Transformation Of The Institutional Structure Of Western Balkan Countries

Transformation Of The Institutional Structure Of Western Balkan Countries

Şermin, Şenturan

Transformation of the institutional structure affects economic development both from the cost of transactions aspect and the operating costs. In development theory it is usual to define development as economic growth plus structural change. But in the framework of institutional economic theory development could be defined as economic growth plus appropriate institutional change, meaning institutional changes which facilitate further economic growth.There are several factors influencing reforms in the Western Balkan countries. Those countries prove that institutions can successfully change at the time of crisis. Although the general rule shows strong correlations among the many reform measures, some institutions develop independently of other measures of institutional or organizational reform. As it is emphasized on the role of institutions in growth and development, it should be also recognized that institutions can change regardless of undesirable environmental factors. Keywords : institutional change, economic transition, Western Balkan Countries

Conference or Workshop Item
PeerReviewed

2012-05-31

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