MEASARING TRANZACTION COSTS IN CONTEXT OF THE PROBLEM OF INSTITUTIONS EFFECTIVENESS EVALUATION
Journal Title: Наукові праці. Серія "Економіка" - Year 2017, Vol 296, Issue 284
Abstract
In the article several approaches to assess the effectiveness of institutions are investigated. According to various approaches we can understand as ideal the state of institutions of developed countries, the state of institutions that ful-fill their functions better, the state of institutions that best meet the expectations of certain social groups. Also the ef-fectiveness of institutions can be assessed indirectly through socio-economic results that are provided by certain insti-tutional organization. Advantages and limits of the use of these approaches are analyzed. The most attention in this work is given to the approach that involves assessment of the dynamics of transaction costs. There is the ambiguity of interpretation of this type of costs and their dynamics, measured through the costs of services provided by a transaction sector. Despite this, this approach can also be used to assess changes in the state of institutions. Using the adapted methodology of J.Wallis and D.Nort we offer the analyses of transaction sector dy-namic and its correlation with the basic sector in Ukraine in period 2010–2015. We found decrease of productivity in transaction sector during 2013–2015 and in 2015 in comparison with 2010. Also in 2015 the part of gross additional value in transaction sector in GDP decreased in comparison with 2010, but the part of gross output in transaction sec-tor in general gross output increased. But the change of relative measures, which characterize the state of transaction and basic sectors is not more than 2 % and dynamic of all of them is not stable in during 2010–2015. This is the evi-dence of permanence of the economy structure and institutional organization in Ukraine. The trend of increase the ef-fectiveness of institutions is absent. We understand such weaknesses of our research, as short period of time for which data were analyzed, and ignor-ing the cost of transaction services, provided by workers of the firms of the basic sector inside these firms. These shortcomings can be considered in the next researches.
Authors and Affiliations
T. M. Fertikova
Keywords
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