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A model of Russia's "virtual economy"

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  • Ericson, R.E.
  • Ickes, B.W.

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 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.

Suggested Citation

  • Ericson, R.E. & Ickes, B.W., 2000. "A model of Russia's "virtual economy"," BOFIT Discussion Papers 10/2000, Bank of Finland Institute for Emerging Economies (BOFIT).
    • Handle: RePEc:zbw:bofitp:bdp2000_010
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    References listed on IDEAS

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    1. Jan Amrit Poser, 1998. "Monetary disruptions and the emergence of barter in FSU economies," Post-Communist Economies, Taylor & Francis Journals, vol. 10(2), pages 157-177.
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