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Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies

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  • Manmohan S. Kumar
  • Guillermo Calvo

Abstract

This paper examines factors determining the allocation of bank credit to the enterprise sector, and the implications of this allocation for aggregate supply and macro-economic performance, in the former socialist economies. It first develops a model to explain how changes in demand for money by the household sector directly influence the availability of working capital, which in turn determines aggregate output and employment. It then examines factors influencing the allocation of bank credit between enterprises and other borrowers, in particular the government. Finally, the paper discusses relative merits of bank finance and equity capital in financing medium- and long-term investment, and constraints on the development of efficient equity markets.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 94/3.

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Length: 48
Date of creation: 01 Jan 1994
Date of revision:
Handle: RePEc:imf:imfwpa:94/3

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Cited by:
  1. Buiter, Willem H, 1996. "Aspects of Fiscal Performance in some Transition Economies under Fund-supported Programs," CEPR Discussion Papers 1535, C.E.P.R. Discussion Papers.
  2. Buch, Claudia M., 1994. "Dealing with bad debt: Lessons from Eastern Europe," Kiel Working Papers 642, Kiel Institute for the World Economy.
  3. Coricelli, Fabrizio, 1996. "Finance and growth in economies in transition," European Economic Review, Elsevier, vol. 40(3-5), pages 645-653, April.
  4. Martina Copelman & Alejandro M. Werner, 1995. "The monetary transmission mechanism in Mexico," International Finance Discussion Papers 521, Board of Governors of the Federal Reserve System (U.S.).
  5. Patrick Conway, 2002. "Bridging “the Great Divide”: Countering Financial Repression in Transition," William Davidson Institute Working Papers Series 510, William Davidson Institute at the University of Michigan.
  6. Raiser, Martin, 1994. "Ein tschechisches Wunder? Zur Rolle politikinduzierter Anreizstrukturen im Transformationsprozeß," Kiel Discussion Papers 233, Kiel Institute for the World Economy (IfW).
  7. Barran, Fernando & Kegels, Chantal, 1996. "Channels of Monetary Policy in a Transition Country: Hungary," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1996016, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  8. Luoana D. Santarossa, 2001. "Arrears as a Sign of Financial Repression in Transition Economies - The Case of Romania," CERT Discussion Papers 0104, Centre for Economic Reform and Transformation, Heriot Watt University.

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