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Questo articolo è stato pubblicato il 12 luglio 2012 alle ore 13:22.

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A basic insight of NIE is that measuring transaction costs in various factor and product markets can reveal inefficiencies and barriers to better performance. An examination of transaction costs in global and domestic supply chains would reveal the extent to which rent-seeking activities and policy distortions deter the emergence of competitive markets.

For advanced economies, the study of Williamson’s levels two and three – formal institutions and their governance – can lead to important insights. But, for emerging markets in Asia and elsewhere, we are convinced that the study of informal institutions, behavior, and norms offers a better understanding of the challenges of managing growth and performance.

Simply put, in many emerging markets, it is not a lack of understanding of international best practices that holds back economic performance. Rather, it is the conflict between these practices and traditional or domestic social relations and practices that entrench vested interests opposed to change.

Andrew Sheng, President of the Fung Global Institute and an adviser to China’s Banking Regulatory Commission, is a former deputy head of the Hong Kong Monetary Authority. Xiao Geng is Director of Research at the Fung Global Institute.

Copyright: Project Syndicate, 2012.www.project-syndicate.org

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