| Tekijä: | Corizelli, F. |
| Otsikko: | Finance and growth in economies in transition |
| Lehti: | European Economic Review
1996 : APR, VOL. 40:3-5, p. 645-653 |
| Asiasana: | GROWTH CREDIT LIQUIDITY |
| Kieli: | eng |
| Tiivistelmä: | The paper presents an analytical discussion and also empirical evidence of the financial market's adjustment in a transition economy. The role of liquidity constraints is emphasized. Different types of equilibria, associated with different financial structures, can emerge after reforms. The paper argues that a key role during the transition is played by private, trade credit markets. The functioning of the latter requires the existence of a minimum set of market institutions that can impose credible penalties and rewards for 'good' behaviour. |
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