Transaction costs under globalization : the example of Russian economy

Abstract

The paper studies the increasing impact of transaction costs on the development of national economies under globalization. Two levels of transaction costs regulation (supranational and national) are described in the paper. The authors believe that international organizations facilitate the global reduction of transaction costs; however, negative tendencies were discovered in the modern development conditions, which consist in an imbalance between the interests of participants. In terms of the national regulation level, it is necessary to search for a vector of development, taking into account the policies of import substitution and the place of transnational corporations in the global value chains. The policy of institutional infrastructure development, based on the estimation of transaction costs, will allow ensuring the development of the national economy under globalization.