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INSTITUTIONAL QUALITY – DETERMINANT OF TRANSITION PERFORMANCES IN CENTRAL AND EASTERN EUROPEAN NATIONS

Ion Pohoata (), Oana-Ramona Socoliuc () and Delia-Elena Diaconaªu ()
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Oana-Ramona Socoliuc: „Alexandru Ioan Cuza” University, Faculty of Economics and Business Administration, Iasi, Romania
Delia-Elena Diaconaªu: „Alexandru Ioan Cuza” University, Faculty of Economics and Business Administration, Iasi, Romania

Review of Economic and Business Studies, 2013, issue 12, 21-35

Abstract: This study attempts to investigate the impact of institutions on the effectiveness of transition results achieved by emerging economies from Central and Eastern Europe. After more than two decades significant economic and social disparities have arisen between these nations. Consequently, the relationship between institutional efficiency and progress is investigated using a multiple linear regression model. Given the Romanian poor transition performances, the purpose of this paper is to highlight that even if Romania had followed a shock therapy, the resultant of institutional interaction at formal-informal level would have been the same. As results emphasize, the inertial character of informal values inherited from the past faded the echo of good formal initiatives. In the light of such circumstances, performances of countries such as Poland or the Czech Republic become not only understandable, but far from being reached in Romania.

Keywords: emergent economy; transition; formal institutions; informal institutions; path dependence (search for similar items in EconPapers)
JEL-codes: P30 B52 P37 (search for similar items in EconPapers)
Date: 2013
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