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Issues Related to the Concept of Formal Institutions

Author

Listed:
  • Ante Zdilar

    (Faculty of Economics and Business, University of Dubrovnik)

  • Zdenka Obuljen Zorčić

    (Faculty of Economics and Business, University of Dubrovnik)

  • Nikola Butigan

    (Libertal International University)

Abstract

The paper provides a literature review in the form of 52 papers, 12 different databases, and 165 different institutional variables, which can be a useful first step for future authors in exploring the phenomenon of formal institutions. Considering the complexity of the concept and differences that exist between formal and informal institutions, it is easiest to define formal institutions as a legislative framework managed by the government of a particular country, which can be changed and adapted in the short and medium term. The aim of this paper is to highlight the basic problems associated with defining, measuring and conducting empirical research in the field of institutional economics. In addition, possible obstacles and solutions to the problems of subjectivity, multicollinearity and endogeneity, which are often not sufficiently considered by authors in academic research on formal institutions, are identified. Finally, an overview of basic remarks on databases enables authors to more easily select the most appropriate database for their potential future research.

Suggested Citation

  • Ante Zdilar & Zdenka Obuljen Zorčić & Nikola Butigan, 2025. "Issues Related to the Concept of Formal Institutions," Ekonomski pregled, Hrvatsko društvo ekonomista (Croatian Society of Economists), vol. 76(6), pages 419-433.
    • Handle: RePEc:hde:epregl:v:76:y:2025:i:6:p:419-433
    DOI: 10.32910/ep.76.6.1
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    Keywords

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    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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