登入選單
返回Google圖書搜尋
Obstacles to Transforming Centrally-Planned Economies
Mr.Jacob A. FrenkelMr.Guillermo Calvo
其他書名
The Role of Capital Markets
出版International Monetary Fund, 1991-07-01
主題Business & Economics / Finance / GeneralBusiness & Economics / Exports & ImportsBusiness & Economics / Economics / Macroeconomics
ISBN14518487229781451848724
URLhttp://books.google.com.hk/books?id=mlQYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper identifies obstacles hindering the transformation of centrally-planned economies (CPEs) into well-functioning market economies. The obstacles identified relate to (i) anticipatory dynamics, (ii) monetary overhang and the budget, and (iii) underdeveloped credit markets. It is demonstrated that these obstacles inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. The analysis focuses on various ways to remove the obstacles. In this regard, a special examination is made of 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, “safety nets,” and their associated obstacles.