Articlebronze1991

Credit Markets, Credibility, and Economic Transformation

99 citations0/0 files storedThe Journal of Economic Perspectives

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Post-Communist Economic and Political Transition Monetary Policy and Economic Impact Russia and Soviet political economy

Abstract

This paper focuses on the special role that capital markets play in the transformation of centrally planned economies into well-functioning market economies. We demonstrate that underdeveloped credit markets inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. We explore various ways to overcome the difficulties associated with the underdeveloped credit markets. In this regard, we examine the implications of “cleaning” the balance sheets of enterprises and banks from nonperforming loans, as well as ways to enhance credibility. The paper concludes with a brief discussion of sequencing of economic reform measures.

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References

1992The order of economic liberalization: financial control in the transition to a market economy 1991The road to a free economy: Shifting from a socialist system, The example of Hungary 1984The Order of Liberalization of the External Sector in Developing Countries 1992Stagflationary Effects of Stabilization Programs in Reforming Socialist Countries: Enterprise-Side and Household-Side Factors 2003TRANSITION TO A MARKET ECONOMY

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