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Трансакционни разходи и икономически растеж (Transaction Costs and Economic Growth)
Abstract
This article explores the theoretical relationship between economic growth and transaction costs, including the historical background of the discussion. Causes and
implications of the rapid enlargement of the Bulgarian transaction sector in the
transition period are discussed in respect to Douglas North’s institutional theory of
economic development. An answer to the central question in North’s approach
whether increasing total transaction costs inhibit economic growth as well as possible
ways to econometrically prove the theoretical conclusions are looked for in the
literature. The general inappropriateness of Wallis & North’s measuring concept for
the investigation of the likely relationship between transaction costs and economic
growth is inferred.
Bulgarian:
Транзакционни разходи и икономически растеж
Статията разглежда теоретичната взаимозависимост между икономическия
растеж и нивото на съвкупните трансакционни разходи, както и историческия
контекст на дискусията. Посочени са възможни причини и следствия от бързото
нарастване на трансакционния сектор на българската икономика в годините на
преход. Основа на анализа образува институционалната теория на
икономическото развитие на Д. Норт. Потърсен е отговор на централния въпрос
в подхода на Норт, дали увеличението на агрегатните трансакционни разходи
възпрепятства икономическия растеж, както и възможности за иконометрична
проверка на представените теоретични изводи. Показана е принципната
неприложимост на концепцията за трансакционен сектор на Уолис и Норт за
разкриване на евентуалната връзка между трансакционни разходи и
икономически растеж.
... Among the Bulgarian authors, there could be mentioned the publications of Sedlarski (2008) and of Tchobanov, Egbert and Sedlarski (2008). In both publications, the justice is defined as a transaction service, provided by the public sector. ...
Abstract: The methods of new institutional economics for identifying the transaction costs of trade litigations in Bulgaria are used in the current paper. For the needs of the research, an indicative model, measuring this type of costs on microeconomic level, is applied in the study. The main purpose of the model is to forecast the rational behavior of trade litigation parties in accordance with the transaction costs in the process of enforcing the execution of the signed commercial contract. The application of the model is related to the more accurate measure-ment of the transaction costs on microeconomic level, which fact could lead to better predic-tion and management of these costs in order market efficiency and economic growth to be achieved. In addition, it is made an attempt to be analysed the efficiency of the institutional change of the commercial justice system and the impact of the reform of the judicial system over the economic turnover. The augmentation or lack of reduction of the transaction costs in trade litigations would mean inefficiency of the reform of the judicial system.
JEL Codes: O43, P48, D23, K12 /
ProQuest document ID 2069698054
... Among the Bulgarian authors, there could be mentioned the publications of Sedlarski (2008) and of Tchobanov, Egbert and Sedlarski (2008). In both publications, the justice is defined as a transaction service, provided by the public sector. ...
Shteryo Nozharov & Petya Koralova – Nozharova, 2018. "Transaction Costs and Institutional Change of Trade Litigations in Bulgaria," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 123-133 //ProQuest document ID 2069698054 //
The methods of new institutional economics for identifying the transaction costs of trade litigations in Bulgaria are used in the current paper. For the needs of the research, an indicative model, measuring this type of costs on microeconomic level, is applied in the study. The main purpose of the model is to forecast the rational behavior of trade litigation parties in accordance with the transaction costs in the process of enforcing the execution of the signed commercial contract. The application of the model is related to the more accurate measurement of the transaction costs on microeconomic level, which fact could lead to better prediction and management of these costs in order market efficiency and economic growth to be achieved. In addition, it is made an attempt to be analysed the efficiency of the institutional change of the commercial justice system and the impact of the reform of the judicial system over the economic turnover. The augmentation or lack of reduction of the transaction costs in trade litigations would mean inefficiency of the reform of the judicial system. JEL Codes: O43, P48, D23, K12
... Particularly, problems arise if productivity gains do not compensate additional transaction costs and if an institutional setting is not able to develop alternative institutions with lower transaction costs. Then an increasing specialization may not yield productivity gains of transformation employment (see Sedlarski 2008) The paper is structured as follows. Section 2 provides a review of the literature. ...
We compare transaction employment in the USA and Bulgaria from 1997 to 2006. Transaction employment reflects the labour inputs which are necessary to run institutions in a national economy. We measure these inputs as a share of GDP. Our results show that a relatively constant share of about 30% of GDP relates to transaction employment in the USA. In the transitional economy of Bulgaria this share increases from 8% to 12 %. This paper deals with a particular aspect of the transaction sector concept and adds to the discussion on the methodology for cross-country comparisons.
The same rule which regulates the relative value of commodities in one country does not regulate the relative value of the commodities exchanged between two or more countries.
Under a system of perfectly free commerce, each country naturally devotes its capital and labor to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole. By stimulating industry, by rewarding ingenuity, and by using most efficaciously the peculiar powers bestowed by nature, it distributes labor most effectively and most economically: while, by increasing the general mass of productions, it diffuses general benefit, and binds together, by one common tie of interest and intercourse, the universal society of nations throughout the civilised world. It is this principle which determines that wine shall be made in France and Portugal, that corn sell be grown in America and Poland, and that hardware and other goods shall be manufactured in England…
Following Wallis and North's pioneering attempt to estimate the size of transaction costs in the United States over the period 1870 to 1970, we seek to augment this seminal study by applying their methodology to the Australian economy for the period 1911 to 1991. Broadly speaking, our results support the Wallis and North finding with comparable magnitudes and growth rates in both the private and public transaction sectors. © Blackwell Publishers Ltd and the Economic History Society of Australia and New Zealand 1998. Published by Blackwell Publishers Ltd.
Of the Division of LabourOf the Principle which Gives Occasion to the Division of LabourOf the Natural and Market Price of CommoditiesNote