The inter-enterprise debt explosion in the former Soviet Union: causes, consequences, cures
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.
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- J Rostowski, 1993. "Creating Stable Monetary Systems in Post-Communist Economies," CEP Discussion Papers dp0141, Centre for Economic Performance, LSE.
- J. Williamson, 1992. "The Eastern transition to a market economy: a global perspective," LSE Research Online Documents on Economics 21055, London School of Economics and Political Science, LSE Library.
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- 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.
- Begg, David & Portes, Richard, 1992.
"Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe,"
CEPR Discussion Papers
695, C.E.P.R. Discussion Papers.
- 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, 01.
- J. Rostowski, 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.
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