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The inter-enterprise debt explosion in the former Soviet Union: causes, consequences, cures

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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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en

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application/pdf

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http://eprints.lse.ac.uk/20968/1/The_Inter-Enterprise_Debt_Explosion_in_the_Former_Soviet_Union_Causes%2C_Consequences%2C_Cures.pdf

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