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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)
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 Format: application/pdf
File Function: First version, 1996
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Publisher 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;

Find related papers by JEL classification:
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium

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