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Enterprises in Transition: Macroeconomic Influences on Enterprise Decision-making and Performance

  • Buiter, Willem H.
  • Lago, Ricardo
  • Rey, Hélène

The paper analyses the theoretical arguments and empirical evidence linking enterprise performance in transition economies to the macroeconomic environment. Macroeconomic instability is traced to the unsustainability of the fiscal-financial and monetary programmes of the state and to regulatory and other failures leading to problems with the solvency of financial institutions. The importance of macroeconomic stability for enterprise performance is documented with a simulation study and by reviewing relevant microeconomic and aggregate empirical evidence from across the world as well as from the transition economies themselves. Conclusions are reached about the speed of transition, about the synergy between macroeconomic stabilization and market development and about the creation of institutions for achieving and maintaining macroeconomic stability.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1601.

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Date of creation: Apr 1997
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Handle: RePEc:cpr:ceprdp:1601
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  1. Stanley Fischer, 1991. "Growth, Macroeconomics, and Development," NBER Chapters, in: NBER Macroeconomics Annual 1991, Volume 6, pages 329-379 National Bureau of Economic Research, Inc.
  2. Fischer, S., 1991. "Growth, Macroeconomics, and Development," Working papers 580, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Robert S. Pindyck & Andrés Solimano, 1993. "Economic Instability and Aggregate Investment," NBER Chapters, in: NBER Macroeconomics Annual 1993, Volume 8, pages 259-318 National Bureau of Economic Research, Inc.
  4. Abel, Andrew B., 1952-, 1995. "Options, the value of capital, and investment," Working papers 3843-95., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  5. William Easterly & Paulo Vieira Cunha, 1994. "Financing the storm: macroeconomic crisis in Russia 1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(4), pages 443-465, December.
  6. John V. Leahy & Toni M. Whited, 1995. "The Effect of Uncertainty on Investment: Some Stylized Facts," NBER Working Papers 4986, National Bureau of Economic Research, Inc.
  7. Schaffer, Mark, 1993. "The enterprise sector and emergence of the Polish fiscal crisis, 1990-91," Policy Research Working Paper Series 1195, The World Bank.
  8. Willem H. Buiter & R. Lago & H. Rey, 1997. "Enterprises in transition: macroeconomic influences on enterprise decision-making and performance," LSE Research Online Documents on Economics 20348, London School of Economics and Political Science, LSE Library.
  9. de Melo, Martha & Denizer, Cevdet & Gelb, Alan, 1996. "Patterns of Transition from Plan to Market," World Bank Economic Review, World Bank Group, vol. 10(3), pages 397-424, September.
  10. Buiter, Willem H. & Lago, Ricardo & Rey, Hélène, 1997. "A Portfolio Approach to a Cross-sectoral and Cross-National Investment Strategy in Transition Economies," CEPR Discussion Papers 1548, C.E.P.R. Discussion Papers.
  11. David F. Bradford, 1995. "Consumption Taxes: Some Fundamental Transition Issues," NBER Working Papers 5290, National Bureau of Economic Research, Inc.
  12. Easterly, William & da Cunha, Paulo Viera & DEC, 1994. "Financing the storm : macroeconomic crisis in Russia, 1992-93," Policy Research Working Paper Series 1240, The World Bank.
  13. Stanley Fischer, 1991. "Growth, Macroeconomics, and Development," NBER Working Papers 3702, National Bureau of Economic Research, Inc.
  14. Levine, Ross & Renelt, David, 1991. "A sensitivity analysis of cross-country growth regressions," Policy Research Working Paper Series 609, The World Bank.
  15. Eliana Cardoso, 1992. "Inflation and Poverty," NBER Working Papers 4006, National Bureau of Economic Research, Inc.
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