CORRUPTION IN TERMS OF NEW INSTITUTIONAL ECONOMICS AND ITS IMPACT ON ECONIMIC GROWTH (Korupcja w ujeciu nowej ekonomii instytucjonalnej i jej wplyw na wzrost gospodarczy)

The existence of poorly shaped institutional system leads to a reduction in the efficiency of economy functioning and leaves a gap for creation of informal institutions, such as the corrupt behaviour. Corruption has a negative impact on the economy and society, affecting directly other elements of the institutional system, such as: investment, education, trade policy, political stability, public finances and institutional environment. The progress made in the techniques of measuring corruption, has created the possibility to estimate its impact on growth factors. The results of these analyses indicate the indirect negative impact of corruption on economic growth measured by gross domestic product (GDP). Still some researchers notice also a neutral or positive impact of corruption on economy.