Interenterprise Arrears in Transforming Economies: The Case of Romania
AbstractThis 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 InfoArticle provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.
Volume (Year): 40 (1993)
Issue (Month): 3 (September)
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- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
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- 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.
- Greetje Everaert & Antje Hildebrandt, 2001. "On the Causes of Soft Budget Constraints: Firm-Level Evidence from Bulgaria and Romania," LICOS Discussion Papers 10901, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
- 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.
- Dobrescu, Emilian, 1998. "Macromodels of the Romanian transition economy, Second edition," MPRA Paper 35825, University Library of Munich, Germany.
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