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Interenterprise Arrears in Transforming Economies: The Case of Romania

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  • Eric V. Clifton

    (International Monetary Fund)

  • Mohsin S. Khan

    (International Monetary Fund)

Abstract

This paper reviews Romania's experience with interenterprise arrears during 1991 with the purpose of extracting lessons that might prove useful for other economies in transition to market-based systems. The rapid growth of interenterprise arrears poses a serious policy problem in many of the transforming economies of Eastern Europe, as well as in the republics of the former Soviet Union. Among the more striking cases is that of Romania, where gross interenterprise arrears grew almost 18-fold (to about 50 percent of GDP) in only one year. This paper discusses the development of these arrears and the policies implemented by the authorities to try to resolve the problem.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 40 (1993)
Issue (Month): 3 (September)
Pages: 680-696

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Handle: RePEc:pal:imfstp:v:40:y:1993:i:3:p:680-696

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Cited by:
  1. Milan Nikolic & Jacek Rostowski, 1995. "Exit in the Framework of Macro-economic Shocks and Policy Responses during Transition: a Cross-country Comparison," CASE Network Studies and Analyses 0056, CASE-Center for Social and Economic Research.
  2. Klaus Schröder, 1995. "Banking reforms in East Central Europe," Intereconomics: Review of European Economic Policy, Springer, vol. 30(4), pages 193-199, July.
  3. Daniel Daianu & Lucian-Liviu Albu, . "Strain and the Inflation - Unemployment Relationship: A Conceptual and Empirical Investigation," Ace Project Memoranda 96/15, Department of Economics, University of Leicester.
  4. Emil-Maria Claassen, 1993. "Cleaning the balance sheets of commercial banks in Eastern Europe and their role in corporate governance," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 129(3), pages 600-609, September.
  5. Koen Schoors & Konstantin Sonin, 2005. "Passive Creditors," International Finance, Wiley Blackwell, vol. 8(1), pages 57-86, 07.
  6. Daianu, Daniel & Albu, Lucian Liviu, 2008. "Strain and Inflation-Unemployment Relationship: A conceptual and empirical investigation," Working Papers of Institute for Economic Forecasting 081201, Institute for Economic Forecasting.
  7. Akhmed Akhmedov & Ekaterina Zhuravskaya, 2004. "Opportunistic Political Cycles: Test in A Young Democracy Setting," The Quarterly Journal of Economics, MIT Press, vol. 119(4), pages 1301-1338, November.
  8. Hildebrandt, Antje, 2002. "Too many to fail? Inter-enterprise arrears in transition economies," BOFIT Discussion Papers 11/2002, Bank of Finland, Institute for Economies in Transition.
  9. J Rostowski, 1993. "The Inter-Enterprise Debt Explosion in the Former Soviet Union: Causes, Consequences, Cures," CEP Discussion Papers dp0142, Centre for Economic Performance, LSE.
  10. Nikitin, Maxim, 2000. "An Arrears Crisis and Stabilization Failure in a Transition Economy," Journal of Comparative Economics, Elsevier, vol. 28(4), pages 665-699, December.
  11. Dobrescu, Emilian, 1996. "Macromodels of the Romanian transition Economy," MPRA Paper 35810, University Library of Munich, Germany.
  12. Antje Hildebrandt, 2002. "Too many to fail? Inter-enterprise arrears in transition economies," Development and Comp Systems 0212001, EconWPA.
  13. J. Rostowski, 1993. "The inter-enterprise debt explosion in the former Soviet Union: causes, consequences, cures," LSE Research Online Documents on Economics 20968, London School of Economics and Political Science, LSE Library.
  14. Varshavsky Alexander, 1999. "Macroeconomic Aggregate Model for Analysis of Inflation and Stabilization of the Russian Economy," EERC Working Paper Series 97-109e, EERC Research Network, Russia and CIS.
  15. Dobrescu, Emilian, 1998. "Macromodels of the Romanian transition economy, Second edition," MPRA Paper 35825, University Library of Munich, Germany.

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