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Money Substitutes in the Russian Virtual Economy: Sources and Impact on the Economy


  • Boyarchenko Svetlana


  • Levendorsky Sergey



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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  • Boyarchenko Svetlana & Levendorsky Sergey, 2001. "Money Substitutes in the Russian Virtual Economy: Sources and Impact on the Economy," EERC Working Paper Series 2k/08e, EERC Research Network, Russia and CIS.
  • Handle: RePEc:eer:wpalle:2k/08e

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    1. Popov, Vladimir, 2001. "Reform Strategies and Economic Performance of Russia's Regions," World Development, Elsevier, vol. 29(5), pages 865-886, May.
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