Institutional Trust as a Factor of Economic Development: Empirical Analysis
Keywords:
institutional trust, social capital, economy of Belarus, Germany, Estonia, Poland, institutional system, government effectiveness, regulatory quality, rule of law, level of economic development, transaction costs, economic agentsAbstract
Based on the use of mathematical modeling, conclusions about the developed problems of the efficiency of the institutional system of Belarusian economy are made. For their quantitative assessment, we used the categories "institutional trust", "social capital", "transaction costs" and indicators of the level of trust and the level of economic development for a group of countries based on data from the World Bank and the international project "World Values Survey". The level of economic development was assessed by the indicator of GDP (PPP) per capita at constant prices (2017), international dollars. We used two provisions as the initial assumptions in the research. First, trust is an important attribute of the institutional system, since without it the norms are not embodied in the effective interaction among economic agents, which explains the lag in the country's socio-economic development. Second, a comparison of the calculated with mathematical modeling, and the actual level of economic development allows us to conclude about the quality of the institutional system of the economy. The conclusion about the low quality of the institutional system of the Belarusian economy is made, since it is characterized by a high level of institutional trust in combination with a low level of economic development. The conclusion on low level of economic development is made on the result of a comparison of the estimated and actual level of GDP (PPP) per capita at constant prices (2017), international dollars. Due to the imperfection of the institutional system of the economy, the GDP (PPP) per capita at constant prices (2017) losses for Belarus amount to about 12000 international dollars annually. An assessment of the quality of the institutional system, combined with an assessment of the level of trust, makes it possible to form the prerequisites for the development of economic policy in a specific historical period.
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