SYSTEMIC PROBLEM CONCERNING INSTITUTIONAL RISK IN ECONOMIC INSTITUTION REFORMING

Ludmila Vladislavna Obolenskaya ()

Economics of Contemporary Russia, issue 2

Abstract: The aim of the author is to contribute to the problem of applying a systematic approach and to propose full account of risks in the processes of national institution reforms as a part of the solution. The article proposes a functional diagram showing the structure of the system of public regulation of the economic institute. Based on the analysis of literature, it shows that the structure blocks of the scheme may be interpreted as localization of institutional risks. This interpretation provides us with (1) a general definition of institutional risks, including special cases of many well-known definitions; (2) classified institutional risks according to their lo cal destination in the regulatory system; (3) identified the cause-and-effect relationship among emerging classification groups.

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