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Institutional Diversity in the Post-socialist Area during Crisis

Author

Listed:
  • Michal Mádr

    (Mendel University in Brno, Faculty of Business and Economics, Brno, Czech Republic)

Abstract
The main aim of the paper is to identify the types of capitalism in the Eurasian transition economies in comparison with the other European countries and evaluate the influence of the recent global crisis on the institutional organization of these states. The paper uses cluster analysis for identifying the types of capitalism. The paper identifies 3 basic groups (core and periphery of the EEA and the other transition economies) and 10 sub-clusters in the European area. According to the results, only Estonia is at the same level as the core of the EEA, whilst the rest of the EU-8 economies and Montenegro with the Mediterranean economies comprise the periphery. In general, CEECs and EU Balkan States have higher quality institutional environment, but on the basis of the analysis of the selected indicators (economic growth, inflows of FDI and unemployment), these economies were impacted more by the recent global crisis than part of the Balkan and post-soviet countries in the clusters “2a” and “2c”. For the losing economies, one can consider sub-cluster “2d” (Bosnia and Herzegovina, Russia, Serbia and Ukraine).

Suggested Citation

  • Michal Mádr, 2015. "Institutional Diversity in the Post-socialist Area during Crisis," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 125-130, May.
    • Handle: RePEc:ovi:oviste:v:xv:y:2015:i:2:p:125-130
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    More about this item

    Keywords

    institutional diversity; transition economies; models of capitalism; global crisis;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights

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