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

implementation of contracts enable decrease in transaction costs in case when
economic agents undertake certain actions and thus increase economic efficiency.
Unless someone guarantees the right for resource ownership, their usage and
transfer, the producers will face the risk of losing their resources. This risk appears
to be especially important for the countries in transition, because the unsafe
property rights represent an inevitable feature of the systems in this type of
countries.
The implementation of these findings in the example of the Republic of
Macedonia shows that reforming actual institutions and establishing new and
efficient institutions, is something that will significantly influence the decrease in
transaction costs and lead to successful implementation of contracts, clear
determination of property rights, decrease in the amount of asymmetric
information, and all these will consequently add to the process of improving
business climate, attracting foreign capital and thus produce higher and more stable
rates of development of the Macedonian economy.
A special attention in this paper has been given to the reforms carried out in
the following institutions: institutions responsible for creating market economy (the
judicial system); the operation of the institutions responsible for the regulation and
alleviation of market failure areas (Securities Commission, Banks Supervision
Department, Commissions for regulating domains with characteristics of a natural
monopoly); institutions responsible for market stabilization and macroeconomic
stability maintenance (Central Bank and Ministry of Finance); and institutions
responsible for market legitimacy (the pension systems, the patterns for providing
help in case of unemployment and other social funds).
Having in mind the previous, it can be pointed out the fact that a well–framed
and successfully realized reform of the actual institutions in Macedonia in
conjunction with the improvement of property rights will not only help the
economy, but this will also mean that resources will be held by individuals and
firms who have safe and precisely defined interest in protecting them, and thus
decrease the level of corruption and crime. All this will represent a significant
momentum for attracting foreign capital.
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