Assessment of the influence of informal institutes on the development of foreign economic relations in the transboundary region

Abstract

The purpose of the article is to analyse the impact of informal institutions on the development of foreign economic activity in a cross-border region. An analysis of the expert evaluation of enterprises engaged in export-import operations in order to identify the influence of social and psychological factors on the value of transaction costs in cross-border regions between Ukraine and the European Union was carried out. The study has shown that the degree of influence of each of the elements of the customary field on the value of transaction costs is different. The attention is focused on the fact that in the further intensification of the European integration processes in cross-border regions, foreign economic activity will grow subject to the elimination of gaps in the institutional and customary environment. The results of the study can be used to build a regional model for the development of foreign economic relations, taking into account existing informal institutions in the border regions of Ukraine and the neighbouring countries of the European Union.