QUALITY ASSESSMENT OF THE INSTITUTIONAL SYSTEMS OF ESTONIA, LITHUANIA, POLAND AND BELARUS
The article presents the results of a quantitative assessment of the quality of the institutional system of Estonia, Lithuania, Poland and Belarus. In order to create a model the following Worldwide Governance Indicators were used - Voice and Accountability, Political Stability and Absence of Violence, Government Effectiveness, Regulatory Quality, Rule of Law, Control of Corruption. The indicator Gross National Income (GNI) per capita constant US dollars is used to characterize the level of economic development. The period of analysis is from 2004 to 2015. Despite relatively similar starting conditions after the collapse of the USSR for the analyzed countries the outcome of institutional change is different. The quantitative assessment of the impact of the indicators of the quality of institutions shows “bottleneck” institutions for the economic development. The results of the research can be used in the development of economic policy. Taking into consideration the analysis of the World Bank data it can be stated, that Estonia, Lithuania, Poland have successfully completed the transition process. However, Belarus is in hybrid transitional state, stuck in the process of transition or, in other words, Belarusian economy functions in the conditions of institutional trap.