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Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.
Book Synopsis Russia's Virtual Economy by : Clifford G. Gaddy
Download or read book Russia's Virtual Economy written by Clifford G. Gaddy and published by Brookings Institution Press. This book was released on 2002 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.
In the aftermath of sovereign default of August 1998, the hypothesis of virtual economy in Russia developed by Gaddy and Ickes has gained popularity. The hypothesis states that the country has not moved towards free-market economy but developed a system of implicit price subsidization similar to what had existed before. Non-viable sectors that the state supported with subsidies before survive by over-pricing their output. Customers pass the bill back to the government by reducing their tax liabilities. We test the proposition that the distribution of the value-added across sectors is biased because of price distortions and estimate the distribution at world prices. The results support the claim that Russian price structure is different from the world level and three out of fifteen sectors, for which we construct price indices, become "value-destroying". We investigate the reasons behind price differentials and find that difference in processing and the use of barter explain a large part of it.
Book Synopsis Testing Russia's Virtual Economy by : Vlad Ivanenko
Download or read book Testing Russia's Virtual Economy written by Vlad Ivanenko and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of sovereign default of August 1998, the hypothesis of virtual economy in Russia developed by Gaddy and Ickes has gained popularity. The hypothesis states that the country has not moved towards free-market economy but developed a system of implicit price subsidization similar to what had existed before. Non-viable sectors that the state supported with subsidies before survive by over-pricing their output. Customers pass the bill back to the government by reducing their tax liabilities. We test the proposition that the distribution of the value-added across sectors is biased because of price distortions and estimate the distribution at world prices. The results support the claim that Russian price structure is different from the world level and three out of fifteen sectors, for which we construct price indices, become "value-destroying". We investigate the reasons behind price differentials and find that difference in processing and the use of barter explain a large part of it.
Book Synopsis A Model of Russia's "Virtual Economy" by : R.E. Ericson
Download or read book A Model of Russia's "Virtual Economy" written by R.E. Ericson and published by . This book was released on 2000 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis STABILITY AND DISORDER: AN EVOLUTIONARY ANALYSIS OF RUSSIA'S VIRTUAL ECONOMY by : CLIFFORD GADDY AND BARRY W. ICKES
Download or read book STABILITY AND DISORDER: AN EVOLUTIONARY ANALYSIS OF RUSSIA'S VIRTUAL ECONOMY written by CLIFFORD GADDY AND BARRY W. ICKES and published by . This book was released on 1999 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.
Book Synopsis Russia's Virtual Economy by : Clifford G. Gaddy
Download or read book Russia's Virtual Economy written by Clifford G. Gaddy and published by Brookings Institution Press. This book was released on 2002 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.
Book Synopsis A Model of Russia's Virtual Economy by : Richard Eric Ericson
Download or read book A Model of Russia's Virtual Economy written by Richard Eric Ericson and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the economy. We show how this transfer takes place, and how it can be consistent with the incentives of economic agents. We analyze a simple partial-equilibrium model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition.
Book Synopsis A Model of Russia's 'Virtual Economy' by : Richard E. Ericson
Download or read book A Model of Russia's 'Virtual Economy' written by Richard E. Ericson and published by . This book was released on 2007 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the economy. We show how this transfer takes place, and how it can be consistent with the incentives of economic agents. We analyze a simple partial-equilibrium model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition.
The rapid expansion in Russia of the virtual economy, a system characterized by a network of barter, has recently received much attention. This article analyzes the origin, the nature, efficiency and welfare implication, of the virtual economy. While the system is criticized by many economists as a retreat from reform, this article argues that the virtual economy has merit and economic rationality, given the special circumstances in Russia. In particular, the system results in a net welfare gain, and it functions by using its own criterion of cost efficiency.
Book Synopsis Observation on the Nature of Russia's Virtual Economy by : Gene H Chang
Download or read book Observation on the Nature of Russia's Virtual Economy written by Gene H Chang and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapid expansion in Russia of the virtual economy, a system characterized by a network of barter, has recently received much attention. This article analyzes the origin, the nature, efficiency and welfare implication, of the virtual economy. While the system is criticized by many economists as a retreat from reform, this article argues that the virtual economy has merit and economic rationality, given the special circumstances in Russia. In particular, the system results in a net welfare gain, and it functions by using its own criterion of cost efficiency.
Book Synopsis A Three-sector Model of the Russian Virtual Economy by : Svetlana Bojarčenko
Download or read book A Three-sector Model of the Russian Virtual Economy written by Svetlana Bojarčenko and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money Substitutes in the Russian Virtual Economy by : Svetlana Boyarchenko
Download or read book Money Substitutes in the Russian Virtual Economy written by Svetlana Boyarchenko and published by . This book was released on 2001 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt:
