Nadiya Grazhevska, Mykola Petrovsky, Olga Demydiuk


Urgency of the research. Complexity, inconsistency and divergence of the ways the former socialist countries are developing bring into the foreground issues about efficiency of their institutional change. Target setting. Institutional transformations in most of post-communist economies have not produced the expected results and this fact aroused a strong need for a comparative analysis of the reforming undertaken in these countries. Actual scientific researches and issues analysis. The latest books by V. Bazylevych, L. Balcerowicz, T. Gaidai, S. Gomulka, A. Gritsenko, G. Kolodka, J. Kornai, R. Nuryeyev and A. Aslund, V. Tarasevych and other authors explore efficiency of the institutional transformations in countries of the former socialist camp. Uninvestigated parts of general matters defining. The institutional factors that contribute to differentiation of the market transformations in the command economies received insufficient attention and must be explored. The research objective. Generalization of relevant experience and identification of the problems for market transformation in post-communist countries by conducting a comparative analysis of the efficiency of institutional change in these economies. The statement of basic materials. The article focuses on a comparative analysis of the efficiency of institutional transformations in fifteen countries of the former socialist camp. The study highlights a group of countries that differ in quality of the institutional environment. The findings provide recommendations for improving efficiency of the institutional system of the national economy. Conclusions. Institutional factors are responsible for a decisive influence on the efficiency of changes in postcommunist economies. The most successful countries of the former socialist camp stand out for the greatest perfection of the established institutional environment. The actions of primary importance in the post-crisis modernization of the Ukrainian economy should be aimed at ensuring efficiency of the institutional changes intended to de-shadow the national economy and get it out of bureaucratization and corruption.

Ключові слова

economic system; institutional changes; socio-economic transformations; efficiency of institutional transformations

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