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Industrial Restructuring in Russia. Early Reactions of Firms to the Shock of Liberalization

Listed author(s):
  • Senik-Leygonie, C.
  • Duflo, E.

This paper looks at the reaction of Russian firsm to the shock of liberalization. Firms are exposed to two kinds of shocks. A supply affects their profitability. A demand shock reflects the new expression of consumers and the opening of the country to foreign competition. Econometric tests show that firms adapt to these changes. They react by adjusting their output. They are not able to change their production techniques for lack of fresh capital. Employment is more stable that output: it is preserved by the adjustment of real wages. Therefore, firms with a low share of material inputs are relatively better off. Copyright The European Bank for Reconstruction and Development, 1997.

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Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 95-33.

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Length: 46 pages
Date of creation: 1995
Publication status: Published in Economics of Transition, 1997, 5 (1)
Handle: RePEc:del:abcdef:95-33
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