Institutional Framework and Economic Development

Publication type Article
Status Published
Occupation: Head
Economic Expert Group
Center of Research Financial Institute of the Ministry of Finance
Address: Russian Federation, Vetoshny lane. 5/4, Moscow, 109012
Journal nameObshchestvennye nauki i sovremennost
EditionIssue 1

The article makes a reasoned attempt to answer the question: why many serious programs of Russia economic development in 2000–2010 did not give the expected results? The diagnosis has been made of the Russian economy, including an analytical comparison between 20 countries which are on a similar level of development, and the Russian and international experience in the development and implementation of economic programs has been analyzed. The article concludes that the development of the Russian economy is strictly limited now by institutional framework and its accelerative growth can not be achieved without this framework’s extension in the political process. As a result of analysis of different types of institutional reforms some specific recommendations are offered here to gain this aim, and to guarantee the Russia evolutionary development, mitigation or removal of economic and social risks the country is faced when maintaining the status quo.

Keywordseconomic development, economic growth, economic development programs, institutional economics, institutional framework
Publication date17.02.2017
Number of characters902
Cite   Download pdf To download PDF you should sign in
Размещенный ниже текст является ознакомительной версией и может не соответствовать печатной

views: 122

Readers community rating: votes 0

1. Acemoglu D. (2008) Oligarchic versus Democratic Societies. Journal of the European Economic Association, vol. 6, no. 1, pp. 1–44.

2. Acemoglu D., Johnson S. (2005) Unbundling Institutions. Journal of Political Economy, vol. 113, pp. 949–995.

3. Acemoglu D., Johnson S., Robinson J. (2001) The Colonial Origins of Comparative Development: An Empirical Investigation. American Economic Review, no. 91(5), pp. 1369–1401.

4. Acemoglu D., Johnson S., Robinson J. (2005) Institutions as the Fundamental Cause of Long-Run Growth. Handbook of Economic Growth. Amsterdam: North-Holland.

5. Acemoglu D., Robinson J. (2015) Pochemu odni strani bogatie, a drugie bednie [Why Nations Fail. The Origins of Power, Prosperty? And Poverty]. Moscow: AST.

6. Acemoglu D., Robinson J. (2008) The Role of Institutions in Growth and Development. World Bank.

7. Andrews M. (2013) The Limits of Institutional Reform in Development. Cambridge University Press.

8. Arezki R., Cherif R. (2010) Development Accounting and the Rise of TFP. IMF Working Paper WP/10/101.

9. Asoni A. (2008) Protection of Property Rights and Growth As Political Equilibria. Journal of Economic Surveys, vol. 22, no. 5, pp. 953–987.

10. Baek S., Yang D. (2010) Institutional Quality, Capital Flight and Capital Flows. The Korean Economic Review, vol. 26, no. 1, pp. 121–155.

11. Baland J.-M., Moene K., Robinson J. (2010) Governance and Development. Handbook of Development Economics, pp. 4597–4656.

12. Besley T., Ghatak M. (2009) Property Rights and Economic Development. Handbook of Development Economics, pp. 4525–4595.

13. Blanshar O. (2010) Makroekonomika [Macroeconomics]. Moscow: GU-VSHE.

14. Caselli F. (2005) Accounting for Income Differences Across Countries. Handbook of Economic Growth, vol. 1A.

15. Caselli F., Gennaioli N. (2008) Economics and Politics of Alternative Institutional Reforms. The Quarterly Journal of Economics, August, pp. 1197–1250.

16. Chetverikova I. (2016) Liberalnie reformi ugolovnogo zakonodatelstva v sfere ekonomicheskoy deyatelnosti 2009–2012 gg. i sudebnaya praktika [Liberal Criminal Law Reform in the Area of Economic Activity 2009–2012 and Litigation]. Voprosi ekonomiki, no. 6, pp. 91–115.

17. Cull R., Xu L. (2005) Institutions, Ownership, and Finance: The Determinants of Profit Reinvestment among Chinese Firms. Journal of Financial Economics, vol. 77, pp. 117–46.

18. Djankov S. La Porta R., Lopez-de-Silanes F., Shleifer A. (2002) The Regulation of Entry. The Quarterly Journal of Economics, vol. CXVII, issue 1.

19. Dmitriev M., Yurtaev A. (2010) Strategiya-2010: itogi realizacii 10 let spustya [Strategy 2010: Results of Implementation 10 Years]. Ekonomicheskaya politika, no. 3, pp. 107–114.

20. Dugger R., Ubide A. (2004) Structural Traps, Politics and Monetary Policy. International Finance, vol. 7, no. 1, pp. 85–116.

21. Easterly W. (2008) Design and Reform of Institutions in LDCs and Transition Economies. American Economic Review: Papers and Proceedings, vol. 98, no. 2, pp. 95–99.

22. Ebeke C., Ombga L., Laajaj R. (2015) Oil, Governance and the (Mis)Allocation of Talent in Developing Countries. Journal of Development Economics, vol. 114, May, pp. 126–141.

23. Economies Institutions: Top Down or Bottom Up? American Economic Review: Papers & Proceedings, vol. 98. no. 2, pp. 95–99.

24. Eggertsson T. (2005) Imperfect Institutions. Possibilities & Limits of Reform. Ann Arbor: University of Michigan Press.

25. Haidar J., Estrin S., Prevezer M. (2010) A Survey on Institutions and New Firm Entry: How and Why do Entry Rates Differ in Emerging Markets? Economic Systems, vol. 34, pp. 289–308.

26. Foster L., Haltiwanger J., Syverson C. (2008) Reallocation, Firm Turnover, and Efficiency: Selection on Productivity or Profitability? American Economic Review, vol. 98, no. 1, pp. 394–425.

27. Fritz V., Kaiser K., Levy B. (2009) Problem-Driven Governance and Political Economy Analysis. World Bank.

28. Goes C. (2015) Institutions and Growth: a GMM/IV Panel VAR Approach. IMF Working Paper WP/15/174.

29. Grigorev L., Kurdin A. (2016) Nereshenniy vopros legitimnosti chastnoy sobstvennosti v Rossii [The Unresolved Question of the Legitimacy of Private Property in Russia]. Voprosi ekonomiki, no. 1, pp. 36–62.

30. Guriev S. M., Kolotilin A. D., Sonin K. I. (2008) Ceni na neft i risk nacionalizacii: O chyom govoryat panelnie dannie? [Oil Prices and the Risk of Nationalization: What do the Panel Data?]. Ekonomicheskiy zhurnal Visshey shkoli ekonomiki, vol. 12, no. 2, pp. 151–175.

31. Gurvich E. (2010) Neftegazovaya renta v rossiyskoy ekonomike [Oil and Gas rRents in the Russian Economy]. Voprosi ekonomiki, no. 11, pp. 4–24.

32. Gurvich E., Andryakov A. (2006) Mehanizmi rossiyskogo finansovogo krizisa [Mechanisms of the Russian Financial Crisis]. Ekonomika i matematicheskie metodi, no. 2, pp. 79–92.

33. E. Gurvich, Prilepsky J. (2013) Kak obespechit vneshnyuyu ustoychivost rossiyskoy ekonomiki [How to Ensure the External sSustainability of the Russian Economy]. Voprosi ekonomiki, no. 9, pp. 4–39.

34. Gurvich E., Sonina Yu. (2012) Mikroanaliz rossiyskoy pensionnoy sistemi [Microanalysis of the Russian Pension System]. Voprosi ekonomiki, no. 2, pp. 27–51.

35. Haidar J. (2009) Investor protections and Economic Growth. Economics Letters, vol. 103, pp. 1–4.

36. Helliwell J., Layard R., Sachs J. (2016) World Happiness Report 2016. New York.

37. Hsieh C., Klenow P. (2010) Development Accounting. American Economic Journal: Macroeconomics, vol. 2, no. 1, pp. 207–223.

38. Hsieh C., Klenow P. (2009) Misallocation and Manufacturing TFP in China and India. The Quarterly Journal of Economics, vol. CXXIV, no. 4, pp. 1403–1448.

39. Indikatori innovacionnoy deyatelnosti: 2016. (2016) [Indicators of Innovation Activity: 2016]. Moscow: NIU VSHE.

40. Iwasaki I., Maurel M., Meunier B. (2016) Firm Entry and Exit During a Crisis Period: Evidence from Russian Regions. Russian Journal of Economics, no. 2, pp. 162–191.

41. Iwasaki I., Suganuma K. (2015) Foreign Direct Investment and Regional Economic Development in Russia: an Econometric Assessment. Economic Change and Restructuring, vol. 48, issue 3, pp. 209–255.

42. Javorcik B., Wei S. (2009) Corruption and Cross-Border Investment in Emerging Markets: Firmlevel Evidence. Journal of International Money and Finance, vol. 28, pp. 605–624.

43. Jones C. (2015) The Facts of Economic Growth. NBER Working Paper 21142.

44. Kapelyushnikov R.I. (2012) Nezaschischennost prav sobstvennosti i ee ekonomicheskie posledstviya: rossiyskiy opit [Insecurity of Property Rights and its Economic Implications: the Russian Experience]. Zhurnal Novoy ekonomicheskoy associacii, no. 1, pp. 150–153.

45. Kapelyushnikov R., Demina N. (2011) Chego opasatsya sobstvennikam? [Why Fear the Owners?]. EKO, no. 6, pp. 26–45.

46. Keefer P. (2007) Governance and Economic Growth. Winters L. Al., Shahid Yu. Dancing with Giants. Washington: World Bank.

47. Kerekes C.B., Williamson C.R. (2008) Unveiling de Soto’s Mystery: Property Rights, Capital Formation, and Development. Journal of Institutional Economics, no. 4, pp. 299–325.

48. Kingston C., Miguez G. (2009) Comparing theories of institutional change. Journal of Institutional Economics, vol. 5, no. 2, pp. 151–180.

49. Kudrin A.L., Gurvich E.T. (2015) Gosudarstvennoe stimulirovanie ili ekonomicheskie stimuli? [Government Incentives or Economic Incentives?]. Zhurnal Novoy ekonomicheskoy associacii, no. 2, pp. 179–186.

50. Kudrin A., Gurvich E. (2014) Novaya Model Rosta Dlya Rossiyskoy Ekonomiki [A New Model of Growth for the Russian Economy]. Voprosi ekonomiki, no. 12, pp. 4–36.

51. Kudrin A.L., Gurvich E.T. (2012) Starenie naseleniya i ugroza byudzhetnogo krizisa [Aging of the Population and the Threat of Fiscal Crisis]. Voprosi ekonomiki, no. 3, pp. 52–79.

52. Lin C., Lin P., Song F. (2010) Property Rights Protection and Corporate R&D: Evidence from China. Journal of Development Economics, vol. 93, issue 1, pp. 49–62.

53. North D. (1990) Institutions, Institutional Change, and Economic Performance. New York: Cambridge Univ. Press.

54. Nunn N., Trefler D. (2013) Domestic Institutions as a Source of Comparative Advantage. NBER Working Paper 18851.

55. Palma-Rangel M. (2006) Institutions and Development in Mexico. Are Formal Economic Reforms Enough? Revista de Anilisis Económico, vol. 21, no. 2, pp. 83–103.

56. Pasali S. (2013) Where Is The Cheese? Synthesizing a Giant Literature on Causes and Consequences of Financial Sector Development. World Bank Policy Research Working Paper No. 6655.

57. Pitlik H., Heinemann F., Schweickert R. (2014) Overcoming Reform Resistance and Political Implementation of Large-Scale Welfare State Reforms. Www for Europe Policy Brief, vol. 3, pp. 108–112.

58. Polterovich V. (2014) Institutional Reform Design: À New Chapter of Economics. MPRA paper 54811.

59. Polterovich V.M. (2013) Institucionalniy eksperiment [Institutional Experiment]. Ekonomicheskaya nauka sovremennoy Rossii, no. 3, pp. 7–24.

60. Polterovich V.M. (Ed.) (2010) Strategiya modernizacii rossiyskoy ekonomiki [Strategy of Modernization of the Russian Economy]. Moscow: Aleteya.

61. Rochlitz M., Remington T., Jakovlev A., Kulpina V. (2015) Performance Incentives and Economic Growth: Regional Officials in Russia and China. Eurasian Geography and Economics, vol. 56, no. 4, pp. 421–445.

62. Rodrik D. (2010) Diagnostics before Prescription. Journal of Economic Perspectives, vol. 24, no. 3, pp. 33–44.

63. Rodrik D., Subramanian A., Trebbi F. (2004) Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development. Journal of Economic Growth, vol. 9, issue 2, pp. 131–165.

64. Rossiyskaya promishlennost na perepute: Chto meshaet nashim firmam stat konkurentosposobnimi (2007) [Russian Industry is at a Crossroads: What Prevents Our Businesses Become Competitive]. Voprosi ekonomiki, no. 3, pp. 4–33.

65. Silve F., Plekhanov A. (2015) Institutions, Innovation and Growth: Cross–Country Evidence. EBRD.

66. Sonin K. (2005) Institucionalnaya teoriya beskonechnogo peredela [Institutional Theory of Infinite Redistribution]. Voprosi ekonomiki, no. 7, pp. 1–15.

67. Tambovcev V. (2006) Uluchshenie zaschiti prav sobstvennosti neispolzuemiy rezerv ekonomicheskogo rosta Rossii [Improving the Protection of Property Rights – the Unused Reserve of Russian Economic Growth]. Voprosi ekonomiki, no. 1, pp. 22–38.

68. Tebaldi E., Elmslie B. (2013) Does Institutional Quality Impact Innovation? Evidence from Cross–Country Patent Grant Data. Applied Economics, vol. 45, pp. 887–900.

69. Vakulenko E., Gurvich E. (2015) Modelirovanie mehanizmov rossiyskogo rinka truda [Modelling of Mechanisms of the Russian Labor Market]. Voprosi ekonomiki, no. 11, pp. 5–29.

70. Volkov V. (2010) Problema nadezhnih garantiy prav sobstvennosti i rossiyskiy variant vertikalnoy politicheskoy integracii [The Problem of Reliable Guarantees of Property Rights, and the Russian Version of the Vertical Political Integration]. Voprosi ekonomiki, no. 8, pp. 4–27.

71. World Bank (2015) World Development Indicators.

72. World Bank (2008) The Growth Report. Strategies for Sustained Growth and Inclusive Development.

73. Yakovlev A.A. (2006) Agenti modernizacii [Agents of Modernization]. Moscow: GU VSHE.

74. Yurgens I. Yu. (Ed.) (2007) Koalicii dlya buduschego. Strategii razvitiya Rossii v 2008–2016 gg. [The Coalition for the Future. Russia’s Development Strategy for 2008–2016 years]. Moscow: RIO Centr.

Система Orphus