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Institutional Endowments and the Lithuanian Holding as Innovative Network: A Problem of Institutional Compatibility in the Baltic Sea Area

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  • Thomas Marmefelt

Abstract

Post-socialist Lithuania had an undeveloped banking, a weak network commitment, and a resilient nomenklatura. An evolutionary Crossroads game shows that this made the nomenklatura bank convention stronger than the capitalist bank convention. In the nomenklatura bank convention, rent-seeking behavior decreases network commitment and thereby the effect of network complexity, thus making learning-by-financing weaker. This created a problem of institutional compatibility of bank-industry networks in the Baltic Sea Area during Lithuania's first voucher stage of privatization that might be overcome by foreign direct investment initiated in her second hard currency stage.

Suggested Citation

  • Thomas Marmefelt, 2004. "Institutional Endowments and the Lithuanian Holding as Innovative Network: A Problem of Institutional Compatibility in the Baltic Sea Area," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 17(1), pages 87-113, March.
    • Handle: RePEc:kap:revaec:v:17:y:2004:i:1:p:87-113
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    Cited by:

    1. André Barreira da Silva Rocha, 2013. "An Evolutionary Game for the Issues of Social Investment, Environmental Compliance and Consumer Boycott," Discussion Papers in Economics 13/17, Division of Economics, School of Business, University of Leicester.
    2. da Silva Rocha, Andre Barreira, 2010. "An Evolutionary Game Approach to the Issues of Migration, Nationalism, Assimilation and Enclaves," Economics Discussion Papers 8945, University of Essex, Department of Economics.
    3. Barreira da Silva Rocha, André, 2013. "Evolutionary dynamics of nationalism and migration," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(15), pages 3183-3197.

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