The Inter-Enterprise Debt Explosion in the Former Soviet Union: Causes, Consequences, Cures

J Rostowski

CEP Discussion Papers from Centre for Economic Performance, LSE

Abstract: 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.

Date: 1993-04
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