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International Arbitration and Global GovernanceContending Theories and Evidence$
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Walter Mattli and Thomas Dietz

Print publication date: 2014

Print ISBN-13: 9780198716723

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780198716723.001.0001

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What is the Effect of Commercial Arbitration on Trade?

What is the Effect of Commercial Arbitration on Trade?

(p.196) 8 What is the Effect of Commercial Arbitration on Trade?
International Arbitration and Global Governance

Thomas Hale

Oxford University Press

Does the adoption of pro-arbitration policy boost countries’ international trade? This chapter estimates the effect of ratifying the 1958 New York Convention on trade in 210 countries between 1958 and 2003. Controlling for other determinants of trade, and for the determinants of ratification itself via a novel set of instrumental variables, the chapter finds a strong positive effect. Ratifying the New York Convention increases a country’s foreign trade by about half as much as joining the World Trade Organization. Furthermore, the effect of NYC ratification is greater for countries with low-quality judicial institutions, suggesting that private transnational arbitration and public courts are to some extent substitutable.

Keywords:   international trade, ratification of New York Convention, effect on trade

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