engleski

International financial institutions, institutional and policy diversity and their impact on economic development : case of countries in transition

World-wide neo-liberal economic policy, encouraged by supranational (international) financial institutions, often neglects institutional diversity of developing countries (path dependency, asymmetric information, multiple institutional equilibrium etc.) and their impact on fostering economic development of developing countries. Even the "Post- Washington Consensus" (1997) points out the importance of institutional base (as a prerequisite for any market reform) and design for effective economic policy (new role of the state, "good" governance, development strategies etc.) and development ; the "blueprint" for neo-liberal policy spreads throughout the world. However, the same institutions and policy that can be introduced in all the countries seem to be merely ideologues fiction, based on simple theoretical standpoints, and with poor rather than modest economic results. The major challenge facing transition economies is to shape their own particular (appropriate) forms of mixed market economy. In this case, globalization doesn't imply uniformity of institutions, organizational forms and policy measures. It should be stressed out that the ignition of a new economic development cycle in transition countries requires respecting institutional theoretical base of these countries as well as new arrangements of international financial institutions. Authors strongly advocate the need of "new institutional and policy theories", which are described in detail, as well as of more realistic measures of reforming international financial institutions (and, consequently, their policies to avoid financial crises and growing economic gaps) on one hand, and organizations in transition countries, on the other hand.

institutions; formal and informal institutions; institutional diversity; IFI

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