The rapid buildup of interenterprise credit in many Central and Eastern European countries is often seen as a major problem that governments must fix. The authors argue that these arrears rise only temporarily as the hard budget constraint on enterprises tightens, and that they will soon automatically plateau. Thus, although unpaid arrears are a problem for the creditor, they do not cause major macroeconomic disruptions unless panicky governments...
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详细
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1995/03/31
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观点
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16900
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1
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1
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2017/12/28
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Disclosed
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Cash constraints and credit corsets : the chimera of interenterprise credit
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Finance & Private Sector Development