BUSINESS INFORM №5-2017

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14

Section: Economic and Mathematical Modeling
UDC 330.837
Mykolenko O. P.
Do Institutions Create Conditions for Economic Growth? (Inter-Сountry Analysis) (p. 81 - 89)
The article is aimed at studying the impact of quality of institutions on economic growth, on the basis of the collected panel data on the selected economic institutions. The selection of the latter was done according to the analysis results and a generalization of the scientific works by contemporary researchers. The article substantiates the need to build an integrated indicator to assess the impact of quality of institutions on GDP per capita. Institutional factors were selected as explanatory variables by the criterion of importance for economic growth. The use of the main component method has enabled the model to include not only real indicators but also other institutional factors that may be relevant but remain unaccounted for in the selection of a specific set of institutions. The analysis used the data by the World Economic Forum and the World Bank collected for a number of countries. Prospects for further research relate to the search for and construction of a regression model, incorporating institutional and other independent variables influencing economic growth.
Keywords: institutions, economic growth, method of main components, regression analysis.
Fig.: 3. Tabl.: 4. Formulae: 2. Bibl.: 19.

Mykolenko Olena P. – Candidate of Sciences (Economics), Associate Professor, Department of Economics of the Enterprise, Kharkiv University of Humanities «People’s Ukrainian Academy» (27 Lermontovska Str., Kharkіv, 61000, Ukraine)
Email: [email protected]

Article is written in Russian
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Reference to this article:
Mykolenko, Olena P. (2017) “Do Institutions Create Conditions for Economic Growth? (Inter-Сountry Analysis).” Business Inform 5:81–89.

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