Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

The Impact of Institutions on Economic Growth: The Case of Transition Economies

The Impact of Institutions on Economic Growth: The Case of Transition Economies JOURNAL OF ECONOMIC ISSUES del Vol. XXXIX No.4 December 2005 The Impact of Institutions on Economic Growth: The Case of Transition Economies Tjasa Redek and Andrej Suijan Economic transition, a phenomenon that has marked the development of the bigger part of Europe in the past decade, is above all a problem of coordination. Economic transi­ tion is a process of institutional change, a process of building new institutions required by a capitalist economy. Transition brought about the overnight destruction of the social­ ist coordination mechanism, while the market coordination took time to be established and agents had to become cognizant of it. The aim of this paper is to analyze the importance of institutional quality for eco­ nomic performance in transition economies in the past decade. The structure of the paper is as follows. First, we present the results of analyses by other authors which deal with the importance of institutional quality for economic performance in general or for transition economies. Then, some institutional and economic characteristics of socialist economies are briefly presented, and these initial conditions are contrasted with the present situation to provide an illustration of how institutions might have contributed to transitional success or failure. This http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Issues Taylor & Francis

The Impact of Institutions on Economic Growth: The Case of Transition Economies

Journal of Economic Issues , Volume 39 (4): 33 – Dec 1, 2005
33 pages

Loading next page...
 
/lp/taylor-francis/the-impact-of-institutions-on-economic-growth-the-case-of-transition-0Twu7wbKuV

References (53)

Publisher
Taylor & Francis
Copyright
© 2005 by Journal of Economic Issues–Association for Evolutionary Economics.
ISSN
1946-326X
eISSN
0021-3624
DOI
10.1080/00213624.2005.11506864
Publisher site
See Article on Publisher Site

Abstract

JOURNAL OF ECONOMIC ISSUES del Vol. XXXIX No.4 December 2005 The Impact of Institutions on Economic Growth: The Case of Transition Economies Tjasa Redek and Andrej Suijan Economic transition, a phenomenon that has marked the development of the bigger part of Europe in the past decade, is above all a problem of coordination. Economic transi­ tion is a process of institutional change, a process of building new institutions required by a capitalist economy. Transition brought about the overnight destruction of the social­ ist coordination mechanism, while the market coordination took time to be established and agents had to become cognizant of it. The aim of this paper is to analyze the importance of institutional quality for eco­ nomic performance in transition economies in the past decade. The structure of the paper is as follows. First, we present the results of analyses by other authors which deal with the importance of institutional quality for economic performance in general or for transition economies. Then, some institutional and economic characteristics of socialist economies are briefly presented, and these initial conditions are contrasted with the present situation to provide an illustration of how institutions might have contributed to transitional success or failure. This

Journal

Journal of Economic IssuesTaylor & Francis

Published: Dec 1, 2005

There are no references for this article.