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The subject of this dissertation is the mutual relationship between institutions and economic growth and development. The analysis focuses especially on this relationship during the privatization process in Serbia, as well as the influence of institutional quality on the process of privatization. Accordingly, the theoretical framework of this thesis represents institutional economics, which as a theoretical concept, points out the role and importance of institutions for economic growth and development of each country. The institutions create the "rules of the game", that represent the normative framework of given economy, as well as the mechanisms that affect its efficiency. According to this theoretical concept, economic analysis can not be reduced to an examination of the market and market relations, but must also include the institutions that regulate the market and allow its efficient functioning. The dissertation first discusses the theoretical bases of institutional economics and provide the basic elements of its genesis (old institutionalism and new institutional economics). On this basis, the basic concepts of institutional economics are defined and their methodological meaning for the purposes of the analysis are determined in this dissertation. That is why it is specifically discussed the role of rules and contracts and property rights and transaction costs, particularly in terms of economic efficiency. Using the above basic concepts of institutional economics is analyzed and the fundamental question of this dissertation - the influence of institutional quality on the privatization process and its effects in Serbia, and consequently its economic growth and development. Different outcome of institutional reforms and attitude towards them is in transition countries resulted in different levels of their economic development and to a large extent determined by the character of the economic system and the quality of its institutions. Uneven development in these countries is due to the different institutional capacities, conditioned by the political and economic determinants. Developed countries in transition had the better of the institution, which has allowed them to implement the overall reform faster and more efficiently. On the other hand, the less developed countries find themselves in front of urgent institutional reforms that did not have adequate economic base, resulting in the potential for economic growth was much slower. There were no adequate and quality institutions. Determine what kind of economic and institutional environment did the process of privatization in Serbia is an important element of this dissertation. ; Predmet istraživanja ovog rada je međusobni odnos institucija i privrednog rasta i razvoja. Analiza se posebno fokusira na ovaj odnos tokom procesa privatizacije u Srbiji, kao i na uticaj kvaliteta institucija na sam proces privatizacije. U skladu sa tim, teorijski okvir ove disertacije predstavlja institucionalna ekonomija, koja kao teorijski koncept, u prvi plan ističe ulogu i značaj institucija za privredni rast i razvoj svake zemlje. Institucije kreiraju "pravila igre", odnosno predstavljaju normativni okvir date ekonomije, kao i mehanizme koji utiču na njenu efikasnost. Prema ovom teorijskom konceptu, ekonomska analiza se ne može svesti samo na ispitivanje tržišta i tržišnih odnosa, već mora obuhvatiti i institucije koje uređuju tržište i omogućavaju njegovo efikasno funkcionisanje. U radu se najprije razmatraju teorijske osnove institucionalne ekonomije i daju osnovni elementi njene geneze (stari institucionalizam i nova institucionalna ekonomija). Na toj osnovi se definišu osnovni pojmovi institucionalne ekonomije i određuje njihov metodološki smisao za potrebe analize koja se vrši u ovom radu. Tako se posebno razmatra uloga pravila i ugovora, te svojinska prava i transakcioni troškovi, prvenstveno sa aspekta ekonomske efikasnosti. Primjenom navedenih osnovnih pojmova institucionalne ekonomije analizira se i osnovno pitanje ovog rada – uticaj kvaliteta institucija na proces privatizacije i njegove efekte u Srbiji, a posledično i na njen privredni rast i razvoj. Različit ishod institucionalnih reformi i odnos prema njima je u zemljama u tranziciji rezultirao različitim nivoom njihovog ekonomskog razvoja i u značajnoj mjeri je odredio karakter ekonomskog sistema i kvalitet njegovih institucija. Nejednak razvoj u tim zemljama je posledica različitih institucionalnih kapaciteta, uslovljenih političkim i ekonomskim determinantama. Razvijenije zemlje u tranziciji su imale i kvalitetnije institucije, što im je omogućilo da sveukupne reforme sprovedu brže i efikasnije. Sa druge strane, manje razvijenije zemlje su se našle pred neodložnim institucionalnim reformama za koje nisu imale odgovarajuću ekonomsku podlogu, usled čega je njihov ekonomski razvoj bio znatno sporiji. Nisu postojale adekvatne i kvalitetne institucije. Utvrditi u kakvom ekonomskom i institucionalnom okruženju je tekao proces privatizacije u Srbiji predstavlja važan element ovog rada.

Many criteria are now imposed in order to evaluate the effectiveness of existing economic systems, and economic relations and processes. It is very important harmonization of the market economy principles underlying these criteria, on the one hand, and their implementation in practice, on the other. In this paper we will specifically deal with the market structure, as specific precondition for the emergence and functioning of the market economy. The theory warns us, and practice roughly confirms that it is not possible to make a clear distinction between the subjects in the market, which introduces a new concept of analyzing the market structure, and that is the market concentration. It helps to clarify the relationships of competition and market concentration. However, difficulties can arise especially in countries in transition such as Serbia. Despite the evident desire to regulate relations in the market and to establish equal conditions for all market participants, market structure transformation process in Serbia is particularly difficult by the privatization process that created the conditions for the emergence of monopolistic market structures. ; Mnoštvo kriterijuma se danas nameće u cilju ocjenjivanja uspješnosti postojećih ekonomskih sistema, ali i ekonomskih odnosa i procesa. Veo-ma je važna usklađenost principa tržišne ekonomije na kojima počivaju ovi kriterijumi, sa jedne strane, i njihove implementacije u praksi, sa druge. U radu ćemo se posebno pozabaviti tržišnom strukturom, kao posebnim preduslovom za nastanak i funkcionisanje tržišne ekonomije. Teorija nas upozorava, a praksa surovo potvrđuje da nije moguće napraviti jasnu distinkciju među subjektima na tržištu, zbog čega se uvodi novi koncept analize tržišne strukture, a to je koncentracija tržišta, koja pomaže da se rasvijetle odnosi konkurencije i tržišne koncentracije. Međutim, poteškoće se posebno javljaju u zemljama u tranziciji, kao što je i Srbija. I pored evidentne težnje da se urede odnosi na tržištu, te da se uspostave jednaki uslovi za sve učesnike na tržištu, proces preobražaja tržišne strukture u Srbiji posebno je otežan procesom privatizacije koja je stvorila uslove za nastanak monopolske tržišne strukture.

The topic of the analysis in this paper is the role and importance of economic policy in achievement of macroeconomic stability. Economic policy is in the basis of reformative concepts accompanying countries in transition, Serbia included. Economic growth and development of society as a whole depend both on theoretical foundations of economic policy and on its empirical achievements. Economic growth and development are precisely the main goals of economic policy of any country. However, the practice has shown (and quantitative indicators inexorably confirmed) that the economic policy of Serbia succumbed to the influence of politics (or, as often emphasized, 'political' politics) thus serving the satisfaction of political goals and ambitions instead of objective and necessary economic processes and developments. We approached the analysis of success and achievement of economic policy from two aspects: one is the analysis of institutional capacity as the basis for establishment and development of efficient economic policy, whereas another aspect focuses on success and efficiency of existing institutions through the process of deregulation as one of the pillars of transitional changes. The process of transition, which is briefly analyzed in this paper, for economy of Serbia on one hand meant the beginning of establishment of market-based economy while, on the other hand, it led to increasing questioning of starting points of Serbian economic policy, as well as of conditions it emerged in. This paper attempts to offer some responses to these dilemmas. ; Predmet analize u ovom radu jeste uloga i značaj ekonomske politike u postizanju makroekonomske stabilnosti. Ekonomska politika leži u osnovi reformskih koncepata koji su pratili zemlje u tranziciji, samim tim i Srbiju. Zavisno od teorijskog utemeljenja ekonomske politike, ali i njenih empirijskih dometa,zavisi i ekonomski rast i razvoj društva u cjelini. Osnovni cilj ekonomske politike svake zemlje jeste upravo ekonomski rast i razvoj. Međutim, praksa je pokazala (a kvantitativni pokazatelji to neumoljivo potvrđuju) da je ekonomska politika Srbije podlegla uticaju politike (ili, kako se često ističe, 'političke' politike), te da je u funkciji zadovoljenja političkih ciljeva i ambicija, a ne objektivnih i nužnih ekonomskih procesa i tokova. Analizi uspješnosti i dometa ekonomske politike pristupili smo sa dva aspekta: jedan je analiza institucionalnog kapaciteta kao osnova za uspostavljanje i razvoj efikasne ekonomske politike, a drugi aspekt analizira upravo uspješnost i efikasnost postojećih institucija posredstvom procesa deregulacije, kao jednog od nosećih stubova tranzicionih promjena. Proces tranzicije, koji je u radu kratko analiziran, sa jedne strane, za ekonomiju Srbije je predstavljao početak uspostavljanja ekonomije zasnovane na tržišnim principima, dok je, sa druge strane, doveo do toga da se sve više preispituju polazne osnove ekonomske politike Srbije, kao i uslovi pod kojima nastaje. U radu smo pokušali da ponudimo neke odgovore na pomenute dileme.

Public finances are one of the most important segments of state's economy. Their role and importance reflect in immediate increase (or reduction) of economic potentials of certain society, depending on the manner of management over material assets collected by the policy of public finances. Budget, as the most important instrument of public finances, is the best indicator by which one can have a direct insight into the volume of material assets as well as into their efficient and fair distribution among economic subjects, beneficiaries of these assets, through public revenues and public expenses, i.e. their relation. The paper shall present necessary conditions for achieving full economic efficiency of a society, usage of all economic potentials pertaining to the field of public finances. We shall see that, apart the set of economic factors which have to be met, there is a set of political prerequisites which in no way must be observed separately from the economic ones. Every division of political and economic factors at least leads to incorrect results. The focal position in the analysis shall be occupied by the institution of budget, as one of the most transparent indicators of success of economic policy, but also the centre of, so to say, 'clash' of political and economic functions and activity of the state. ; Javne finansije predstavljaju jedan od najvažnijih segmenata ekonomije jedne države. Njihova uloga i značaj se ogledaju u neposrednom uvećanju (ili smanjenju) ekonomskog potencijala određenog društva, u zavisnosti od načina upravljanja materijalnim sredstvima prikupljenim posredstvom politike javnih finansija. Budžet, kao najvažniji instrument javnih finansija, predstavlja najbolji indikator pomoću koga se neposredno može izvršiti uvid u obim materijalnih sredstava, kao i njihovu efikasnu i pravičnu raspodjelu ekonomskim subjektima, korisnicima tih sredstava, kroz javne prihode i javne rashode, odnosno njihov odnos. U radu će biti izvršen uvid koji su to neophodni uslovi, kako bi se postigla puna ekonomska efikasnost jednog društva, iskoristili svi ekonomski potencijali, a koji se odnose na područje javnih finansija. Vidjećemo da, pored niza ekonomskih činilaca koji moraju biti zadovoljeni, postoji i niz političkih preduslova koji se nikako ne smiju posmatrati odvojeno od ekonomskih. Svako odvajanje političkih i ekonomskih faktora vodi, u najmanju ruku, pogrešnim rezultatima. Središnje mjesto u analizi će zauzeti institucija budžeta, kao jednog od najmjerodavnijih pokazatelja uspješnosti ekonomske politike, ali i centra, uslovno rečeno, 'sudara' političkih i ekonomskih funkcija i djelatnosti države.