Inter-enterprise arrears in economies in transition |
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Authors: | Guillermo A Calvo Fabrizio Coricelli |
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Institution: | (1) University of Maryland, College Park, MD, U.S.A.;(2) University of Siena, Siena, Italy |
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Abstract: | In the context of economies in transition, the paper argues that an excessive liquidity squeeze could throw the economy into a persistent state of low economic activity. In such bad equilibrium, enterprise transactions become largely demonetized, with a chain of arrears, a form of involuntary credit, spreading over the entire system. The empirical analysis of the Romanian experience seems to support the view advanced in the paper. |
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Keywords: | Credit markets Economies in transition |
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