) the propagation and amplification of the initial shock to the systemic crisis of the financial markets; and (iii) the transmission of the credit crisis to the real economic...

In this era of globalization we see an increase in specialization: the production chain is split up in more and more parts and the production of these parts is outsourced to those places in the world where production is relatively cheapest and most efficient. It implies that transaction costs,...

Which ways and means are available for the macroeconomic and fiscal coordination and/or integration within the EMU-framework? Which are the pros and cons of these scenarios? This paper combines economic theory, empirical analysis and insights regarding EMU's institutional history in order to...

This paper discusses the design, implementation and use of standards from the perspective of transaction costs economics. A proper design and implementation of standards may lead to a considerable reduction of transaction costs, which enhances trade and, consequently, economic welfare. A major...