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Institutional Trap

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  • Polterovich, Victor

Abstract

One of the main obstacles for successful economic development is the formation of institutional traps, inefficient yet stable norms of behaviour. Domination of barter exchange, arrears, corruption and black market activities are examples of institutional traps that have hampered reforms in transition economies. Institutional traps are supported by mechanisms of coordination, learning, linkage and cultural inertia. The acceleration of economic growth, systemic crisis, the evolution of some cultural characteristics and the development of civil society may result in breaking out of institutional traps. Examples from the history of the United States and Russia are considered.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20595.

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Date of creation: 2007
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Handle: RePEc:pra:mprapa:20595

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Keywords: arrears; barter; civic culture; civil society; coordination failures; corruption; cultural inertia; hysteresis; institutional trap; linkage effect; lock-in; multiple equilibria; path dependence; rent seeking; reputation; systemic crises; transaction costs; transformation costs; transitional rent; trust;

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  1. Simon Johnson & Daniel Kaufman & Andrei Shleifer, 1997. "The Unofficial Economy in Transition," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(2), pages 159-240.
  2. Martin Uribe, 1995. "Hysteresis in a simple model of currency substitution," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 509, Board of Governors of the Federal Reserve System (U.S.).
  3. Drazen, Allan & Grilli, Vittorio, 1993. "The Benefit of Crises for Economic Reforms," American Economic Review, American Economic Association, American Economic Association, vol. 83(3), pages 598-607, June.
  4. Polterovich, Victor, 2007. "Institutional Trap," MPRA Paper 20595, University Library of Munich, Germany.
  5. Zak, Paul J & Knack, Stephen, 2001. "Trust and Growth," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 111(470), pages 295-321, April.
  6. A. Chong & C. Calderón, 2000. "Causality and Feedback Between Institutional Measures and Economic Growth," Economics and Politics, Wiley Blackwell, Wiley Blackwell, vol. 12(1), pages 69-81, 03.
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