An institutional framework is made up of:

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An institutional framework includes both formal and informal institutions, such as laws and social norms, that shape behavior and decision-making in a society. While regulatory and cognitive pillars may be important components of some institutional frameworks, they are more specific subcategories of formal and informal institutions. Additionally, while the political, economic, and legal systems of countries are certainly part of the institutional framework, they are not the only components - social and cultural norms can also be influential. An institutional framework is made up of formal institutions (such as laws and regulations) and informal institutions (such as norms and customs). It does not necessarily encompass the entire political, economic, and legal systems of a country, although these systems can influence and be influenced by the institutional framework. The concept of regulatory and cognitive pillars is not commonly used to describe institutional frameworks.

An Institutional Framework Is Made Up Of