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Russian Enterprises in Transition

Author

Listed:
  • Cohen, Daniel
  • de Boissieu, Christian
  • de Pontbriand, Gaël

Abstract

The paper examines the behaviour of 100 firms interviewed regularly between 1993-4. It reaches the following conclusions:1) Following the inter-enterprise debt (IED) crisis of 1992, most firms have switched to a `pay-in-advance' system, which pushed firms towards a `hard budget constraint' economy, far away from what they were used to. As a result, the pressure to diversify suppliers, customers and products has been very strong.2) Wage earners have most often played the role of `residual claimants', unpaid in harsh times, and benefiting from luck or good management of their firms when things go well. This is not related to the shareholder structure of the firms but to the poor functioning of the labour markets.3) The structure of bank portofolios is essentially junk, and one must fear that a stabilization of the inflation rate will bring a collapse of many insolvent banks.

Suggested Citation

  • Cohen, Daniel & de Boissieu, Christian & de Pontbriand, Gaël, 1995. "Russian Enterprises in Transition," CEPR Discussion Papers 1174, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1174
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    Citations

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    Cited by:

    1. Kornai, János & Maskin, Eric & Roland, Gérard, 2022. "A puha költségvetési korlát - I [The soft budget constraint I]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 75-93.
    2. Sophie Brana & Mathilde Maurel & Jérôme Sgard, 1999. "Enterprise Adjustment and the Role of Bank Credit in Russia: Evidence from a 420 Firms Qualitative Survey," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 41(4), pages 47-69, December.
    3. J. Kornai & E. Maskin & G. Roland, 2004. "Understanding the Soft Budget Constraint," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.

    More about this item

    Keywords

    Inter-enterprise Debt; Restructuring; Russia;
    All these keywords.

    JEL classification:

    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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