This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Disorganization and Financial Collapse Author info | Abstract | Publisher info | Download info | Related research | Statistics Dalia Marin ()
Monika Schnitzer ()
Additional information is available for the following
registered author(s):
Recently, Blanchard and Kremer (BK) argued that disorganization has led to the output decline in the former Soviet Union. In this paper we introduce liquidity and credit constraints into the BK model and show how these problems can alleviate the hold-up problem. We argue further that barter creates a hostage which allows to deal with disorganization when credit enforcement is prohibitively costly. The theory helps to explain how the three observed phenomena of output decline, inter-firms arrears and barter in transition economies are connected. Based on a survey of 165 barter deals in the Ukraine in 1997, we reproduce the BK result with firm level and deal specific data and we show that in addition to the input shortage the financial shortage and barter have each an important effect on output growth.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number
CESifo Working Paper No. 339.
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Length:
Date of creation: 2000Date of revision:
Handle: RePEc:ces:ceswps:_339Contact details of provider: Postal: Poschingerstrasse 5, 81679 Munich Phone: +49 (89) 9224-0 Fax: +49 (89) 985369 Web page: http://www.cesifo.de
For technical questions regarding this item, or to correct its listing, contact: (Julio Saavedra).
Keywords: Transition ; financial crisis ; output fall ; credit constraint ; barter ; hold-up ; Other versions of this item:
Find related papers by JEL classification: D20 - Microeconomics - - Production and Organizations - - - General G30 - Financial Economics - - Corporate Finance and Governance - - - General O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
Ickes, B.W. & Ryterman, R., 1993.
"Roadblock to Economic Reform: Inter-Enterprise Debt and the Transition to Markets ,"
Papers
2-93-1, Pennsylvania State - Department of Economics.
Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1992.
"The Transition to a Market Economy: Pitfalls of Partial Reform ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 107(3), pages 889-906, August.
[Downloadable!] (restricted)
Banerjee, Abhijit V & Maskin, Eric S, 1996.
"A Walrasian Theory of Money and Barter ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 111(4), pages 955-1005, November.
[Downloadable!] (restricted)
Abhijit V. Banerjee & Eric S. Maskin, 1996.
"A Walrasian Theory of Money ,"
Harvard Institute of Economic Research Working Papers
1753, Harvard - Institute of Economic Research.
Olivier Blanchard & Michael Kremer, 1997.
"Disorganization ,"
William Davidson Institute Working Papers Series
38, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!]
Other versions:
Blanchard, O & Kremer, M, 1996.
"Disorganization ,"
Working papers
96-30, Massachusetts Institute of Technology (MIT), Department of Economics.
Blanchard, Olivier & Kremer, Michael, 1997.
"Disorganization ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 112(4), pages 1091-1126, November.
J Rostowski, 1993.
"The Inter-Enterprise Debt Explosion in the Former Soviet Union: Causes, Consequences, Cures ,"
CEP Discussion Papers
dp0142, Centre for Economic Performance, LSE.
[Downloadable!]
Gérard Roland & Thierry Verdier, 1999.
"Transition and the output fall ,"
The Economics of Transition ,
The European Bank for Reconstruction and Development, vol. 7(1), pages 1-28, March.
[Downloadable!] (restricted)
Other versions:
Gerard Roland & Thierry Verdier, 1997.
"Transition and the Output Fall ,"
William Davidson Institute Working Papers Series
37, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!] Roland, G. & Verdier, T., 1997.
"Transition and the Output Fall ,"
DELTA Working Papers
97-09, DELTA (Ecole normale supérieure).
Roland, Gérard & Verdier, Thierry, 1997.
"Transition and the Output Fall ,"
CEPR Discussion Papers
1636, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Marin, Dalia & Schnitzer, Monika, 1997.
"The Economic Institution of International Barter ,"
CEPR Discussion Papers
1658, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2000.
"Barter and Non-Monetary Transactions in Transition Economies: Evidence from a Cross-Country Survey ,"
CERT Discussion Papers
0004, Centre for Economic Reform and Transformation, Heriot Watt University.
[Downloadable!]
Guriev, Sergei & Makarov, Igor & Maurel, Mathilde, 2001.
"Debt Overhang and Barter in Russia ,"
CEPR Discussion Papers
2686, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Sergei Guriev & Igor Makarov & Mathilde Maurel, 2000.
"Debt Overhang and Barter in Russia ,"
William Davidson Institute Working Papers Series
339, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!] Guriev, Sergei & Makarov, Igor & Maurel, Mathilde, 2002.
"Debt Overhang and Barter in Russia ,"
Journal of Comparative Economics ,
Elsevier, vol. 30(4), pages 635-656, December.
[Downloadable!] (restricted) Dalia Marin & Haizhou Huang & Chenggang Xu, 2004.
"Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries ,"
IMF Working Papers
04/105, International Monetary Fund.
[Downloadable!]
Ellingsen, Tore, 1998.
"Payments in Kind ,"
Working Paper Series in Economics and Finance
244, Stockholm School of Economics, revised 10 Feb 2000.
[Downloadable!]
Haizhou Huang & Dalia Marin & Chenggang Xu, 2004.
"Financial Crisis, Economic Recovery, and Banking Development in Russia, and other FSU Countries ,"
Discussion Papers
79, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
[Downloadable!]
Huang, Haizhou & Marin, Dalia & Xu, Cheng-Gang, 2003.
"Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies ,"
CEPR Discussion Papers
3794, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Haizhou Huang & Dalia Marin & Chenggang Xu, 2003.
"Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
[Downloadable!] Marin, Dalia & Huang, Haizhou & Xu, Chenggang, 2002.
"Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies ,"
Discussion Papers in Economics
27, University of Munich, Department of Economics.
[Downloadable!] Peev, Evgeni, 2002.
"The Political Economy of Corporate Governance Change in Bulgaria: Washington Consensus, Primitive Accumulation of Capital, and Catching-Up in the 1990 ,"
CEI Working Paper Series
2002-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
[Downloadable!]
Lubomír Lízal, 2002.
"Determinants of Financial Distress: What Drives Bankruptcy in a Transition Economy? The Czech Republic Case ,"
William Davidson Institute Working Papers Series
451, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!]
Richard B. Goud Jr., 2002.
"Inter-Firm Non-Monetary Transactions in Russia: A Literature Review ,"
Development and Comp Systems
0207001, EconWPA.
[Downloadable!]
Brana, Sophie & Maurel, Mathilde, 1999.
"Barter in Russia: Liquidity Shortage Versus Lack of Restructuring ,"
CEPR Discussion Papers
2258, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions: Mario Gara, 2001.
"The Emergence of Non-monetary Means of Payment in the Russian Economy ,"
Post-Communist Economies ,
Taylor and Francis Journals, vol. 13(1), pages 5-39, March.
[Downloadable!] (restricted)
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.
[Downloadable!]
Barbara, CRESTI, 2003.
"U.S. Domestic Barter : an Empirical Investigation ,"
Discussion Papers (IRES - Institut de Recherches Economiques et Sociales)
2003005, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
[Downloadable!]
Nauro F. Campos & Fabrizio Coricelli, 2002.
"Growth in Transition: What We Know, What We Don't, and What We Should ,"
William Davidson Institute Working Papers Series
470, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!]
Other versions:
Campos, Nauro F & Coricelli, Fabrizio, 2002.
"Growth in Transition: What we Know, What we Don't and What we Should ,"
CEPR Discussion Papers
3246, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Nauro F. Campos & Fabrizio Coricelli, 2002.
"Growth in Transition: What We Know, What We Don't, and What We Should ,"
Journal of Economic Literature ,
American Economic Association, vol. 40(3), pages 793-836, September.
Enrico Perotti, 2001.
"Lessons from the Russian Meltdown: The Economics of Soft Legal Constraints ,"
William Davidson Institute Working Papers Series
379, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!]
Other versions: Gorodnichenko, Yuriy & Grygorenko, Yegor, 2008.
"Are Oligarchs Productive? Theory and Evidence ,"
IZA Discussion Papers
3282, Institute for the Study of Labor (IZA).
[Downloadable!]
Other versions:
Yuriy Gorodnichenko & Yegor Grygorenko, 2005.
"Are Oligarchs Productive? Theory and Evidence ,"
Development and Comp Systems
0512013, EconWPA.
[Downloadable!] Gorodnichenko, Yuriy & Grygorenko, Yegor, 2008.
"Are oligarchs productive? Theory and evidence ,"
Journal of Comparative Economics ,
Elsevier, vol. 36(1), pages 17-42, March.
[Downloadable!] (restricted)
Access and
download statistics Did you know? IDEAS is also providing many rankings , for example of authors and institutions.
This page was last updated on 2009-11-3.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .