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A Model of Russia's "Virtual Economy"

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  • R.E Ericson
  • B.W Ickes

Abstract

The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from the productive activities to the loss-making sectors of the economy. We show how this transfer takes place, and how it can be consistent with the incentives of economic agents. We analyze a simple partial-equilibrium model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition.

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  • R.E Ericson & B.W Ickes, 2000. "A Model of Russia's "Virtual Economy"," William Davidson Institute Working Papers Series 317, William Davidson Institute at the University of Michigan.
    • Handle: RePEc:wdi:papers:2000-317
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