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Money Substitutes in the Russian Virtual Economy: Sources and Impact on the Economy

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Author Info

  • Boyarchenko Svetlana

    ()

  • Levendorsky Sergey

    ()

Abstract

A macroeconomic model based on search-theoretical foundations is built to show that in an economy with structural deficiencies of the Russian Virtual Economy, money substitutes appear as a result of optimizing behavior of agents. The result obtains for an economy, where there are large natural monopolies and wide-spread informal networks. Many interesting properties of the economy are derived; in particular, money substitutes serve as a transmission belt of value from restructured effective firms to old ineffective ones thereby decreasing an incentive to restructure.

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Bibliographic Info

Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 2k/08e.

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Length: 63 pages
Date of creation: 05 Apr 2001
Date of revision:
Handle: RePEc:eer:wpalle:2k/08e

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Postal: EERC Research Network, Russia and CIS, 13, Yakira Str., suite 332, Kyiv, 04119 Ukraine
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