Institucionalne promene u funkciji unapređenja efikasnosti privrede
Institutional changes in function of improving efficiency of the economy
Gligorijević, Nemanja J.
Faculty:University of Niš, Faculty of Economy
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Summary: Establishing of the New institutional economics as dominant institutional theoretical perspective, has contributed to the theoretical affirmation of the institution and to the recognition that institutions and institutional changes are an important part of the overall dynamics of economic reality. Therefore, the importance of defining the “new” institutional paradigm is reflected not only in the "endogenization" of the institutions as the relevant economic variables, but also in the possibilities of a broader consideration of the potential contribution of institutions to the overall macroeconomic performances. However, despite to the significant theoretical achievements in the economic recognition of the multiple institutional importances, in the observation of institutional change as a determinant of economic development, many questions remain open. For instance, it is still not known which institutions, in which specific forms required, or rather useful for economic development,
or in which context. Although it is known the role that specific institutions can play in the process of the economic development, the problem is how to build such institutions. If developmental effects generally depend on the quantity and quality of institutional changes, than how to explain the fact that the establishment of the same institutional forms in the countries with approximate developmental preconditions, usually in practice does not led to the equal developmental results? This study, in form of a doctoral dissertation, is exactly driven by such issues. Therefore, as its primary goal assumes the theoretical development of the concept of institutional contributions to the development and identification of institutional criteria and mechanisms for improving economic performance. The basic assumption on which this dissertation is based implies that institutions and institutional changes are necessary, but not sufficient condition for good macroeconomic performance of the country. This additional requirement is contained precisely in the implementation of „good governance“, namely the establishment of the basic principles of this concept. The research is based on an analytical basis of the theoretical framework of the New institutional economics. Starting of the known information about the nature of institutions and institutional change, as well as on the basic assumptions of institutional sustainability and efficiency, there are theoretical elaborated concept of the institutional contributions to the development. Special attention was given to comparative institutional analysis. By combining information from different comparative economics, there are studied the relationship between institutional quality and economic efficiency. An attempt was made in order to identify main channels through which institutional quality determined economic performance, and therefore which is a possible causes of institutional inefficiency. Through the analysis of several representative cases in practice, the empirical validity of the findings is further checked. Since development issues become topical, especially during the crisis, it is clear incentives to explore the institutions and mechanisms of institutional change and use this knowledge in achieving, in a greater degree, controlled development.View More
Keywords:Institucionalna ekonomija; institutions; institutional change; economic performance; good governance; institutional inefficiency; New institutional economics; comparative institutional analysis; institucije; ekonomske performanse; komparativna institucionalna analiza
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