Uzbekistan's transition from planning to market started almost thirty years ago following its independence from the Soviet Union. For most of this period, economic modernization and transformation were stalled, with little change in institutions and policies from those prevailing at the time of...

Uzbekistan's transition from planning to market started almost thirty years ago following its independence from the Soviet Union. For most of this period, economic modernization and transformation were stalled, with little change in institutions and policies from those prevailing at the time of...

This paper presents a general equilibrium model of interenterprise arrears, characterized by n-stage production technology with random productivity shocks. The model shows that large interenterprise arrears in transition economies may reflect substantial business risks in those countries and...

The rapid accumulation and persistence of interenterprise credits and arrears is a fairly common phenomenon in transition economies, posing serious policy concerns. A general equilibrium model of production chains is presented to analyze this phenomenon and provide policy implications. The model...

This paper presents a general equilibrium model of interenterprise arrears, characterized by n-stage production technology with random productivity shocks. The model shows that large interenterprise arrears in transition economies may reflect substantial business risks in those countries and...