Формалните институции и економскиот раст – економска анализа на сопственичките права

Abstract

Protection of property rights and rule of law are essential for market economies. Stable and predictable institutional environment where ownership rights are respected and contracts are enforced stimulates the economic growth. These institutional arrangements have specific and predictable effects on the resource allocation, innovation stimulus and technological progress. In this dissertation, we examine the relationship between protection of property rights and economic prosperity. The sample used in the research is consisted of the countries from the European continent. Moreover, we study the protection of property rights in the transitional economies in South-Eastern Europe compared to the European standard. The results of the research confirm the thesis that protection of property rights enhances institutional environment and kindles the economic growth.