To Restructure or Not to Restructure: Informal Activities and Enterprise Behavior in Transition

Clifford Gaddy and Barry W. Ickes

No 134, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: We analyze the process of restructuring in Russia. The Russian economy is bifurcating as some enterprises restructure and reduce the distance to the market, while other enterprises exploit relationship capital to survive without restructuring. Survival in this environment depends on initial conditions and on investment in relations with officials. Enterprises can produce cash and non-cash goods, and this choice effects the survival possibilities in subsequent periods. Implications of the theory, with special reference to monetary policy, barter, intergovernmental fiscal relations, and Financial Industrial Groups, are discussed.

Pages: pages
Date: 1998-02-01
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