全球智库信息集成服务系统(G2TT): Resource Allocation During the Transition to a Market Economy: Political Implications of Supply Bottlenecks and Adjustment Costs

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w4366
来源ID	Working Paper 4366
	Resource Allocation During the Transition to a Market Economy: Political Implications of Supply Bottlenecks and Adjustment Costs
	Joshua Aizenman; Peter Isard
发表日期	1993-05-01
出版年	1993
语种	英语
摘要	This paper explains why a laissez-faire approach may fail to account for externalities in transforming economies, focusing on externalities associated with supply bottlenecks and adjustment costs. Bottlenecks tend to arise whenever input requirements are stochastic and the opportunity cost of holding inventories is high. They are likely to become prevalent in the state industrial sector once budget constraints are hardened and credit markets begin to function properly, since the creditworthiness of state enterprises is limited by outdated production technologies. The analysis recognizes that producers have incentives to form pooling arrangements, supported potentially by market mechanisms, for reallocating stocks of critical inputs. It is shown, however, that such arrangements do not eliminate the externalities, and that the externalities rise in a nonlinear manner with the opportunity cost of holding inventories. The analysis suggests that once budget constraints are hardened, the externalities associated with bottlenecks and adjustment costs provide a case for subsidizing the costs of critical inputs for the state industrial sector, but not for the new private sector. This subsidy declines as the private sectors grows.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w4366
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/561732
推荐引用方式 GB/T 7714	Joshua Aizenman,Peter Isard. Resource Allocation During the Transition to a Market Economy: Political Implications of Supply Bottlenecks and Adjustment Costs. 1993.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w4366.pdf（339KB）	智库出版物		限制开放	CC BY-NC-SA	浏览