Ekonomická prosperita a právní prostředí se zaměřením na vlastnická práva - institucionální pohled

Abstract

The goal of the doctoral thesis is to clarify the relationship between quality of legal environment and economic prosperity of countries. The default hypothesis is that higher quality of legal institutions and a better definition and protection of property rights provide better conditions for economic prosperity. The work is methodologically based on contemporary institutional approach in economics. The theoretical section offers insight into the interaction of law and economics; especially, it deals with the definition of property rights and their relationship to the economic development of countries in a historical context. In the empirical part, multiple regression analysis method is used for determination the relationship between legal institutions and economic performance of post-socialist and other European countries. Research results of empirical studies and own econometric analysis show that high economic level is supported by credible legal environment with clearly defined and protected property rights. In contrast, the relationship between legal institutions and economic growth in a given period is not so clear. Analysis results show that the low quality of the legal environment does not prevent certain countries from high GDP growth rate; especially, if they operate well below its potential, and they have high revenues from exporting fuel and raw materials. In the long-term perspective, however, quality legal institutions within a stable institutional environment motivate agents to a higher accumulation of physical and human capital and investment in technological progress and so create conditions for economic prosperity.