Greek Structural Programme Loan Operation-Lessons Learnt on the ...
Greek Structural Programme Loan Operation-Lessons Learnt on the ...
Greek Structural Programme Loan Operation-Lessons Learnt on the ...
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Definiti<strong>on</strong>s and c<strong>on</strong>cepts<br />
Instituti<strong>on</strong>s<br />
(D. North) formal (rules,<br />
laws) and informal<br />
c<strong>on</strong>straints (norms,<br />
codes) including<br />
mechanisms of <strong>the</strong>ir<br />
enforcement<br />
Embeddedness: informal<br />
instituti<strong>on</strong>s, customs,<br />
traditi<strong>on</strong>s<br />
(100 years and more)<br />
Instituti<strong>on</strong>al envir<strong>on</strong>ment<br />
(10 to 100 years)<br />
Governance, c<strong>on</strong>tracts<br />
(1 to 10 years)<br />
Resource allocati<strong>on</strong> and<br />
employment<br />
(c<strong>on</strong>tinuous)<br />
Source: O. Williams<strong>on</strong>, The New Instituti<strong>on</strong>al Ec<strong>on</strong>omics…<br />
,<br />
European Investment Bank<br />
PJ/ERD/REGU 9