Vol.8, No 4, 2011 pp. 357 - 370
UDC 330.342
INTERACTION OF FORMAL AND INFORMAL INSTITUTIONS - IMPACT ON ECONOMIC SUCCESS
Vlastimir Leković
Faculty of Economics, University of Kragujevac, Serbia
lekovic@kg.ac.rs
This research paper explores the general framework of the institutional structure of a national economy which is made up of formal institutions, informal institutions and their compliance and implementation mechanisms. The interdependence between the formal and informal institutions is especially examined, along with the effects of their mutual interactions on the business environment. These in turn provide the opportunities for the achievement of the adequate level of economic success of both business and non-business entities, as well as the entire economy. The aim of this paper is to point to the necessity of implementing institutional changes that will result in providing favorable business environment for the business entities and increase of their economic prosperity levels, in accordance with the analysis of the influence of the informal institutions on the formal ones and their interactive relationship. Based on the exploration of the interaction between the formal and informal institutions in different economic systems, the conclusion of this paper is that the best results are achieved in the conditions of their maximum synchronization and complementarity.
Key Words: formal institutions, informal institutions, economic system and economic actors, complementarity, efficiency, effectiveness
INTERAKCIJA FORMALNIH I NEFORMALNIH INSTITUCIJA - IMPLIKACIJE NA EKONOMSKU USPEŠNOST
Predmet istraživanja u ovom radu je opšti okvir institucionalne strukture nacionalne ekonomije, koju sačinjava sveukupnost formalnih institucija, neformalnih institucija i mehanizama njihovog poštovanja i ostvarivanja. Posebno se razmatra međuzavisnost formalnih i neformalnih institucija i uticaj njihove uzajamne interakcije na poslovni ambijent koji omogućava ostvarivanje odgovarajućeg nivoa ekonomske uspešnosti, kako privrednih i neprivrednih ekonomskih subjekata, tako i ekonomije u celini. Cilj rada je da se, na osnovu razmatranja različitih vidova dejstva neformalnih institucija na formalne, kao i njihovog interaktivnog odnosa, ukaže na neophodnost sprovođenja institucionalnih promena koje će rezultirati uspostavljanjem poslovnog okruženja koje će biti podsticajno za ekonomske subjekte i za podizanje nivoa njihove ekonomske uspešnosti. Na bazi analize interakcije formalnih i neformalnih institucija u različitim ekonomskim sistemima, zaključak rada je da se najbolji rezultati ostvaruju u uslovima njihove maksimalne sinhronizovanosti i komplementarnosti.
Ključne reči: formalne institucije, neformalne institucije, ekonomski sistem i ekonomski subjekti, komplementarnost, efektivnost, efikasnost
