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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 macroeconomic 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 both the relative merits of bank finance and equity capital in financing medium-term 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. 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.).
  2. Willem H. Buiter, 1997. "Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs," IMF Working Papers 97/31, International Monetary Fund.
  3. 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.
  4. Coricelli, Fabrizio, 1996. "Finance and growth in economies in transition," European Economic Review, Elsevier, vol. 40(3-5), pages 645-653, April.
  5. 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).
  6. 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.
  7. Buch, Claudia M., 1994. "Dealing with bad debt: Lessons from Eastern Europe," Kiel Working Papers 642, Kiel Institute for the World Economy.

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