Kormányzás, kultúra vagy a demokrácia minősége? Az intézmények szerepe az Európai Unió gazdasági fejlődésében
GOVERNANCE, CULTURE, OR THE QUALITY OF DEMOCRACY THE ROLE OF INSTITUTIONS IN THE ECONOMIC DEVELOPMENT OF THE EUROPEAN UNION

Summary/Abstract: This paper intends to explore the underlying institutional factors of the present crisis of the European Union (and within it, the Economic and Monetary Union, EMU). The institutional tradition of political science and institutional economics defi ne the framework of interpretation; the essence of the analysis is about the relationship between economic development and the different institutional dimensions (democratic quality, legal institutions, governance and the cultural aspects of economic-political behaviour). The empirical analysis examines the development of the European Union countries between 1993 and 2011 and the relationship between economic and institutional development in the period. The results reveal strong correlation among the different aspects of institutional development in the EU countries and we cannot observe a Singaporean- type contradictory constellation between democratic quality and governance effi ciency. Another important fi nding is that the EMU countries are too heterogeneous in their features of institutional development; thus the Euro area is far from being the club of the most developed European countries.

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