Ekonomske institucije u nacionalnim i globalnim razmjerama
Economic institutions in national and global parameters

Summary/Abstract: This paper examines the mutual relations between institutional structures and economic growth in BiH, Croatia and Serbia, in relation to the wealth index of those countries. The aim of the paper is twofold: (i) to examine from the perspective of national economies whether their institutional structure impacts their respective economic growth positively or negatively, i.e. do improved economic institutions contribute to economic growth; and (ii) to examine from the perspective of the global crisis the possibilities for grater contribution of improved economic institutions to growth, or a relative decrease of the role of economies of those countries in the global economy. There is a high level of correlation between economic institutions and GDP, with indications in equal returns-to-scale. Improving the quality of economic institutions, indirectly via the GDP, can lead to an increased relative importance of economies of BiH, Croatia and Serbia in the global economy, though not to the extent that would allow a greater-state policy to be founded on it.

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