Money Substitutes in the Russian Virtual Economy: Sources and Impact on the Economy
A macroeconomic model based on search-theoretical foundations is built to show that in an economy with structural deficiencies of the Russian Virtual Economy, money substitutes appear as a result of optimizing behavior of agents. The result obtains for an economy, where there are large natural monopolies and wide-spread informal networks. Many interesting properties of the economy are derived; in particular, money substitutes serve as a transmission belt of value from restructured effective firms to old ineffective ones thereby decreasing an incentive to restructure.
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