This study examines the critical interplay between institutional and cultural backgrounds and their collective impact on economic development, suggesting that their synchronized evolution-timing, pace, and direction-boosts economic development, while misalignment hinders it. It seeks to...

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...

Despite the idiosyncratic and sometimes counterproductive institutional scheme of federal antitrust enforcement created by failed Congressional design and decades of iterative experimentation, the U.S. antitrust agencies function relatively successfully most of the time. Because of this, the...

There is a growing consensus among economists and policy makers that institutions matter for economic development and that institutional reforms should be a priority for developing economies. Considering the emphasis on institutional reforms, this study asks whether a catch-up in institutional...