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The inter-enterprise debt explosion in the former Soviet Union: causes, consequences, cures

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  • Rostowski, J.

Abstract

The reasons for the growth of inter-enterprise debt analyzed. It is suggested that it results mainly from the appearance of normal trade credit in a liberalized economy, and when a monetary squeeze is part of a non-credible stabilization attempt. In the latter case the results can be a sharp fall in output. Non-market and market solutions to this problem are analyzed, and the advantages of the latter over the former are stressed.

Suggested Citation

  • Rostowski, J., 1993. "The inter-enterprise debt explosion in the former Soviet Union: causes, consequences, cures," LSE Research Online Documents on Economics 20968, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:20968
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    File URL: http://eprints.lse.ac.uk/20968/
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    References listed on IDEAS

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    1. J Rostowski, 1993. "Creating Stable Monetary Systems in Post-Communist Economies," CEP Discussion Papers dp0141, Centre for Economic Performance, LSE.
    2. J Williamson, 1992. "The Eastern Transition to a Market Economy: A Global Perspective," CEP Occasional Papers 02, Centre for Economic Performance, LSE.
    3. David Begg & Richard Portes, 1993. "Enterprise debt and economic transformation (Financial restructuring of the state sector in Central and Eastern Europe)," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 1(1), pages 116-117, January.
    4. P Auerbach & G Davison, 1992. "Secondary Currencies and High Inflation. Implications for Monetary Theory and Policy," CEP Discussion Papers dp0058, Centre for Economic Performance, LSE.
    5. Rostowski, J., 1993. "Creating stable monetary systems in post-communist economies," LSE Research Online Documents on Economics 20970, London School of Economics and Political Science, LSE Library.
    6. Eric V. Clifton & Mohsin S. Khan, 1993. "Interenterprise Arrears in Transforming Economies: The Case of Romania," IMF Staff Papers, Palgrave Macmillan, vol. 40(3), pages 680-696, September.
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    Cited by:

    1. Marin, Dalia & Schnitzer, Monika, 2005. "Disorganization and financial collapse," European Economic Review, Elsevier, vol. 49(2), pages 387-408, February.
    2. Milan Nikolic & Jacek Rostowski, 1995. "Exit in the Framework of Macro-economic Shocks and Policy Responses during Transition: a Cross-country Comparison," CASE Network Studies and Analyses 0056, CASE-Center for Social and Economic Research.
    3. Wladimir Andreff, 2004. "Would a Second Transition Stage Prolong the Initial Period of Post-socialist Economic Transformation into Market Capitalism?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 1(1), pages 7-31, June.
    4. Scholtens, Bert, 2000. "Financial regulation and financial system architecture in Central Europe," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 525-553, April.

    More about this item

    JEL classification:

    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce

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