TRANSACTION COSTS IN THE CONTEXT OF INSTITUTIONAL CHANGE Cover Image

ТРАНЗАКЦИОННИТЕ РАЗХОДИ В КОНТЕКСТА НА ИНСТИТУЦИОНАЛНАТА ПРОМЯНА
TRANSACTION COSTS IN THE CONTEXT OF INSTITUTIONAL CHANGE

Author(s): Stanka Rinkova
Subject(s): Economy, National Economy, Business Economy / Management, Financial Markets
Published by: ЮГОЗАПАДЕН УНИВЕРСИТЕТ »НЕОФИТ РИЛСКИ«
Keywords: transaction costs; institutions; institutional environment and institutional change; effective legislation; economic freedom

Summary/Abstract: This article analyzes the nature, the structure and the dynamics of the transaction costs based on different criteria and approaches. The article indicates that the transaction costs are necessary tool of micro and macroeconomic analysis and a factor increasing competitiveness of the institutional structure and long-term effectiveness of the functioning of the economic system. Application of the conception of the transaction costs makes it possible to assess the occurrence and functions of the various institutions, the effectiveness of the influence upon them. On the basis of case studies are given results that formal and informal institutions are not sufficiently effective and changes are necessary in the conditions of doing business in order to increase economic freedom and efficiency of the legislative process.

  • Issue Year: 9/2013
  • Issue No: 1
  • Page Range: 8-17
  • Page Count: 10
  • Language: Bulgarian