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The Blind Man's Subsidies

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Author Info

  • Ruehl, Christof

    (Department of Economics, University of California, Los Angeles)

  • Vinogradov, Viatcheslav

    (Department of Mathematics and Mechanics, St.-Petersburg State University)

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    Abstract

    We model the introduction of hard budget constraints in a transition economy. The model, set in continuous time, is designed to address the interaction between the hardening of such constraints and the speed of restructuring in the industrial sector. We emphasize the impact policy changes will have on the old capital stock with respect to the rate of firm's bankruptcies on the one hand, and to increases in aggregate labor productivity on the other. We then extend the analysis to study the speed with which 'de novo' investment will take place, under alternative government policies.

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    File URL: http://www.ihs.ac.at/publications/eco/east/ro-35.pdf
    File Function: First version, 1996
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    Bibliographic Info

    Paper provided by Institute for Advanced Studies in its series East European Series with number 35.

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    Length: 51 pages
    Date of creation: Jun 1996
    Date of revision:
    Handle: RePEc:ihs:ihsrop:35

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    Related research

    Keywords: Economic Dynamics; Growth Theory; Economic Development; Transition Economies;

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