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The Role of Government Aid to Firms during the Transition to a Market Economy: Russia 1992-94

Author

Listed:
  • Melitz, Jacques
  • Waysand, Claire

Abstract

The paper develops two economic grounds for gradualism in the context of the Russian move towards a market economy: one for the support of output through subsidies, another for similar support through credit. The first argument relates to the usual case for softening the blow to a sector hit by an adverse, permanent shock. The other argument depends on the absence of a well-functioning capital market. Having presented the two arguments, we discuss the extent to which they justify the course of Russian policy. Essentially we show that the arguments support much less gradualism than actually took place in Russia in 1992 and 1993.

Suggested Citation

  • Melitz, Jacques & Waysand, Claire, 1994. "The Role of Government Aid to Firms during the Transition to a Market Economy: Russia 1992-94," CEPR Discussion Papers 1035, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1035
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    Citations

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    Cited by:

    1. Coricelli, Fabrizio & Jazbec, Bostjan, 2004. "Real exchange rate dynamics in transition economies," Structural Change and Economic Dynamics, Elsevier, vol. 15(1), pages 83-100, March.

    More about this item

    Keywords

    Credit; Russia; Socialist Economies; Subsidies; Transition; Unemployment;
    All these keywords.

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform

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