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Overview of Institutional Change Contexts and Dynamics

In: Dynamics of Institutional Change in Emerging Market Economies

Author

Listed:
  • Adeleke O. Banwo

    (Consulate General of the Federal Republic of Nigeria)

  • Uchechi Onokala

    (University of Lagos)

  • Paul Kojo Ametepe

    (University of Lagos)

Abstract

This chapter examines institutional change contexts and dynamics using different theories and perspectives. Institutions are prevalent in every society, designed to protect the common interest of all stakeholders, serve as restraints on government and economic agents, and provide a framework to model behaviors and decisions. However, institutional changes have diverse effects on the formal and informal sectors of the economy. The framework and institutional mechanism are shaped by diverse factors such as culture, context, public policies, and human behavior. Evidence from the literature review confirms that institutions experience gradual or disruptive changes depending on the competing interests of stakeholders in all contexts. Besides, understanding this construct is complex depending on the perspectives. The findings from this study reiterate the importance of using different perspectives to understand the interplay of endogenous, exogenous factors, and human behavior motivations in institutional change studies.

Suggested Citation

  • Adeleke O. Banwo & Uchechi Onokala & Paul Kojo Ametepe, 2021. "Overview of Institutional Change Contexts and Dynamics," Contributions to Economics, in: Nezameddin Faghih & Ali Hussein Samadi (ed.), Dynamics of Institutional Change in Emerging Market Economies, pages 87-105, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-61342-6_3
    DOI: 10.1007/978-3-030-61342-6_3
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