Oleksandr Chornyy

Department of International Economic Relations

Lviv Academy of Commerce

INFLUENCE OF THE BRETTON WOODS INSTITUTIONS ON ECONOMIC GROWTH: LITERATURE SURVEY FOR TRANSITIONAL ECONOMIC SYSTEMS

ABSTRACT. The countries with the economies in transition to market system are usually treated the same as the other countries with different institutional systems. The same case is with the Bretton Woods Institutions that, while offering their financial assistance, impose advices commonly considered as identical to the approaches they use to other countries. This idea led to the discussion whether International Monetary Fund, World Bank and World Trade Organization really have positive effect on the economic growth of the countries in transition. This paper offers detailed literature survey on the discussion and suggests the methodological framework for the actual estimation of the Bretton Woods Institutions’ influence on the economic growth of the transitional countries.

Received: July, 2011

1st Revision: September, 2011

Accepted: October, 2011

JEL Classification: F43, P2

Keywords: transitional economies, economic growth, Bretton Woods institutions, methodology, literature survey.