Accounting & Marketing

ISSN: 2168-9601

Open Access

Changes in Culture and Institutions and how they affect Economic and Financial Development Paths


Whiker Worth*

Non-economic factors that influence macroeconomic dynamics and the development of financial markets include the quality of institutions. Objective factors that accompany the historical process largely shape this quality. As a result, the focus of this study is on the factors that drive this process and how they impact the quality of institutions. It is demonstrated that culture, when viewed in its broadest sense, encompasses not only relevant heritage accumulated at various stages of the historical process but also socially prevalent behavioural attitudes and value beliefs that influence decision-making. Culture is the primary such force or source of institutional change. Through the use of specific historical events, the thesis about the significance of culture as a factor in sustainable economic dynamics and a source of the formation of the quality of national institutions is supported. Economic policy goals of financial development are frequently prioritized over institutional constraints when this conditionality is underestimated. Emerging market economies are primarily characterized by this factor in macroeconomic decision-making. In addition, studies conducted over the past few decades have shown that high-quality institutions have a positive and significant impact on macroeconomic dynamics. Because of this, the article is able to evaluate the quality of institutions and the role that finance plays in the set of state economic policy priorities in a different way.


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