The impact of the institutional policy on economic growth
Journal Title: Економічний вісник університету - Year 2017, Vol 1, Issue 32
Abstract
Subject of study: the impact of institutional policies on reforming of the economy and growth. Objective: to elaborate theoretical and methodological foundations and recommendations for practice to improve the impact of institutional policy on economic efficiency. Methods: neo-institutional methodology. The results: The use of institutional tools for carrying out institutional policies have substantiated. Author provides his own interpretation of the institutional tools as a system of institutions that solve specific problems of economic development using interconnected basic, conjunctural, ideological and monitoring institutions. Basic institutions ensure the implementation of key institutional reforms; conjunctural institutions are designed to regulate the variability of institutional tools under the immutability of the basic institutions; ideological institutions are aimed to insure a positive assessment of the institutional tools by society as a whole, social macrogroups and individuals, and, finally, monitoring institutions are created to control the effectiveness of the basic institutions. Author explains the reasons of the ineffectiveness of import of Western pattern's institutions ( institutional Ymatrix) into the institutional framework of the Republic of Belarus. The authors' approach to the coordination of economic interests at the level of social macrogroups have formulated. Scope of application: articles' recommendations could be used by government authority to efficiently import the institutions and to provide economic growth. In addition, proposals for the use of the Chinese experience in reforming the public sector's transformation, including the reduction of employment on state-owned industrial enterprises have developed. Conclusions: It is shown that the difficulties of reforming of the Belarusian economy have appeared due to the specifics of the Belarusian institutional system based on the X-institutional matrix, in which the public (state) interests prevail over the interests of individuals. It is proved that in the course of economic reforms in Belarus, would be reasonable to use institutional tools, adapted to the conditions of institutional X-matrix.
Authors and Affiliations
Alexander Luchenok
Keywords
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