151. INFORMAL INSTITUTIONS AND ECONOMIC PERFORMANCE.
- Author
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BOSTAN, Ionel, CLIPA, Flavian, and CLIPA, Raluca Irina
- Subjects
- *
CRITICAL analysis , *TRANSACTION costs , *CONTRACTS , *ENDOWMENT effect (Economics) , *INSTITUTIONAL environment - Abstract
Using the critical analysis of the literature, the paper brings into focus the role of informal institutions on economic performance. The main conclusion drawn from the analysis is that economic performance is structured on the optimal functioning of institutional arrangements in which informal institutions are of particular importance by catalyzing decrease transaction costs, requiring judicious contracts, in order to promote a climate of trust between economic and the entire society. [ABSTRACT FROM AUTHOR]
- Published
- 2016