A Model of Russia's "Virtual Economy"

Ericson R.e and Ickes B.w

No 317, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

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 the 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.

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Date: 2000-05-01
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