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- W3122704614 abstract "Theory tells us that weak rule of law and institutions deter cross-border integration, deter investment relative to trade, and inhibit trade finance. Drawing on a survey of more than 300 Chinese enterprises that are doing or have done 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 witnessed in recent years may prove self-limiting, as the effectiveness of informal institutions erode and the risk premium rises. Institutional improvement could have significant welfare implications, affecting the volume, composition, and financial terms of cross-border exchange." @default.
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- W3122704614 date "2011-08-01" @default.
- W3122704614 modified "2023-09-27" @default.
- W3122704614 title "Integration in the Absence of Institutions: China-North Korea Cross-Border Exchange" @default.
- W3122704614 hasPublicationYear "2011" @default.
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