Institutional Endowments and the Lithuanian Holding as Innovative Network: A Problem of Institutional Compatibility in the Baltic Sea Area

Thomas Marmefelt ()

The Review of Austrian Economics, 2004, vol. 17, issue 1, 87-113

Abstract: Post-socialist Lithuania had an undeveloped banking, a weak network commitment, and a resilient nomenklatura. An evolutionary Crossroads game shows that this made the nomenklatura bank convention stronger than the capitalist bank convention. In the nomenklatura bank convention, rent-seeking behavior decreases network commitment and thereby the effect of network complexity, thus making learning-by-financing weaker. This created a problem of institutional compatibility of bank-industry networks in the Baltic Sea Area during Lithuania's first voucher stage of privatization that might be overcome by foreign direct investment initiated in her second hard currency stage.

Date: 2004
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