original papers: A model of Russia's "virtual economy"

Richard E. Ericson and Barry W. Ickes

Review of Economic Design, 2001, vol. 6, issue 2, 185-214

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.

Date: 2001-11-06
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