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Inter-Enterprise Arrears in a Post-Command Economy: Thoughts From a Romanian Perspective

Author

Listed:
  • Mr. Daniel Daianu

Abstract

The paper considers that strain is the main source of inter-enterprise arrears in post-command economies. Strain can be linked with the structure of the economy and the size of resource misallocation. Inter-enterprise arrears “soften” markets and operate as a self-protecting device against the pressure for change. As temporary quasi-inside money, arrears fuel inflation. A paradox of policy credibility in undertaking structural adjustment is emphasized. Rising exports can be a possible side effect of arrears and a constraining factor: the size of the economy is seen as affecting the relationship between arrears and exports. An operational framework for containing arrears would Include: “breaking up” structure; Imposing a disciplining “straitjacket” on structure; industrial policy (“picking losers among losers”) and targeted external assistance. Containing arrears can not be a one shot policy-drive; here one deals with a process that will overlap in time with the evolving environment.

Suggested Citation

  • Mr. Daniel Daianu, 1994. "Inter-Enterprise Arrears in a Post-Command Economy: Thoughts From a Romanian Perspective," IMF Working Papers 1994/054, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1994/054
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    Citations

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    Cited by:

    1. Koen Schoors & Konstantin Sonin, 2005. "Passive Creditors," International Finance, Wiley Blackwell, vol. 8(1), pages 57-86, March.
    2. Daianu, Daniel & Vranceanu, Radu, 2003. "Subduing High Inflation In Romania. How To Better Monetary And Exchange Rate Mechanisms?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 5-36, September.
    3. Daniel Daianu & Lucian-Liviu Albu, "undated". "Strain and the Inflation - Unemployment Relationship: A Conceptual and Empirical Investigation," Ace Project Memoranda 96/15, Department of Economics, University of Leicester.
    4. Daniel Daianu, 1996. "Stabilization and exchange rate policy in Romania," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(1), pages 229-248, May.
    5. Hildebrandt, Antje, 2002. "Too many to fail? : Inter-enterprise arrears in transition economies," BOFIT Discussion Papers 11/2002, Bank of Finland, Institute for Economies in Transition.
    6. repec:zbw:bofitp:2002_011 is not listed on IDEAS
    7. Daniel DAIANU, 2017. "When Policies Fuel Economic Cycles," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 167-190, March.
    8. repec:kap:iaecre:v:12:y:2006:i:3:p:395-407 is not listed on IDEAS
    9. Hildebrandt, Antje, 2002. "Too many to fail? Inter-enterprise arrears in transition economies," BOFIT Discussion Papers 11/2002, Bank of Finland Institute for Emerging Economies (BOFIT).
    10. Daniel Daianu & Radu Vranceanu, 2002. "Opening the Capital Account of Transition Economies: How Much and How Fast," William Davidson Institute Working Papers Series 511, William Davidson Institute at the University of Michigan.
    11. Daniel DAIANU, 2015. "A Central Bank’S Dilemmas In Highly Uncertain Times - A Romanian View," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 159-180, March.

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