Institutional Effectiveness Assessment Based on the Quality of Institutional Economic Structure in the Current Context

Abstract

Institutional effectiveness is an integral condition of economic performance of any state. The article examines three clusters of countries according to the level of institutional effectiveness. Influence priorities of institutional structure quality on the level of institutional economic effectiveness are determined for each cluster. The model of institutional economic effectiveness is discussed for each cluster of countries. The model enables to differentiate institutional economic structure of countries depending on the level of institutional effectiveness. The article suggests a number of transformations aimed at increasing institutional economy.