inostrani kapital kao faktor razvoja zemalja - Ekonomski fakultet u ...

• Supporting the stability and competitiveness of the banking sector –
Opening subsidiaries of international banks; establishing public credit
registry; encouraging the process of bank hefting etc.
• Enhancing the insurance supervision – Establishing a supervisory organ in
the sphere of insurance; developing the capital market; supporting equity
funds etc.
• Reforms in the public sector – Privatization of the untransformed public
enterprises that have not completed the process due to their status; selling
shares of the privatized enterprises that are still in state’s ownership, etc.
• Reforming the public administration – Reforming the system of rewarding
the employees in the public sector; decreasing the discretion rights and
introducing mechanisms for controlling and monitoring the
administration’s operation by the citizens; maximum reduction of
bureaucracy and corruption through deregulation etc.
• Reforms in the healthcare sector – Fiscal consolidation of the healthcare
sector and budget financing of the Healthcare Insurance Fund in
compliance with the offered services; organizing trainings for the managers
in the healthcare sector etc.
• Increasing the level of environmental protection;
• Continuous realization of the decentralization process. 31
With the realization of all these measures as well as by further reforming and
improvement of the institutional capacity, meanwhile using the basic postulates of
the New Institutional Economics as a starting point, we believe that there will be an
increase in the economic prosperity and the welfare of all the citizens who live in
the Republic of Macedonia.
4. Conclusion
The institutions can be defined in many different ways. In fact they represent
formal and informal rules for managing the relationship between humans i.e. they
represent a set of norms the purpose of which is to define the relationship between
humans. In contemporary circumstances, the institutions i.e. the changes that are
going on within their frameworks are considered as being very significant carriers
of the socio-economic development. Taking this into consideration, it is consequent
that the transitional circumstances impose the need for giving appropriate attention
to the changes that are going on in this field in order to enhance the economic
growth. For example, the efficient system of property rights and the efficient
31 Ministry of Finance of the Republic of Macedonia, Macroeconomic Policy of the Republic of
Macedonia 2007, Skopje, p. 9-12.
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