№ 12/2015

Fìnansi Ukr. 2015 (12): 109–122

THEORY AND HISTORY OF FINANCES

MАТУЗКА Yaroslav ¹, HORBATIUK Viktoriia

¹PJSC CB “PrivatBank”

Institutional aspects of transaction costs

The issue of institutionalization of economic and financial systems, the impact of institutions on functioning and development of the economy and finance through influence on the economic and transaction costs is analysed in the article. The institutionalism is disclosed as powerful and promising area of ??modern economic theory that has specific methodology, conceptual and categorical apparatus, as well as research direction. It is underlined the interdisciplinary nature of institutionalism, and the advantages associated with the features of its scientific research are displayed. It is found a complicated structure of modern institutionalism and its main types - the traditional (“old”) institutionalism and neoinstitutionalism, the specifics of representatives’ approaches to the analysis of economic problems. The main features of imperfection of the institutional environment in Ukraine are considered and the necessity and directions of its improvement are substantiated. The results of research reveal an objective inevitability of existence of transactions and transaction costs associated with recognition of expensiveness of the interaction process between the economic entities and an importance of research of this type of economic spending along with transformation (production) costs. The economic content of transaction costs, their structure and role in the institutional environment formation are investigated. The basic definitions of the notion “transaction costs” by representatives of modern institutional theory are given, as well as their content and features are analyzed. It is defined the particular inverse dependences within the following expenditures: 1) between approximation of an economy to the L. Walras’ general equilibrium model and the transaction costs level; 2) between the effectiveness of the institutions’ existence and institutional environment and the transaction costs value. Reduction and, more importantly, optimization of transaction costs are considered as an objective need and a prerequisite of establishment and operation of an effective institutional system.

Keywords:institution, institutionalism, neoinstitutionalism, institutional changes, transaction, transaction sector, transformation costs, transaction costs

JEL: B41, D23, D24

Mатузка Y. . Institutional aspects of transaction costs / Y. Mатузка, V. . HORBATIUK // Фінанси України. - 2015. - № 12. - C. 109-122.

Article original in Ukrainian (pp. 109 - 122)

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