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"Arrears" in the Russian Enterprise Sector

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Author Info
G. Alfandari
M.E. Schaffer

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Abstract

This paper offers an analysis of payment arrears in the Russian enterprise sector, using both official aggregate data and data from a World Bank survey of 439 large and medium industrial Russian enterprises conducted in mid-1994. The focus is on trade credit arrears, tax arrears, and wage arrears (a companion paper discusses bad bank debts in detail). Among the findings of the paper are: contrary to the standard view of an ongoing "inter-enterprise arrears crisis" in Russia, levels of trade credit arrears in Russia are compable to those found both in other transition countries and in Western market economies; trade credit arrears and inflation are closely inversely correlated, the likely reason being that when macro policy is being tightened, firms try to create liquidity by extending payment periods; basic credit control mechanisms are in wide use by firms; and financially-distressed firms raise the priority of paying suppliers and lower the priority of paying taxes, with the result that tax arrears are significantly concentrated in financially-distressed firms. The paper concludes with a discussion of policy options.

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Paper provided by Centre for Economic Reform and Transformation, Heriot Watt University in its series CERT Discussion Papers with number 9608.

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Date of creation: 1996
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Handle: RePEc:hwe:certdp:9608

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Abel, István & Siklos, Pierre L, 1993. "Constraints on Enterprise Liquidity and their Impact on the Monetary Sector in Formerly Centrally Planned Economies," CEPR Discussion Papers 841, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. Begg, David & Portes, Richard, 1993. "Enterprise debt and financial restructuring in Central and Eastern Europe," European Economic Review, Elsevier, vol. 37(2-3), pages 396-407, April. [Downloadable!] (restricted)
  3. Sérgio Pereira. Leite & David Bigman, 1993. "Enterprise Arrears in Russia: Causes and Policy Options," IMF Working Papers 93/61, International Monetary Fund.
  4. Ickes, B.W. & Ryterman, R., 1992. "Inter-Enterprise Arrears and Financial Underdevelopment in Russia," Papers 9-92-6, Pennsylvania State - Department of Economics.
  5. Steven Phillips & Vincent Koen, 1993. "Price Liberalization in Russia: Behavior of Prices, Household Incomes, and Consumption During the First Year," IMF Occasional Papers 104, International Monetary Fund.
  6. Jacek Rostowski, 1994. "Interenterprise Arrears in Post-Communist Economies," IMF Working Papers 94/43, International Monetary Fund.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. James Alm & Jorge Martinez-Vazquez & Sally Wallace, 2007. "Do Tax Amnesties Work? The Revenue Effects of Tax Amnesties during the Transition in the Russian Federation," International Studies Program Working Paper Series, at AYSPS, GSU paper0718, International Studies Program, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
    Other versions:
  2. John S. Earle & Andrew Spicer & Klara Sabirianova Peter, 2004. "Community Norms and Organizational Practices: The Legitimization of Wage Arrears in Russia, 1992-1999," William Davidson Institute Working Papers Series 2004-641, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  3. 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. [Downloadable!]
  4. Ingo Geishecker & John P. Haisken-DeNew, 2002. "Riding the Transition Roller-Coaster: Flexibility and the Inter-Industry Wage Structure in Russia," Discussion Papers of DIW Berlin 280, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  5. Alan Bevan & Saul Estrin & Mark E. Schaffer, 1999. "Determinants of Enterprise Performance during Transition," CERT Discussion Papers 9903, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
  6. Irena Grosfeld & Claudia Senik-Leygonie & Thierry Verdier & Stanislav Kolenikov & Elena Paltseva, 1999. "Dynamism and Inertia on the Russian Labour Market: A Model of Segmentation," William Davidson Institute Working Papers Series 246, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  7. Lilia Maliar & Serguei Maliar, 2003. "A Neoclassical Theory Of Wage Arrears In Transition Economies," Working Papers. Serie AD 2003-15, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  8. Sophie Brana & Mathilde Maurel, 1999. "Barter in Russia: Liquidity Shortage versus Lack of Restructuring," William Davidson Institute Working Papers Series 271, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  9. Denisova Irina, 2000. "Credit Channel of Monetary Transmission: the Role of Industrial Interenterprise Arrears," EERC Working Paper Series 99-12e, EERC Research Network, Russia and CIS. [Downloadable!]
  10. Lubomir Dmitrov, 1999. "Budget Constraints of Bulgarian Enterprises, 1996-97," CERT Discussion Papers 9905, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
  11. Sophie Brana & Mathilde Maurel & Jerome Sgard, 1999. "Enterprise Adjustment and the Role of Bank Credit in Russia: Evidence from a 420 Firm's Qualitative Survey," Working Papers 1999-06, CEPII research center. [Downloadable!]
  12. Mark E. Schaffer, 1997. "Do Firms in Transition Economies have Soft Budget Constraints? A Reconsideration of the Concepts and Evidence," CERT Discussion Papers 9720, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
  13. Hartmut Lehmann & Jonathon Wadsworth & Alessandro Acquisti, 1997. "Grime and Punishment: Employment, Wages and Wage Arrears in the Russian Federation," William Davidson Institute Working Papers Series 103, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  14. A. Richter & M.E. Schaffer, 1996. "The Performance of De Novo Private Firms in Russian Manufacturing," CERT Discussion Papers 9610, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
  15. Irina Akimova & Gerhard Schwödiauer, 1999. "Restructuring of Ukrainian Enterprises after Privatization: Does Ownership Structure Matter?," Industrial Organization 9903003, EconWPA. [Downloadable!]
  16. A Aquisti & H Lehmann & Jonathan Wadsworth, 1998. "Grime and Punishment: Job Insecurity and Wage Arrears in the Russian Federation," CEP Discussion Papers dp0403, Centre for Economic Performance, LSE. [Downloadable!]
    Other versions:
  17. S. Dobbelaere, 2003. "Ownership, Firm Size and Rent Sharing in a Transition Country," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 03/170, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  18. John S. Earle & Klara Z. Sabirianova, 2002. "How Late to Pay? Understanding Wage Arrears in Russia," Staff Working Papers 02-77, W.E. Upjohn Institute for Employment Research. [Downloadable!] (restricted)
    Other versions:
  19. Kondratyeva Elena, 2003. "An analysis of wage arrears of coal enterprises," EERC Working Paper Series 00-058e, EERC Research Network, Russia and CIS. [Downloadable!]
  20. Lehmann, Hartmut & Wadsworth, Jonathan & Acquisti, Alessandro, 1999. "Grime and Punishment: Insecurity and Wage Arrears in the Russian Federation," IZA Discussion Papers 65, Institute for the Study of Labor (IZA). [Downloadable!]
  21. Q. Fan & U. Lee & M.E. Schaffer, 1996. "Firms, Banks and Credit in Russia," CERT Discussion Papers 9609, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
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