Interenterprise Arrears in Post-Communist Economies

IMF Working Papers, April 1, 1994

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Interenterprise Arrears in Post-Communist Economies

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Bibliographic details

• Authors: Jacek Rostowski
• Published: April 1, 1994
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451975109.001

Summary

• Author: Jacek Rostowski
• Publication date: April 1, 1994
• Series: Working Paper No. 1994/043
• Issue: 043
• Pages: 42
• DOI: https://doi.org/10.5089/9781451975109.001
• ISBN: 9781451975109
• ISSN: 1018-5941
• Stock No: WPIEA0431994
• Core summary: The reasons for the growth of interenterprise debt are 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 stabilization attempt that is not credible. In the latter case, the result 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.

Analytical findings and mechanisms

• Primary drivers identified:
  • Appearance of normal trade credit in a liberalized economy.
  • Monetary squeeze as part of a stabilization attempt that is not credible.
• Consequences highlighted:
  • When the monetary squeeze is not credible, the result can be a sharp fall in output.
• Market dynamics and concepts discussed (keywords preserved as in source):
  • Bank credit
  • clearing of IED
  • Credit
  • Currencies
  • Currency issuance
  • downstream enterprise
  • enterprise assets
  • IED expansion
  • IED growth
  • IED market
  • IED problem
  • IED-price-IED bubble
  • M ratio
  • Monetary base
  • real value
  • upstream enterprise
  • velocity of circulation
  • WP

Policy analysis and recommendations

• Solutions analyzed:
  • Non-market solutions to interenterprise arrears.
  • Market solutions to interenterprise arrears.
• Comparative assessment:
  • The advantages of market solutions over non-market solutions are stressed.

Publication and access notes

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• Working Paper disclaimer preserved on the source page: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Source: Interenterprise Arrears in Post-Communist Economies, Jacek Rostowski, IMF Working Papers 1994, 043 (1994), accessed via canonical page.