1,113 results on '"Institutional change"'
Search Results
2. Explaining Institutional Change
- Author
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Aydinonat, N. Emrah, Ylikoski, Petri, Kincaid, Harold, book editor, and Van Bouwel, Jeroen, book editor
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- 2023
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3. Economic analysis of China’s marketization process over four decades and the construction of the Chinese model and Economics with Chinese Studies
- Author
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Yang, Ruilong
- Published
- 2019
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4. Institutional regimes and profitability transitions: the case of Indian manufacturing firms
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Majumdar, Sumit K. and Bhattacharjee, Arnab
- Published
- 2018
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5. The political economy of high skills: higher education in knowledge-based labour markets.
- Author
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Durazzi, Niccolo
- Subjects
- *
ECONOMICS , *LABOR market , *HIGHER education , *INFORMATION economy , *TRANSITION economies - Abstract
A successful transition into the knowledge economy depends upon higher level skills, creating unprecedented pressure on university systems to provide labour markets with the skills needed. But what are the political economy dynamics underlying national patterns of high skill formation? The article proposes a framework to theorize the relationship between higher education systems and knowledge-based labour markets based on two dimensions: the type of knowledge economy predominant in a given country and the extent of inter-university competition. It is argued that the former explains what type of higher level skills will be sought by employers and cultivated by governments, while the latter helps us understanding why some higher education systems are more open to satisfying labour market demands compared to others. A set of diverse country case studies (Britain, Germany, South Korea and the Netherlands) is employed to illustrate the theory. [ABSTRACT FROM AUTHOR]
- Published
- 2019
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6. Why not taxation and representation? British politics and the American revolution.
- Author
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Galiani, Sebastian and Torrens, Gustavo
- Subjects
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AMERICAN Revolutionary War, 1775-1783 , *ECONOMICS , *BRITISH Americans , *POLITICAL autonomy ,BRITISH colonies - Abstract
• We offer a new perspective on the American Revolution based on modern economic theory. • We develop a game-theoretic model of the institutional regime that governs the politicalrelationships between a metropolis and its colony. • We use the model to explain why the British did not grant American colonies representation in the British Parliament and quickly settle the dispute, a proposal considered by Adam Smith in The Wealth of Nations. • American representation would have shifted the balance of power within Britain in favor of radical political reform. Fearful of this path, the British incumbent coalition chose to go to war. Why did the most prosperous colonies in the British Empire mount a rebellion? Even more puzzling, why did the British do not agree to have American representation in Parliament and quickly settle the dispute peacefully? At first glance, it would appear that a deal could have been reached to share the costs of the global public goods provided by the Empire in exchange for more political autonomy and/or formal representation for the colonies. (At least, this was the view of men of the time such as Lord Chapman, Thomas Pownall and Adam Smith.) We argue, however, that the incumbent government in Great Britain, controlled by the landed gentry, feared that giving political concessions to the colonies would undermine the position of the dominant coalition, strengthen the incipient democratic movement, and intensify social pressures for the reform of a political system based on land ownership. In particular, allowing Americans to be represented in Parliament was problematic because American elites could not credibly commit to refuse to form a coalition with the British opposition. Consequently, the only realistic options were to maintain the original colonial status or fight a full-scale war of independence. [ABSTRACT FROM AUTHOR]
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- 2019
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- View/download PDF
7. Significance of uncertainty in explaining institutional change in Douglass C. North's approach.
- Author
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PRZESŁAWSKA, GABRIELA
- Subjects
ECONOMICS ,ECONOMIC change ,UNCERTAINTY - Abstract
Motivation: Studies on nature and effects of uncertainty in a non-ergodic world became in Douglass Cecil North's concept a starting point for explanation of economic changes mechanism. The origin of North's studies on uncertainty is related to one of key research problems relevant to the emergence of New Institutional Economics (NIE) approach, that is answering the question why some countries are rich and others poor. This problem, according to NIE representatives, cannot be satisfactorily explained in the framework of neoclassical paradigm based on assumptions of perfect information, ideal rationality of market actors and zero transaction costs. Aim: The purpose of the article is to present D.C. North's concept of uncertainty as a source of beliefs and creating institutions ('rules of the game') which place human environment in order. Results: North's breakthrough legacy is in emphasizing the role of human intentionality, growth in the stock of knowledge, as a result of human learning, and common cultural heritage in determining the direction and dynamics of economic changes. Considerations included in the article will enable proving the significance given by North to institutions in reducing uncertainty resulting from the nature of non-ergodic world and thus creating basic incentives for growth and evolutionary economic changes. Finally, the analysis conducted for that purpose in this article will show the original contribution of D.C. North's institutional-cognitive approach to the development of NIE (and economic theory in general) in explaining institutional conditions of development. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
8. Theorizing Sino-capitalism: implications for the study of comparative capitalisms.
- Author
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McNally, Christopher A.
- Subjects
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CAPITALISM , *INTERNATIONAL economic relations , *ECONOMICS , *DIALECTIC , *ECONOMIC development - Abstract
Although not central in the literature on Comparative Capitalisms (CC), the case of China is highly salient. This is not just because of the country's sheer size and international economic influence, but also because the Chinese political economy can provide fertile ground to theorize on aspects of CC that are widely recognized to pose challenges. I employ the analytical framework of Sino-capitalism to demonstrate the importance of an open and evolutionary approach. Specifically, Sino-capitalism centres on state-centric modes of governance interacting dialectically with bottom-up networked modes of entrepreneurship exposed to market forces and global capital. The dialectic evolutionary quality of Sino-capitalism contrasts with the more static comparative approaches in most of the CC literature. China's emergent capitalism forces the observer to open up the black box of capitalist evolution and 'bring back in' classical approaches to studying political economy. Capitalist political economies are thus conceived of as encompassing different politico-economic spheres, each with its own logic. Leveraging the analytical framework of Sino-capitalism for the continued theoretical development of CC elucidates in this manner the architectonic role of the state, the chronic re-composition and rebalancing of the institutional spheres of state and capital, and the existence of contradictory cum symbiotic politico-economic logics that reproduce capitalism. [ABSTRACT FROM AUTHOR]
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- 2019
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9. New approaches to political economy.
- Author
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Amable, Bruno, Regan, Aidan, Avdagic, Sabina, Baccaro, Lucio, Pontusson, Jonas, and Zwan, Natascha Van der
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ECONOMICS ,ELECTIONS ,SUPPLY & demand ,POLITICAL development ,WAREHOUSES - Abstract
The discussion on 'New Approaches to Political Economy (PE)' gives us a state-of-the-art overview of the main theoretical and conceptual developments within the concept of political economy. Thereby, it invites us to broaden our knowledge regarding manifold novel approaches, which make use of more complex methods to study the less stable, less predictable, but faster changing realities of smaller or bigger geographical regions. In this discussion forum, Amable takes a closer look on the nature of 'conflict' as well as the relationship between conflict and institutional change or stability. After stressing the relevance of comparative capitalism in general, Regan also zooms in on the political conflicts in comparative political economy from three different perspectives (electoral politics, organized interest groups and business-state elites), where he finds new avenues, tensions and research agendas are opening up. From a different perspective, Avdagic reviews the broad developments in the field of political economy with respect to the supply and demand side of redistributive policy. Thereafter, Baccaro and Pontusson sketch an alternative 'growth model perspective', which puts demand and distribution at the center of the analysis. Finally, Van der Zwan analyses the usefulness of financialization studies for the study of (comparative) political economy. [ABSTRACT FROM AUTHOR]
- Published
- 2019
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10. Ideologies and beliefs in Douglass North's theory.
- Author
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Ambrosino, Angela and Fiori, Stefano
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IDEOLOGY , *BELIEF & doubt , *ECONOMICS , *SOCIAL change - Abstract
This article argues that North does not conceptualise the difference between ideologies as shared beliefs, which arise from shared mental models in consequence of bottom-up processes, and ideologies as views which stimulate top-down institutional processes, by means of which informal norms and existing beliefs are re-oriented. Top-down processes are possible because shared beliefs are characterised by variety and malleability, rather than by a (homogeneous) "cultural heritage". Although in North's theory the reciprocal influence between informal and formal norms is interpretable as an alternation of bottom-up and top-down processes, he does not develop this perspective. [ABSTRACT FROM AUTHOR]
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- 2018
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11. Trade patterns and institutional change in East Asia
- Author
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Moon Jung Choi and Kee Hoon Chung
- Subjects
Economics and Econometrics ,Institutional change ,Economics, Econometrics and Finance (miscellaneous) ,Development economics ,Economics ,East Asia ,Institutional quality - Published
- 2021
12. International finance and economic institutions: Can Russian Ruble become the world’s leading currency?
- Author
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Pavel Kotyza, Luboš Smutka, Kamil Maitah, and Patrik Rovny
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History ,Sociology and Political Science ,business.industry ,Institutional change ,Institutional economics ,International trade ,Currency ,Political Science and International Relations ,Economics ,Russian federation ,business ,Law ,General Economics, Econometrics and Finance ,International finance - Published
- 2021
13. Push factors of endogenous institutional change
- Author
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Marek Hudík
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TheoryofComputation_MISCELLANEOUS ,Organizational Behavior and Human Resource Management ,Economics and Econometrics ,Institutional entrepreneurship ,Institutional change ,media_common.quotation_subject ,Stability (learning theory) ,TheoryofComputation_GENERAL ,Outcome (game theory) ,Microeconomics ,symbols.namesake ,Nash equilibrium ,Institution ,symbols ,Economics ,Medium of exchange ,media_common - Abstract
Institutions are often modeled as Nash equilibria. The puzzle is how an institution can change endogenously, given that all players choose mutually best responses. To address this issue, the present paper proposes a framework that explicitly models players’ goals. It argues that the probabilities of attainment of players’ goals affect the stability of Nash equilibrium. If players fail to attain their goals in a Nash equilibrium, then this equilibrium is goal-unstable, as players are motivated to displace it. This goal-instability represents a push factor of institutional change. Since the goal-instability does not need to presuppose players’ knowledge of the desired outcome, the approach is consistent with the notion of entrepreneurial institutional innovation. It is shown that the proposed framework can provide micro-foundations for existing theories and extends the analysis to include open-endedness and the creative aspects of institutional change. This framework is applied to account for a change from coins to banknotes as a medium of exchange.
- Published
- 2021
14. Japanese Political Economy Revisited: Abenomics and Institutional Change
- Author
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Steffen Heinrich
- Subjects
Abenomics ,Institutional change ,Political economy ,Economics ,General Social Sciences - Published
- 2021
15. The Prerequisites for a Degrowth Paradigm Shift: Insights from Critical Political Economy.
- Author
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Buch-Hansen, Hubert
- Subjects
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PARADIGMS (Social sciences) , *ECONOMICS , *POLITICAL participation , *SOCIAL groups , *HEGEMONY - Abstract
What would it take for a degrowth paradigm shift to take place? Drawing on contemporary critical political economy scholarship, this article identifies four prerequisites for socio-economic paradigm shifts: deep crisis, an alternative political project, a comprehensive coalition of social forces promoting the project in political struggles, and broad-based consent. It is argued that, on the one hand, there is much to suggest that current crises cannot be resolved under existing institutional frameworks and that degrowth is a political project that provides solutions to some of the key problems currently facing humanity. On the other hand, the prospects for a degrowth paradigm shift remain bleak: unlike political projects that became hegemonic in the past, degrowth has neither support from a comprehensive coalition of social forces nor any consent to its agenda among the broader population. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
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16. Winning the votes for institutional change: how discursive acts of compromise shaped radical income tax reforms in the United States
- Author
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Inga Rademacher
- Subjects
Inequality ,Institutional change ,Compromise ,media_common.quotation_subject ,05 social sciences ,0211 other engineering and technologies ,021107 urban & regional planning ,02 engineering and technology ,Electoral politics ,0506 political science ,Income tax ,Political economy ,Political Science and International Relations ,050602 political science & public administration ,Economics ,Western world ,media_common - Abstract
Since the 1980s, many governments in the Western world have implemented radical income tax cuts which have become associated with soaring levels of inequality. The literature has focused on institu...
- Published
- 2021
17. Disentangling the transformation of the German model: The role of firms’ strategic decisions and structural change
- Author
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Daniel Herrero
- Subjects
German ,Transformation (function) ,Structural change ,Institutional change ,language ,Economics ,German model ,Economic system ,Industrial relations ,General Business, Management and Accounting ,language.human_language - Abstract
This paper explores the transformation of the German employment and industrial relations model from a political economy approach. Using the IAB Establishment Panel, the evolution of atypical employment and the coverage of the dual system of industrial relations is analysed in different groups of firms. Additionally, using a shift-share technique, we estimate the impact of the change in the employment structure on this process. The results reveal that once institutional constraints were relaxed, firms across the whole economy increased their use of flexible work and individualized the wage bargaining. Moreover, our findings suggest that structural change played a minor role in the process.
- Published
- 2021
18. Skill-Biased Liberalization: Germany’s Transition to the Knowledge Economy
- Author
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Sebastian Diessner, Niccolo Durazzi, and David Hope
- Subjects
knowledge economy ,Sociology and Political Science ,Liberalization ,Technological change ,Knowledge economy ,Institutional change ,Transition (fiction) ,technological change ,language.human_language ,German ,Market economy ,varieties of capitalism ,Germany ,Political Science and International Relations ,language ,Economics ,skill-biased liberalization ,Social Sciences (miscellaneous) - Abstract
First published online: 13 April 2021 This article conceptualizes the evolution of the German political economy as the codevelopment of technological and institutional change. The notion of skill-biased liberalization is introduced to capture this process and contrasted with the two dominant theoretical frameworks employed in contemporary comparative political economy scholarship—dualization and liberalization. Integrating theories from labor economics, the article argues that the increasing centrality of high skills complementary in production to information and communications technology has weakened the traditional complementarity among specific skills, regulated industrial relations, and generous social protection in core sectors. The liberalization of industrial relations and social protection is shown in fact to be instrumental for high-end exporting firms to concentrate wages and benefits on increasingly important high-skilled workers. Strong evidence based on descriptive statistics, union and industry documents, and twenty-one elite interviews is found in support of the article’s alternative perspective.
- Published
- 2021
19. Research on the Spatial Distribution Pattern and Influencing Factors of Digital Economy Development in China
- Author
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Zhiqiang Li and Ying Liu
- Subjects
Driving factors ,General Computer Science ,Technological change ,ESDA ,institutional change ,General Engineering ,Space (commercial competition) ,input factor ,technological progress ,Spatial heterogeneity ,TK1-9971 ,ComputingMilieux_GENERAL ,Economics ,Entropy (information theory) ,General Materials Science ,Economic geography ,Digital economy ,Electrical engineering. Electronics. Nuclear engineering ,China ,Spatial analysis ,GWR - Abstract
The spatial heterogeneity of the influences of various driving factors on the digital economy restricts the further development of regional coordination. This paper constructs an index system for measuring the development level of the digital economy from the three dimensions of infrastructure construction, digital application and digital industry development. Using the entropy method to measure the development level of the digital economy in each region in 2018 and based on the theory of economic growth and new economic geography, a theoretical model of the influences of input factors, technological progress and institutional changes on China’s digital economy is established. Combined with Exploratory Spatial Data Analysis (ESDA) and Geographically Weighted Regression (GWR) model analysis, the spatial distribution pattern of China’s digital economy and its influencing factors are discussed. The results show that there is a large gap in the development level of the digital economy in the eight comprehensive economic regions, and the development level of the digital economy presents a significant spatial correlation in space. The driving patterns of input factors, technological progress and institutional changes to the spatial distribution of the digital economy show obvious spatial differentiation. This study provides important referential value for promoting the coordinated development of the regional digital economy.
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- 2021
20. Spatial evolution of farm towns and its dynamic mechanism from the perspective of institutional change: A case study of Wusan Farm in Hubei Province
- Author
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Yongchun Yang, Xiaohu Li, Yanxia Hu, Run Liu, and Run Wang
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Ecology ,Institutional change ,Geography, Planning and Development ,Perspective (graphical) ,Earth and Planetary Sciences (miscellaneous) ,Economics ,Spatial evolution ,Economic geography ,Mechanism (sociology) ,Nature and Landscape Conservation - Published
- 2021
21. Institutional change and wage inequality
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Jiancai Pi and Yanwei Fan
- Subjects
Wage inequality ,Economics and Econometrics ,Labour economics ,050208 finance ,Institutional change ,0502 economics and business ,05 social sciences ,Economics ,Incomplete contracts ,050207 economics ,Finance - Abstract
This paper analyzes how institutional change affects wage inequality. Institutional change is regarded as the reduction of contractual incompleteness. When institutions become better, contracts are less incomplete. Our main finding is that institutional change will narrow down (resp. widen) wage inequality if the share of the surplus in the skilled sector is sufficiently low (resp. high). When introducing incomplete contracts into the framework of skilled-unskilled wage inequality, we can obtain some different insights.
- Published
- 2021
22. Institutional Change and China Capitalism
- Author
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Lei Zhang, Antoine Parent, and Antoine Le Riche
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Frontier ,Economy ,Cliometrics ,Institutional change ,Economics ,Capitalism ,China - Published
- 2022
23. Entrepreneurship, Identity, and the Transformation of Marketing Systems.
- Author
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Klein, Kenji
- Subjects
BUSINESSPEOPLE ,BLACK market ,MARKETING laws ,CANNABIS (Genus) ,DRUG control ,DISIDENTIFICATION (Psychology) ,ECONOMICS ,ATTITUDE (Psychology) - Abstract
This paper examines how entrepreneurs operating in underground markets come to see laws governing marketing systems as illegitimate and explores the role identity plays in motivating entrepreneurs to challenge existing institutions. Analysis of interviews with 27 cannabis dispensary founders showed that entrepreneurs came to reject medical cannabis prohibition as illegitimate after direct experience with both cannabis and traditional medicines convinced them the factual basis upon which prohibition rested was flawed. Perception of prohibition’s illegitimacy fostered entrepreneur identification as a member of a superior in-group constrained by an illegitimate institution. Pursuing opportunities in illegal markets then became a vehicle for entrepreneurs to enact valued identities by challenging and undermining prohibition. This analysis extends work on informal economy entrepreneurship by showing that dis-identification with formal institutions does more than enable entrepreneurs to recognize economic opportunities ignored by those working within institutional boundaries; it also opens existing marketing systems to decay by providing economic and psychological resources for dismantling the laws that govern them. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
24. Towards rule-based institutions and economic growth in Asia? Evidence from the Asian Financial Crisis 1997–1998
- Author
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Kee Hoon Chung
- Subjects
021110 strategic, defence & security studies ,Sociology and Political Science ,Institutional change ,05 social sciences ,0211 other engineering and technologies ,Rule-based system ,Financial system ,02 engineering and technology ,0506 political science ,Political Science and International Relations ,Financial crisis ,050602 political science & public administration ,Economics ,International monetary fund ,Bailout - Abstract
Due to the severity of the Asian Financial Crisis 1997–1998, South Korea, Indonesia, and Thailand resorted to an International Monetary Fund (IMF) bailout. In exchange, the IMF demanded a series of reforms intended to promote rule-based institutions generally found in advanced Western economies, such as the rule of law. Using panel data analysis from 1982 to 2007, we test empirically whether judicial independence, one of the more fundamental rule-based institutions, can positively explain the growth of these countries after the crisis, and find the impact of reforms to be limited. To understand why, we use South Korea as an example to show that top-down reforms by the government prevented a shift towards a rule-based economy. Due to the government selectively bailing out big businesses, big businesses that survived the crisis captured market shares once owned by the dissolved big businesses, becoming too powerful for the government to regulate. This research uses Soifer’s theoretical framework on critical junctures.
- Published
- 2020
25. Exploring the Port Governance Restructuring Strategy: Focusing on Endogenous Institutional Change Theory of New Institutionalism
- Author
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SeokJun Jang, Ji Won Kim, and Hyo Jin Song
- Subjects
Restructuring ,Institutional change ,Corporate governance ,Economics ,New institutionalism ,Economic system ,Port (computer networking) - Published
- 2020
26. Why Do Institutions Revert? Institutional Elasticity and Petroleum Sector Reforms in India
- Author
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K.V. Gopakumar, Abhoy K. Ojha, and Kshitij Awasthi
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Macroeconomics ,Institutional change ,05 social sciences ,0506 political science ,chemistry.chemical_compound ,chemistry ,0502 economics and business ,050602 political science & public administration ,Economics ,Business, Management and Accounting (miscellaneous) ,Petroleum ,Elasticity (economics) ,050203 business & management ,Social Sciences (miscellaneous) - Abstract
The institutional change literature has predominantly focused on successful changes and sparsely on failed changes, but the idea of institutional fields reverting to their pre-change or near pre-change state, after change attempts, remains underexplored. Although recent studies have explored similar phenomenon from the perspective of actors resisting change and trying to restore status quo, a field-level understanding of the processes and the dynamics associated with it remains underexamined. The present study, using the case of reforms in the field of petroleum exploration and production in India, examines an institutional change where the institution, once modified, gradually reverted near to its prechange state. We suggest the concept of institutional elasticity to explain such reverting of institutions, and elaborate on three boundary conditions—scope of change, pace of change, and field-level actor constellations—which have implications for the relationship between institutional elasticity and reverting of institutions.
- Published
- 2020
27. What happens when voting rules change? the case of New Zealand
- Author
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J. Stephen Ferris
- Subjects
Economics and Econometrics ,Sociology and Political Science ,Public economics ,media_common.quotation_subject ,Institutional change ,05 social sciences ,Public policy ,Legislature ,0506 political science ,Philosophy ,Voting ,0502 economics and business ,Accountability ,050602 political science & public administration ,Economics ,Voter turnout ,050207 economics ,Volatility (finance) ,Constitutional law ,Law ,media_common - Abstract
This paper examines the impact of New Zealand’s 1996 adoption of a mixed member proportional (MMP) voting scheme on representation in the legislature, voter turnout, vote volatility and the likelihood of an incumbent party winning re-election. I then consider whether MMP has had any negative consequences for the effectiveness of government policy in relation to fiscal accountability and countercyclical intervention. The data used in the analysis begins from the formation of the party system in New Zealand (in 1890) and extends through the adoption of MMP to the pre-pandemic present (2017). The data set covers 42 elections: 34 before 1996 and 8 after.
- Published
- 2020
28. Inclusive innovation policy as social capital accumulation strategy
- Author
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Robyn Klingler-Vidra and Ye Liu
- Subjects
Sociology and Political Science ,Institutional change ,Knowledge economy ,Political Science and International Relations ,Economics ,Inclusive innovation ,Economic system ,Social capital - Abstract
Governments deploy policies that strive to increase the participation rates of under-represented demographic groups (according to gender, ethnicity, sexuality and disability status) in innovative activities. A growing thrust of these policies focuses on accumulating non-financial resources, particularly social capital, as the strategy for improving inclusion. Such policies include mentoring and networking schemes, role model campaigns, competitions and prizes. In contrast to the policies' growing prevalence, only a handful of studies have empirically analysed them, and fewer still offered analytical conceptualizations. In this article, we contribute by applying insights from the extant scholarship on social capital, innovation and entrepreneurship to conceptualize the policies in bonding and bridging social capital terms. We find that bonding strategies foster in-group connections, with the primary aim of encouraging under-represented groups to want to participate, thus focusing on increasing the supply of labour. Bridging strategies, in contrast, strive to link under-represented groups with finance and other centres of power, and to update societal preferences, in order to increase the demand for labour from under-represented groups. Our novel conceptualization emphasizes that policies should be studied according to their bonding or bridging social capital aims, as even the same policy instrument (i.e., mentorship scheme or campaign) can differ significantly in how it is employed.
- Published
- 2020
29. Incremental Change in Housing Regimes: Some Theoretical Propositions with Empirical Illustrations
- Author
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Bo Bengtsson and Sebastian Kohl
- Subjects
Urban Studies ,Sociology and Political Science ,Institutional change ,Geography, Planning and Development ,Economics ,Subject (philosophy) ,Positive economics ,Incremental change ,Path dependence - Abstract
The durable structures of housing and housing institutions are often subject to long-term processes of incremental change. Nevertheless, housing studies have largely focused either on static snapshots of policies or, more recently, on the inertia of institutional path dependence, while processes of incremental change have been almost entirely neglected. Political scientists (Streeck/Thelen/Mahoney) have proposed a typology of patterns of incremental institutional change, and this paper explores the applicability of this typology to housing structures and housing institutions. We draw on empirical illustrations from the housing literature to show how five types of change – layering, conversion, displacement, drift, exhaustion – apply to housing structures and institutions. We conclude with some general observations on how the typology can be used in further studies of developments in national housing regimes.
- Published
- 2020
30. Policy Dimensions of Progressive Institutional Change: Lessons from China’s Construction of a Socialist Market Economy
- Author
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Ricardo Chi Sen Siu
- Subjects
Special economic zone ,Economics and Econometrics ,Institutional change ,0502 economics and business ,05 social sciences ,050602 political science & public administration ,Economics ,Socialist market economy ,050207 economics ,Economic system ,China ,General Business, Management and Accounting ,0506 political science - Abstract
Through a comprehensive review of the progressive institutional change (PIC) literature, I first discuss four possible trajectories of PIC by considering the forces of societal reaction that might ...
- Published
- 2020
31. State-Sponsored 'Self-Sufficiency Policy' and Hyeongje-Welfare Institutional Change
- Author
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SO Junchol
- Subjects
Public economics ,State (polity) ,business.industry ,Institutional change ,Vocational education ,media_common.quotation_subject ,Economics ,business ,Welfare ,Local industry ,Self-sufficiency ,Self-Sufficiency Project ,media_common - Published
- 2020
32. Social identity and perceived income adequacy
- Author
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Deepti Goel and Ashwini Deshpande
- Subjects
Earnings ,Perception ,media_common.quotation_subject ,Institutional change ,Geography, Planning and Development ,Caste ,Economics ,Identity (social science) ,Demographic economics ,Development ,Social identity theory ,media_common - Abstract
Economists are increasingly interested in subjective well‐being, but the economic literature on perceptions of income adequacy, which is one of the factors that shape subjective well‐being, is little. Our paper fills this lacuna. We utilize nationally representative data on perceptions of amounts considered as remunerative earnings from self‐employment in India and examine how these are earnings shaped by social identity, namely, caste. We also investigate if institutional change such as the introduction of an employment guarantee scheme alters these perceptions. Finally, we examine the relationship between caste identity and actual earnings. We find that caste identity does shape both perceptions of income adequacy and actual earnings: lower‐ranked groups perceive lower amounts as being remunerative and also earn lower amounts. Further, the employment guarantee scheme alters self‐perceptions differentially for different caste groups, but in more nuanced ways than our ex‐ante beliefs.
- Published
- 2020
33. Institutional entrepreneurs and socio-institutional changes in Medellín, Colombia
- Author
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Eva Panetti and Arnault Morisson
- Subjects
Economics and Econometrics ,Sociology and Political Science ,Geography, Planning and Development ,institutional change ,0211 other engineering and technologies ,0507 social and economic geography ,02 engineering and technology ,lcsh:Regional economics. Space in economics ,lcsh:Regional planning ,social innovation ,Economics ,institutional entrepreneurs ,path development ,Institutional entrepreneurship ,Institutional change ,05 social sciences ,1. No poverty ,lcsh:HT390-395 ,transition ,021107 urban & regional planning ,lcsh:HT388 ,8. Economic growth ,Social innovation ,Demographic economics ,050703 geography ,Period (music) - Abstract
During a period of regional structural change, the socio-institutional structure and the techno-economic structure are temporarily decoupled due to the relative inertia of the former compared with the rapid changes in the latter. The lag in the coevolution of the socio-institutional and techno-economic structures generates inefficiencies and instabilities, causing transitional failure. In exploring the rationale for policy intervention, this paper examines the actors that aim to influence socio-institutional changes in Medellín, Colombia. It finds that the private sector, under the informal leadership of the Grupo Empresarial Antioqueño, has played the role of institutional entrepreneurs to influence socio-institutional changes. In regions located on the knowledge periphery, in which the socio-institutional structure has not yet fully coevolved with the novel techno-economic structure, policy-makers can induce socio-institutional changes by learning from regions that have already transitioned to the novel techno-economic paradigm.
- Published
- 2020
34. Keynes and Smith, Opponents or Allies? Part II: Smith, and Keynes-Smith Parallels
- Author
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Rod O'Donnell
- Subjects
050208 finance ,Invisible hand ,Economics ,Institutional change ,0502 economics and business ,05 social sciences ,Political Science and International Relations ,Economics, Econometrics and Finance (miscellaneous) ,1401 Economic Theory, 1402 Applied Economics, 1606 Political Science ,050207 economics ,Positive economics ,Parallels - Abstract
In investigating Keynes–Smith relationships, this paper discusses Smith and the parallels between the mature contributions of these two philosopher-economists. It begins by carefully examining Smith’s economic theory and policy, summarising his core argument in a clarifying syllogism, and exploring his invisible hand remarks. It then turns to the largely unexplored parallels between their major economic works. In theoretical terms, their core arguments have similar structures and analytical characteristics. In policy terms, both proposed new institution-based systems serving individual and social interests, considerable socio-economic restructuring and non-minimalist roles for the state. The paper concludes with a syllogism summarising Keynes’s parallel position, and comparative comments on some recent analyses of Smith’s thought.
- Published
- 2022
35. Strong Firms, Weak Banks: The Financial Consequences of Germany’s Export-Led Growth Model
- Author
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Benjamin Braun and Richard Deeg
- Subjects
Finance ,Sociology and Political Science ,business.industry ,Institutional change ,05 social sciences ,Foundation (engineering) ,Growth model ,Capitalism ,050601 international relations ,0506 political science ,Corporate finance ,Capital (economics) ,Political Science and International Relations ,050602 political science & public administration ,Economics ,business - Abstract
The financial foundation of Germany’s manufacturing success, according to the comparative capitalism literature, is an ample supply of long-term capital, provided to firms by a three-pillar banking system and ‘patient’ domestic shareholders. This premise also informs the recent literature on growth models, which documents a shift towards a purely export-led growth model in Germany since the 1990s. We challenge this common assumption of continuity in the German financial system. Export-led growth, characterised by aggregate wage suppression and high corporate profits, has allowed non-financial corporations to increasingly finance investment out of retained earnings, thus lowering their dependence on external finance. This paper documents this trend and shows that business lending by banks has increasingly been constrained on the demand side, reducing the power – and relevance – of banks vis-à-vis German industry. The case study suggests a need for students of growth models to pay greater attention to the dynamic interaction between institutional sectors in general, and between the financial and the non-financial sectors in particular. Introduction Corporate finance and growth models: Demand for financing as a missing variable External finance in an export-led growth model: Weak domestic demand Bank lending to non-financial corporations: Shrinking slice of a shrinking pie In search of loan demand: Foreign and financial borrowers, and the declining interest margin Conclusion and outlook References
- Published
- 2019
36. Institutional change in extractive economies
- Author
-
Gerardo Damonte and Bettina Schorr
- Subjects
Institutional change ,Economics ,International economics - Published
- 2021
37. Andean States and the Resource Curse
- Author
-
Gerardo Damonte and Bettina Schorr
- Subjects
engineering and technology ,Environmental management ,Natural resource economics ,Institutional change ,Applied ecology ,Environmental science ,ddc:380 ,Extractive industries ,Development economics and emerging economies ,Resource curse ,Economics ,Environmental policy and protocols ,Politics and government - Abstract
"This volume explores institutional change and performance in the resource-rich Andean countries during the last resource-boom and in the early post-boom years. The latest global commodity boom has profoundly marked the face of the resource-rich Andean region, significantly contributing to economic growth and notable reductions of poverty and income inequality. The boom also constituted a period of important institutional change with these new institutions sharing the potential of preventing or mitigating the maladies extractive economies tend to suffer from, generally denominated as the "resource curse". This volume explores these institutional changes in the Andean region to identify the factors that have shaped their emergence and to assess their performance. The interdisciplinary and comparative perspective of the chapters in this book provide fine-grained analyses of different new institutions introduced in the Andean countries and discusses their findings in the light of the resource curse approach. They argue that institutional change and performance depend upon a much larger set of factors than those generally identified by the resource curse literature. Different, domestic and external, economic, political and cultural factors such as ideological positions of decision-makers, international pressure or informal practices have shaped institutional dynamics in the region. Altogether, these findings emphasize the importance of nuanced and contextualized analysis to better understand institutional dynamics in the context of extractive economies. This book will be of great interest to students and scholars of the extractive industries, natural resource management, political economics, Latin American studies and sustainable development"
- Published
- 2021
38. The political economy of the Workers’ Assitance Fund: an analysis of its recent performance (2005-2018)
- Author
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SANDRO PEREIRA SILVA
- Subjects
Sociology and Political Science ,políticas sociais ,institutional change ,social policy ,03 medical and health sciences ,0302 clinical medicine ,Public employment ,0502 economics and business ,Economics ,Fundo de Amparo ao Trabalhador ,030212 general & internal medicine ,050207 economics ,Disengagement theory ,mercado de trabalho ,HB71-74 ,Workers’ Assistance Fund ,Public employment system ,job market ,Welfare economics ,05 social sciences ,mudança institucional ,Economics as a science ,Sistema público de emprego ,Political Science and International Relations ,Accounting information system ,General Economics, Econometrics and Finance - Abstract
RESUMO Este estudo analisou os fatores políticos e econômicos que condicionaram a evolução recente do sistema público de emprego no Brasil, tendo como foco os mecanismos operacionais do Fundo de Amparo ao Trabalhador (FAT). Com base em informações contábeis dos exercícios anuais, constatou-se que tal arranjo de financiamento vem demonstrando sinais de fragilidade, com diminuição da capacidade de custear o conjunto de suas despesas correntes. Contudo, os desequilíbrios são explicados em grande parte por decisões de política econômica que provocaram vazamentos expressivos em suas receitas nos últimos anos, sobretudo via desvinculações orçamentárias e desonerações tributárias. ABSTRACT This study analyzed the political and economic factors that conditioned the recent evolution of the public employment system in Brazil, focusing on the operational mechanisms of the Workers’ Assistance Fund (FAT). Based on the accounting information of the annual periods, it was found that such financing arrangement has shown signs of fragility, with a reduction in the capacity to cover all of its current expenses. However, the imbalances are largely explained by economic policy decisions that have caused significant leaks in recent years, especially budget disengagement and tax relief.
- Published
- 2021
39. Institutional convergence: exit or voice?
- Author
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Hall, Joshua
- Subjects
ECONOMIC convergence ,ECONOMIC liberty ,SOCIAL change ,DEMOCRACY -- Economic aspects ,VOTING ,ECONOMICS - Abstract
There is a small but growing literature on the determinants of economic freedom. This paper contributes to this literature in two ways. First, it is empirically shown that β-convergence in economic freedom occurred from 1980 to 2010. Countries with low levels of economic freedom in 1980 'catch up' at a rate of 0.7 percent a year on average, ceteris paribus. Second, the structural characteristics that contribute to this institutional convergence are documented. Conditional convergence estimates suggest democratic institutions do not con- tribute to conditional convergence. Exitability, a variable that captures how easy it is for citizens to 'vote with their feet' is related to the change in economic freedom from 1980 to 2010 in a statistically significant manner across all specifications. This provides some preliminary evidence as to the importance of 'exit' versus 'voice' with respect to the question of institutional change. [ABSTRACT FROM AUTHOR]
- Published
- 2016
- Full Text
- View/download PDF
40. Economic growth, abrupt institutional changes and institutional policies: The case of an oil-exporting country.
- Author
-
El-Joumayle, Omar A.M.
- Subjects
- *
ECONOMIC development , *PETROLEUM sales & prices , *IRAQ War, 2003-2011 , *GROSS domestic product , *PETROLEUM production , *ECONOMICS - Abstract
This article deals with economic growth in Iraq when formal institutions are subject to abrupt institutional change. The article follows a quantitative mode of enquiry to determine the impacts of institutional changes on economic performance. I built an expanded and updated version of Rowat's model for the Iraq war of 2003. Thus, I estimate the effects of oil price, oil production, and abrupt institutional change in terms of war on Iraq's gross domestic product (GDP) for 1971-2012. Likewise, I estimate the effects of the new institutional arrangements on the country's economic performance for the sub-period 1998-2012. The results demonstrate that the 2003 war and institutional arrangements have had a negative and significant effect on GDP growth, while the effects of both oil production and oil prices are positive but the latter is not statistically significant. In line with these findings, a static comparative analysis was also carried out for before and after the 2003 war. On one hand, the results show the destructive realities of the wars at the macro level and on the standard of living for common citizens and, on the other, the findings illustrate the difficulties and challenges related to creating institutional arrangements in the post-2003 war period that can enhance or promote sustained economic growth. [ABSTRACT FROM AUTHOR]
- Published
- 2016
- Full Text
- View/download PDF
41. The impact of the institutional change on the economic growth path in Greece
- Author
-
Oana Andreea Cristian and Juan Rafael Ruiz
- Subjects
Institutional change ,Path (graph theory) ,Economics ,Economic system - Published
- 2021
42. Institutional Change after the Great Recession
- Author
-
Luis Cárdenas and Javier Arribas
- Subjects
Economic policy ,Institutional change ,Economics ,Great recession - Published
- 2021
43. The consequences of short-term institutional change in the rule of law for entrepreneurship
- Author
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Tomasz Mickiewicz, Muntasir Shami, and Ute Stephan
- Subjects
Entrepreneurship ,executive constraints ,Strategy and Management ,media_common.quotation_subject ,institutional change ,Social Sciences ,UNCERTAINTY ,International business ,entrepreneurship ,Prospect theory ,PROSPECT-THEORY ,Business & Economics ,Economics ,Institutional analysis ,Quality (business) ,Business and International Management ,Institutional theory ,media_common ,Public economics ,rule of law ,prospect theory ,DECISION ,Investment (macroeconomics) ,Rule of law ,Management ,Global Entrepreneurship Monitor ,ENTRY ,VARIETIES - Abstract
Research Summary: Past research views institutions as stable and slow to change and uses institutional differences to explain cross-national variation in entrepreneurship. This article introduces a new perspective to institutional theory, that of short-term institutional change. Integrating insights from cognitive science allows us to theorize not just about the significance of short-term institutional change but also about why and how deterioration versus improvements in institutions have distinct effects. We test how short-term institutional change impacts entrepreneurship in a cross-country multilevel study. We find that short-term change in the rule of law affects entrepreneurial entry and that institutional deterioration weighs heavier than institutional improvement. We argue and find that changes in the rule of law are more consequential for entrepreneurship compared to changes in business regulations. Managerial Summary: It is known that the quality of institutions affects individuals' decisions to pursue entrepreneurship. Yet, we newly investigate effects of year-to-year changes in national institutions. Not only changes in business regulations matter, but also changes in more fundamental institutional aspects, especially in the rule of law. We find that institutional change has an impact because, on its basis, potential entrepreneurs form expectations about the future and therefore about the riskiness of their investment. Deteriorations compared to improvements in the rule of law are more consequential for entrepreneurship, consistent with the fact that losses loom larger than gains in human decisions.
- Published
- 2021
44. A theory of cultural revivals
- Author
-
Jared Rubin, Avner Seror, Murat Iyigun, University of Colorado [Boulder], Chapman University, Aix-Marseille Sciences Economiques (AMSE), École des hautes études en sciences sociales (EHESS)-Aix Marseille Université (AMU)-École Centrale de Marseille (ECM)-Centre National de la Recherche Scientifique (CNRS), École des hautes études en sciences sociales (EHESS)-École Centrale de Marseille (ECM)-Centre National de la Recherche Scientifique (CNRS)-Aix Marseille Université (AMU), and Lhuillier, Elisabeth
- Subjects
Economics and Econometrics ,Cultural beliefs ,Conservatism ,Institutions ,JEL: D - Microeconomics/D.D0 - General/D.D0.D02 - Institutions: Design, Formation, Operations, and Impact ,Power (social and political) ,Politics ,JEL: O - Economic Development, Innovation, Technological Change, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights/O.O3.O38 - Government Policy ,JEL: O - Economic Development, Innovation, Technological Change, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights/O.O3.O33 - Technological Change: Choices and Consequences • Diffusion Processes ,0502 economics and business ,Economics ,Cultural values ,JEL: N - Economic History/N.N4 - Government, War, Law, International Relations, and Regulation/N.N4.N40 - General, International, or Comparative ,JEL: Z - Other Special Topics/Z.Z1 - Cultural Economics • Economic Sociology • Economic Anthropology/Z.Z1.Z10 - General ,050207 economics ,[SHS.ECO] Humanities and Social Sciences/Economics and Finance ,Cultural transmission in animals ,Composition (language) ,050205 econometrics ,Institutional change ,Technological change ,05 social sciences ,Cultural group selection ,1. No poverty ,JEL: N - Economic History/N.N7 - Transport, Trade, Energy, Technology, and Other Services/N.N7.N70 - General, International, or Comparative ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,JEL: O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O43 - Institutions and Growth ,Political economy ,JEL: Z - Other Special Topics/Z.Z0 - General ,Cultural transmission ,Finance - Abstract
Why do some societies fail to adopt more efficient institutions? And why do such failures often coincide with cultural movements that glorify the past? We propose a model highlighting the interplay—or lack thereof—between institutional change and cultural beliefs. The main insight is that institutional change by itself will not lead to a more efficient economy unless culture evolves in tandem. This is because institutional change can be countered by changes in cultural values complementary to a more "traditional" economy. In our model, forward-looking elites, who benefit from a traditional, inefficient economy, may over-provide public goods that are complementary to the production of traditional goods. This encourages individuals to transmit cultural beliefs complementary to the provision of traditional goods. A horse race results between institutions, which evolve towards a more efficient (less traditional) economy, and cultural norms, which are pulled towards "tradition" by the elites. When culture wins the horse race, institutions respond by giving more political power to traditional elites—even if in doing so more efficient institutions are left behind. We call the interaction between these cultural and institutional dynamics a cultural revival.
- Published
- 2021
45. Breaking the rules: Schumpeterian entrepreneurship and legal institutional change in the case of ‘Blue Laws’, 1950s-1980s
- Author
-
Sebastian Teupe
- Subjects
History ,Entrepreneurship ,060106 history of social sciences ,Strategy and Management ,Law ,Institutional change ,0502 economics and business ,05 social sciences ,Economics ,0601 history and archaeology ,06 humanities and the arts ,Business and International Management ,050203 business & management - Abstract
How do laws change? The paper argues that under certain historical conditions ‘Schumpeterian rule-breaking’ has played a crucial role for understanding such change. If legal change is welcomed by l...
- Published
- 2019
46. TÜRKİYE’NİN 1980 SONRASI KURUMSAL YAPISINDAKİ DEĞİŞİMİ VE EKONOMİK SONUÇLARI
- Author
-
Yıldırım Beyazıt Çiçen
- Subjects
Economic policy ,Institutional change ,Sustainability ,Institutionalism ,Economics ,Institutional structure ,General Medicine ,New institutional economics - Abstract
A country's institutional structure is closely related to its economic performance. In this study, how economic growth in Turkey is being influenced by the institutional structure is tried to be explained, and especially after the 1980 period is discussed within the framework of New Institutional Economics. Accordingly, the positive steps in institutional change bring about an increase in investments and economic growth. However, since institutional reforms in Turkey do not have a continuity, the sustainability of economic growth is becoming problematic. The 1990s are ruled by incompatible coalitions and in the early 2000s Turkey suffered from painful crises. Increasing inclusive institutionalism after these years are also positively reflected in the economy, but this could not be sustained
- Published
- 2019
47. Market integration and institutional change
- Author
-
Carol H. Shiue and Wolfgang Keller
- Subjects
German ,Market integration ,French revolution ,Market economy ,Institutional change ,European integration ,language ,Economics ,Economic impact analysis ,General Economics, Econometrics and Finance ,language.human_language ,Institutional quality - Abstract
This paper examines the impact of institutional change on market integration. We show that the French Revolution’s ideals of freedom and equality that swept through Germany following French rule around the year 1800 significantly reduced city-to-city price gaps in nineteenth century Germany because the ideas led to institutional upgrading in the German states. The economic impact of institutions reduced price gaps by about 25%. Examining a range of indicators of institutional quality, we find that relatively broad indicators affecting multiple elements of commercial activity are most powerful in explaining institutions’ effect on the integration between economies. The paper shows that institutional change does not only change a given, individual economy but its impact is multiplied because institutional change affects the relationship between multiple economies.
- Published
- 2019
48. Significance of uncertainty in explaining institutional change in Douglass C. North’s approach
- Author
-
Gabriela Przesławska
- Subjects
Transaction cost ,lcsh:HB71-74 ,institutional change ,Perfect information ,lcsh:Law ,lcsh:Economics as a science ,Rationality ,players ,Cultural heritage ,Incentive ,mental models ,Intentionality ,Economics ,institutions ,New institutional economics ,Positive economics ,uncertainty ,Stock (geology) ,lcsh:K - Abstract
Motivation: Studies on nature and effects of uncertainty in a non-ergodic world became in Douglass Cecil North’s concept a starting point for explanation of economic changes mechanism. The origin of North’s studies on uncertainty is related to one of key research problems relevant to the emergence of New Institutional Economics (NIE) approach, that is answering the question why some countries are rich and others poor. This problem, according to NIE representatives, cannot be satisfactorily explained in the framework of neoclassical paradigm based on assumptions of perfect information, ideal rationality of market actors and zero transaction costs.Aim: The purpose of the article is to present D.C. North’s concept of uncertainty as a source of beliefs and creating institutions (‘rules of the game’) which place human environment in order.Results: North’s breakthrough legacy is in emphasizing the role of human intentionality, growth in the stock of knowledge, as a result of human learning, and common cultural heritage in determining the direction and dynamics of economic changes. Considerations included in the article will enable proving the significance given by North to institutions in reducing uncertainty resulting from the nature of non-ergodic world and thus creating basic incentives for growth and evolutionary economic changes. Finally, the analysis conducted for that purpose in this article will show the original contribution of D.C. North’s institutional-cognitive approach to the development of NIE (and economic theory in general) in explaining institutional conditions of development.
- Published
- 2019
49. Rethinking critical juncture analysis: institutional change in Chinese banking and finance
- Author
-
Stephen Bell and Hui Feng
- Subjects
Finance ,Economics and Econometrics ,Stimulus (economics) ,Sociology and Political Science ,Applied economics ,business.industry ,Institutional change ,05 social sciences ,050601 international relations ,0506 political science ,Institutional approach ,Political Science and International Relations ,Financial crisis ,050602 political science & public administration ,Economics ,Historical institutionalism ,business ,China ,Juncture - Abstract
China’s response to the global financial crisis and its post-2008 stimulus package and credit surge marked a critical juncture for its state-directed banking system. One result was the subsequent growth of the shadow banking sector marked by incremental ‘informal institutional adaptation’ and a greater role for markets. We employ historical institutionalist (HI) theory to help explain these developments but critique its current approach to critical junctures which has a limited, temporarily specific and overly static account of institutional change; one which overlooks the importance of changes on either side of the critical junctures and which is unable to integrate its emphasis on critical junctures with alternative theories, such as incremental accounts of institutional change. Using the empirical case of the evolution in China’s post-GFC banking and finance, a revised institutional approach is developed which is able to bridge these theoretical divides.
- Published
- 2019
50. A Case Study of the Institutional Change of Bi-Byeon-Sa through the Model of Maturation Period of the Time Difference Approach
- Author
-
Tae Seung Kim
- Subjects
Institutional change ,Time difference ,Economics ,Period (music) ,Demography - Published
- 2019
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