This study employs dynamic panel generalized method of moment (GMM) technique to empirically examine the role of institutions in explaining the causal relationship between macroeconomic fluctuations and financial instability for a sample of 44 emerging and developing countries over the 1996-...

Recently, the view that culture matters for economic development has gained much ground within institutional economics; scholars have provided us with empirical evidence on the positive effect of culture on economic performance. This evidence shows, in some cases, the overwhelming effect of...

The experts believe that the institutions factor is the successful key of the country (Robinson and Acemoglu, 2012). In the economic development point of view, institutional change as same as important with institutional design itself. Institutional change is the permanent process that will...

The paper examines the challenges social scientists face when analysing innovation, especially R&D and innovation activities of firms, i.e. their strategies in typical stages of an innovation process in a defined economy. The motivation behind is to describe properly the innovation activities of...

Former growth theories did not give a satisfactory answer to stimuli of economic growth and possibilities of sustainable growth. An important contribution to the economic growth theories was given by research in institutional economics. Today formal and informal institutions such as rule of law,...