IMPORTANCE OF INSTITUTIONAL FACTORS FOR ECONOMIC GROWTH IN TRANSITION COUNTRIES
The paper assesses similarity of the Russian model of economic growth to the growth model of transition countries from the standpoint of institutional factors. Efficiency of bureaucracy, business coalitions, and civil society together with the level of democracy, anti-corruption control, information transparency, and quality of the established judicial system are considered institutional factors. The paper contains a comparative assessment of the institutional models of the Russian Federation, former Soviet republics, emerging markets (for example, the BRICS countries), and a global average institutional model. According to the results, the following may be noted: institutional modeling of the Russian economy, as a type of transitive economy, can only partially explain institutional development of the Russian Federation. In terms of indicators of institutional factors’ statistics, the Russian model of economic growth is close to the model of the former Soviet Republics, and in terms of the growth rate - to the model of BRICS countries.