IDEAS home Printed from https://ideas.repec.org/a/eip/journl/y2016i2p21-37.html
   My bibliography  Save this article

Property transformation in Ukraine: results of institutional change

Author

Listed:
  • K. Gorditsa

Abstract

The article is devoted to summarizing reform of property relations in Ukraine for twenty-five years of state independence. It analyzes the changes that occurred during this period in the relevant formal and informal public institutions. The author identifies a number of historically determined institutional risks of property transformation, which lead to a distortion of the nature of reforms and the depreciation of their results. It is revealed that imperfection and inconsistency of the legislation regulating property relations brings about a permanent erosion of property rights and corruption; the crisis of legitimacy of private property leads to an outflow of capital, rising unemployment and falling living standards; disregard for the owners' rights is realized in their forced redistribution by re-privatization or raiding and impedes long-term investment; the threat of restitution casts doubt on real estate transactions and destabilizes the business environment. It is concluded about the necessity of a comprehensive coherent compensation of the outlined institutional risks based on consideration of historically formed peculiarities of Ukrainian economic and legal mentality. Developed proposals on improving state policy in the sphere of property relations in order to enhance social legitimacy of private property and guarantees of owners' rights, fighting corruption, law enforcement, regulation of property legislation in accordance with universally recognized norms and standards of law, and rising the welfare and legal culture of society.

Suggested Citation

  • K. Gorditsa, 2016. "Property transformation in Ukraine: results of institutional change," Economy and Forecasting, Valeriy Heyets, issue 2, pages 21-37.
  • Handle: RePEc:eip:journl:y:2016:i:2:p:21-37
    as

    Download full text from publisher

    File URL: http://eip.org.ua/docs/EP_16_2_21_en.pdf
    Download Restriction: no

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eip:journl:y:2016:i:2:p:21-37. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Iryna Bazhal). General contact details of provider: http://eip.org.ua/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.