Institutional transformation platforms in transition economics Summary

Abstract

Institutional transformations in the economy of Ukraine are considered as the basis of its civilizational development. The idea was advanced that, to ensure the transformation in the economy, it is necessary to promote the formation of a system of institutions. The main components of the institutional system of economic transformation are: institutional changes in the economy, specifications of property rights, institutional matrices of the trajectory of the development of transition economies, and the neuroeconomic components of the transformation processes in the economy. The aim of the research is to reveal the essence and structure of the formation of the institutional system for ensuring reforms of various components of the transformational economy. The formation of the institutional system of the transformational economy is investigated on the basis of the theory of institutional changes and such institutions of the market economy as property rights, the theory of neuroeconomics. Formation of the institutional system is the process of accumulation of basic elements capable of providing the appearance of new or substantial modernization of already existing institutions. The institutional system of transformations is presented as continuous informal changes, which are fixed in the formal institutional system of society in the form of legal acts, norms of behavior and institutions (organizations) designed to ensure their observance. The greatest need for new institutions exists precisely in a transitional economy, where the institutional basis for the transition to market economic relations is being formed. Institutional analysis created the conditions for developing a new approach to designing the trajectory of the development of the national economy on the grounds that the formation of a certain institutional system determines the trajectory of the further development of the economy of the state and the world. Theoretical research should become the foundation of the state policy in the sphere of managing the process of creating formal institutions as the basis of the institutional framework. This requires certain clarifications regarding the possible gap between the rules declared by the legislation and the mechanism for ensuring their compliance, the basis for further research.