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1、ReviewofEconomicStudies(2007)74,7918190034-6527/07/00280791$02.00c2007TheReviewofEconomicStudiesLimitedInstitutionalQualityandInternationalTradeANDREIA.LEVCHENKOInternationalMonetaryFundDownloadedfromFirstversionreceivedNovember2004;finalversionacceptedNovember2006(E
2、ds.)Institutionsqualityofcontractenforcement,propertyrights,shareholderprotection,andthelikehavereceivedagreatdealofattentioninrecentyears.Yettradetheoryhasnotconsideredtheimplicationsofinstitutionaldifferences,beyondtreatingthemsimplyasdifferenttechnologiesortaxes.T
3、hepurposeofthispaperistwofold.First,weproposeasimplemodelofinternationaltradeinwhichinstitutionaldifferencesaremodelledwithintheframeworkofincompletecontracts.Weshowthatdoingsoreverseshttp://restud.oxfordjournals.org/manyoftheconclusionsobtainedbyequatinginstitutions
4、withproductivity.Institutionaldifferencesasasourceofcomparativeadvantageimply,amongotherthings,thatthelessdevelopedcountrymaynotgainfromtradeandfactorpricesmayactuallydivergeasaresultoftrade.Second,wetestempiricallywhetherinstitutionsactasasourceoftrade,usingdataonU.
5、S.importsdisaggregatedbycountryandindustry.Theempiricalresultsprovideevidenceofinstitutionalcontentoftrade:institutionaldifferencesareanimportantdeterminantoftradeflows.1.INTRODUCTIONatJilinUniversityonMarch14,2014Thenotionofinstitutionshasreceivedagreatdealofattentio
6、ninrecentliterature.Thetermtypicallyreferstoawiderangeofstructuresthataffecteconomicoutcomes:contractenforce-ment,propertyrights,investorprotection,thepoliticalsystem,andthelike.Empiricalevidence,inparticulartheseriesofpapersbyLaPorta,Lopez-de-Silanes,ShleiferandVish
7、ny(1997,1998)andAcemoglu,JohnsonandRobinson(2001,2002),suggeststwoimportantfacts.First,institu-tionsmatteragreatdealforeconomicperformance.Second,developedcountries(theNorth)havemuchbetterinstitutionsthandevelopingones(theSouth).Giventheemergingconsensusontheprimaryi
8、mportanceofinstitutions,itisnaturaltothinkthatinstitutionaldifferencescouldbeasourceofcomparativeadvantageinNorthSouthtrade.Whatare
