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Institutional changes: towards a general theory

Institutional changes: towards a general theory

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 4-6

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Amplification the incentive effects in the construction work contracts as risky institutional transplantation

Amplification the incentive effects in the construction work contracts as risky institutional transplantation

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 7-21

High-powered incentives are still often considered in Russia as an undoubtedly efficient tool to overcome moral hazard problem. This point of view remains popular despite the failure of incentive contracts in the motivation system of the US CEO and the recent theoretical advancements which help to explain the reasons for this failure by so called negative contract externalities. The causes and consequences of high-powered motivation system which became widespread in the USA at the end of the twentieth century are described in the paper. It cautions against its thoughtless institutional transplantation totally inspired by the desire to create incentives which are strong enough to prevent the opportunistic behavior and calls attention to the danger to create incentives which are excessively strong.

Views: 1184

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Economic culture as a factor and barrier to economic growth

Economic culture as a factor and barrier to economic growth

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 22-32

The goal of this paper is to analyze the role of economic culture in the economic growth process. Author offers new definition of economic culture, and also new classification of its types. The author shows in what conditions different types of economic culture encourage or discourage economic growth. The classification criterion is an influence of economic culture type on current consumption. The main practical conclusion is that economic culture of the Post-Soviet Russia is a barrier to growth.

Views: 1019

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The cultural aspect of usury and interest

The cultural aspect of usury and interest

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 33-42

The author examines the problem of usury and percentage in the Christian study and the traditional cultures. One of the reasons for the Christian censure of percentage, which appears from the debt relations, the author sees the mixing of the concepts of debt and sin. Furthermore, in this work the author analyzes questions of the stability of debt relations in the society.

Views: 1042

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Theoretical-economic analysis of culture and cultural values: methodological issues

Theoretical-economic analysis of culture and cultural values: methodological issues

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 43-59

The major theoretical-economic approaches to studying culture and cultural values are summarized in the paper. The author considers such issues as economists’ interpretation of the concept of cultural values and culture; various approaches to quantitative characterization of cultural values; methodological approaches used in the analysis of economic analysis of cultural values’ genesis and evolution; interconnection and interplay of cultural values, economic theory and economic policy.

Views: 1010

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Culture, institutions and economic performance in Russia

Culture, institutions and economic performance in Russia

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 60-72

The purpose of this paper is to determine the approach to studying the relationship between culture and economic development, and provide empirical results of studying the Russian entrepreneurs’ behavior, changes in their value system in the market transformation of the economy. Culture and institutions are factors that contribute to the differences between countries and have a major impact on their economic performance at a particular development stage. At the same time, the culture is not static, it begins to evolve as a result of the world view transformation of certain social and professional groups, which is in conflict with the established cultural tradition and can later change it. Empirical research has shown that value orientations among Russian businessmen are changing and influenced by their active work on creating products and services for the market, interaction with the international business environment.

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Institutional determinants of the monetary policy effectiveness

Institutional determinants of the monetary policy effectiveness

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 73-82

The effectiveness of monetary policy depends not only on the transfer of shock on the economy, but also on the institutional environment in which it operates. Creating the required institutional environment is an important way to increase the effectiveness of the impact of monetary policy. To solve this problem the institutional factors should be included in the macroeconomic models. This work researches the questions of the inclusion of the institutional factors in the analysis of macroeconomic models monetary policy.

Views: 1295

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Features of monetary policy custom measures in emerging market economies

Features of monetary policy custom measures in emerging market economies

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 83-101

The author examines the specific features of the unconventional monetary policy measures undertaken in the emerging market economies (EME) during the world financial and economic crises of 2007-2010. It deals with the institutional and macroeconomic peculiarities that determined the differences in the choice and in the usage of unconventional monetary instruments in the emerging market economies compared to the advanced economies, as well as the causes of the distinctions in the central banks’ stabilization policies in different EME countries.

Views: 1290

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Institutional traps in Russian oil refining

Institutional traps in Russian oil refining

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 102-116

From the standpoint of the institutional traps theory the problem of underdevelopment of the domestic oil refining industry is considered in the paper. The necessity of the industry development is reasoned despite the high earnings from crude export. The evaluation of technical equipment of the domestic oil refining industry enterprises on the value basis of several indicators is given: commodities structure, Nelson complexity index, oil refining depth, share of secondary processes. Some of the laws and regulations providing the stability of the system which prevents the field active modernization are highlighted. Under the these factors influence in the conditions of rent-seeking behavior stable norm of raw materials orientation in the sector of Russian economy and the lack of domestic oil refining development has been formed.

Views: 1199

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Institutional analysis of natural monopolies in the modern Russia

Institutional analysis of natural monopolies in the modern Russia

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 117-132

The author examines neoclassical and institutional, as well as economic and legal approaches to natural monopolies investigation. Natural monopolies functions and institutional peculiarities of their development are analyzed. It is proposed a step-bystep state regulation of natural monopolies with due regard for market instructions maturity.

Views: 1220

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Development of the investment process in the North Caucasus Federal District: institutional analysis

Development of the investment process in the North Caucasus Federal District: institutional analysis

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 133-143

The author analyzes the state guarantees as a formation mechanism of modern institutions. Industrial park is considered as a conductor of institutional innovations. The factors accelerating institutionalization are presented in the paper.

Views: 1013

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Innovation: anthropological and institutional approach

Innovation: anthropological and institutional approach

Journal of Institutional studies, , Vol. 4 (no. 4),
p. 144-151

The main factors of transformation the new ideas into real products are viewed in the paper. The analysis of institutions, which responsible for creation and passing new idea in market economy and economy of the Republic of Belarus, are carried out.

Views: 1029

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