Property Rights and Business: Institutional Constraints for Romania and EU Countries
In relation to the macroeconomic paradigm of the Washington Consensus, the economics of transition disregarded, for a long period of time, both the essential significance of the institutional perspective and the preliminary need for institutional reforms. At least this is the case of several countries from Central and Eastern Europe, where the low performances of the micro and macroeconomic management are the consequences of institutional deficiencies, namely the expression of an institutional fragility. By acknowledging this fact, we are offered the possibility of interpreting the failure of economic reforms on the grounds of a vicious circle created by the institutional deficits. In this respect, the present study includes an empirical analysis dedicated to the institution of property rights and business environment, which is essentially created on the grounds of this institutional perspective.
Volume (Year): XII (2012)
Issue (Month): 2 (Decembre)
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