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Institucionální aspekty nové komparativní ekonomie: ČR a EU
[Institutional aspects of new comparative economy: Czech republic and European union]

Author

Listed:
  • Milan Žák
  • Petr Vymětal

Abstract

The study focuses on evaluation of institutional quality in European Union countries and its possible impact on economic performance and competitiveness. The text stems from the theoretical framework of new institutional economics, especially historical and comparative institutionalism, and it bases on the concept of good governance. The source of the evaluation is the scheme of the World Bank Governance Matters, supplemented with research of other institutions working with individual institutional characteristics. Authors evaluate following characteristics - voice and accountability, political stability, government effectiveness, regulatory quality, rule of law and control of corruption, which together form aggregate indicator of institutional quality. Old member countries of European Union (EU-15) are classified into different models of capitalism according to their different institutional quality. Institutional changes in new member countries (EU-10, eventually EU-8) in period 1996-2004 illustrate both institutional adjustment of postcommunist countries and dynamics of these changes and their convergence to different types of capitalism.

Suggested Citation

  • Milan Žák & Petr Vymětal, 2006. "Institucionální aspekty nové komparativní ekonomie: ČR a EU [Institutional aspects of new comparative economy: Czech republic and European union]," Politická ekonomie, Prague University of Economics and Business, vol. 2006(5), pages 583-609.
    • Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:5:id:574:p:583-609
    DOI: 10.18267/j.polek.574
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    More about this item

    Keywords

    institutional quality; comparative institutionalism; institutional characteristics; models of capitalism; institutional adaptation;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • K2 - Law and Economics - - Regulation and Business Law
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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