PROBLEMS OF ECONOMIC THEORY УДК 330.837 JEL: 1Cherkasy State Business College, Research ID : http://www.researcherid.com/rid/ INSTITUTIONAL FACTORS OF THE KLEPTOCRATIC ECONOMY The post-communist history testifies: the worst economic consequences of transformational processes are observed in countries, where state’s power on the basis of the kleptocratic structure uses the own potential for the arbitrary interpretation of property rights and hampers the competition, whereas representatives of its socio-political elite break dangerously the imperative of social formal institutions and use the own power rights for a fast enrichment and a strengthening of the own key positions in the society. Keywords:kleptocratic economy, models of a kleptocratic state, corruption, institutional medium, formal and informal institutions
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