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In this chapter, we describe the essence and role of the institutions in the modern economic systems, the main issues concerning the institutional convergence in relation to the EU integration, the institutional capital and the impact of the quality and effectiveness of the institutions on...
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This study aims to assess to what extent the institutional environment is responsible for worldwide differences in economic development. To answer this question, a new concept of the institutions-augmented Solow model is constructed. The analysis covers 153 countries and the period 1994-2009....
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institutional behavior, ie the 'rules of the game in a society' (North 1990). These two dimensions attempt to explain the behavior … standards, patterns or rules that hinder or prevent opportunism (in order to avoid that cooperation seems a 'fool's choice … can enforce pre-established rules reduce the uncertainty and insecurity of the decision-making process. The key question …
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