INSTITUTIONAL STIMULI OF ECONOMIC SUSTAINABILITY AND DEVELOPMENT: FINANCIAL CONCEPT AND ANTICORRUPTION EFFECTS

Abstract

The paper is devoted to elucidating the content and role of institutional stimuli in providing the economic sustainability and development. There is systematized the understanding of the economic content of the stimulating and coordinating function of institutions. The analysis of the essence and forms of manifestations of the dilemma “sustainability vs development” is realized. The complex of institutional sustainability and development stimuli as a complicated integrity of formal and informal alternatives, mechanisms of the economic development is separated. There is also elucidated the content of anticorruption effects of using institutional stimuli. Main institutional preconditions of the theoretical model of stimulating the economic development in the context of combining quality institutions, mechanisms and effective stimuli are revealed, its base principles are substantiated. The method of institutional analysis that is a base of systematization of the understanding of the economic content of the stimulating and coordinating function of institutions is central in the study. The method of system approach is used at analyzing the essence and forms of manifestations of the dilemma “sustainability vs development”. Based on method of structuring and synthesis, there is separated the complex of institutional stimuli of sustainability and development as a complicated integrity of formal and informal alternatives. The structural logic analysis gave a possibility to separate mechanisms and instruments of the economic development. Methods of comparison and generalization are used at elucidating the content of anticorruption effects of using institutional stimuli. There is established an importance of differentiation of legal institutions of state regulation that provide observation of property rights and responsibility and institutions that structure a market behavior of partners under conditions of the effective competition at making choice between the market and dirigiste mechanisms of sustainability and development. It is elucidated, that the effectiveness of institutional stimuli is connected with strengthening property rights and decreasing a corruption level. The influence mechanism of institutional stimuli of overcoming the conflict between private and social in the macrofinancial sphere is explained. It is established, that anticorruption effects of institutional stimulation need providing the rule of law, effective enforcement, support of democratic values, formation of the market competitive environment. At the same time there is revealed the ineffectiveness of anticorruption stimuli without raising the general culture of the population, formation of the anticorruption worldview. It is established the necessity of the civic society, more independent from the state, higher degree of personal responsibility of individuals for providing institutional stimuli that support stability, development and have the motivation effect in countries with forming markets. Institutional arrangements as to transferring economies of countries with forming markets to the way of development are determined.