Institutions and economic growth in European post-transition economies
This paper discusses the role of institutions in economic growth in selected European post-transition economies. During the 1990s, Central and Eastern European countries faced challenges adapting their political and economic systems to keep up with a rapidly changing global landscape. They needed ne...
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| Main Author: | |
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| Format: | Article |
| Language: | deu |
| Published: |
Faculty of Economics University of Rijeka
2024-12-01
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| Series: | Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu |
| Subjects: | |
| Online Access: | https://www.efri.uniri.hr/upload/1/08-Trpeski_et_al-2024-2.pdf |
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| Summary: | This paper discusses the role of institutions in economic growth in selected European post-transition economies. During the 1990s, Central and Eastern European countries faced challenges adapting their political and economic systems to keep up with a rapidly changing global landscape. They needed new institutions like regulations, social norms, and organisations to support a capitalist economy. These institutions provide a framework for economic activity and guide individuals to act in ways that align with economic goals. They are crucial for creating a stable environment for economic growth, promoting investment and innovation, and reducing uncertainty, which is essential for economic success. To analyse this, we conduct an econometric analysis of 16 European post-transition countries from 1998-2019 using fixed-effect, Arellano and Bond’s first difference GMM estimator, and the system GMM estimator. The results indicate that institutions significantly impact economic growth. |
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| ISSN: | 1331-8004 1846-7520 |