Abstract
Foreign trade activity (FT) is an essential driver of economic development; therefore, factors affecting its efficiency should be analysed. Along with the conventional economic factors affecting FT development, a focus should be given to institutional factors, whose role also cannot be neglected. Recent studies show institutional factors to produce both qualitative and quantitative effects on a country’s economic development, with various criteria and assessment approaches having been developed for their estimation. This paper classifies mathematical methods used to assess the effect of institutional factors on FT efficiency. An analysis of conventional mathematical models describing the relationship between institutional factors and FT indicators is provided. Mathematical methods are currently the major instrument for the analysis of FT parameters and their dependence on various external factors.
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