Logo
EnglishCookie löschen - von nun an wird die Spracheinstellung Ihres Browsers verwendet.
Marin, Dalia; Schnitzer, Monika (2005): Disorganization and financial collapse. In: European Economic Review, Vol. 49, Nr. 2: S. 387-408
Volltext auf 'Open Access LMU' nicht verfügbar.

Abstract

Since the fall of communism, the former Soviet Union experienced a strong output decline and a dramatic increase in arrears and barter. We develop a model which explains how these three phenomena are connected. We introduce liquidity and credit constraints into a model of disorganization and show how these problems can alleviate the hold-up problem. We argue further that barter creates a hostage that allows to deal with disorganization when credit enforcement becomes prohibitively costly. Based on a firm survey in Ukraine in 1997, we test how input shortages, financial shortages and barter affect output growth of firms.