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Who Gains and Who Loses from Russian Credit Expansion

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  • Richard Layard
  • Ansgar Richter

Abstract

This paper traces (a) the impact of credit expansion on inflation and (b) the impact of inflation on the real liquidity of households and enterprises. From April 1992 to September 1993 households paid an inflation tax equal to 13.3% of GDP and received almost no new credits. Enterprises received new credits worth 26% of GDP and "paid" an inflation tax equal to 13% of GDP - a net "gain" of 13% of GDP. Households received negligible credits and "paid" an inflation tax equal to 13% of GDP.

Suggested Citation

  • Richard Layard & Ansgar Richter, 1994. "Who Gains and Who Loses from Russian Credit Expansion," CEP Discussion Papers dp0200, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepdps:dp0200
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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. Sulo Haderi & Harry Papapanagos & Peter Sanfey & Mirela Talka, 1999. "Inflation and Stabilisation in Albania," Post-Communist Economies, Taylor & Francis Journals, vol. 11(1), pages 127-141.

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