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 developm...ent, 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.
