Credit Markets, Credibility, and Economic Transformation
Bibliographic Data
| ID | 4836199 |
|---|---|
| Authors | Guillermo A Calvo (Senior Advisor at the Research Department of the International Monetary Fund, Washington, D.C..), Jacob A Frenkel (Economic Counsellor and Director of the Research Department of the International Monetary Fund; Governor of the Bank of Israel.) |
| Year | 1991 |
| Volume | 5 |
| Issue | 4 |
| Pages | 139-148 |
| Publication date | 1991-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.5.4.139 |
| OpenAlex | W2064568568 |
| Language | EN |
| Citations received | 13 |
| References cited | 3 |
This paper focuses on the special role that capital markets play in the transformation of centrally planned economies into well-functioning market economies. We demonstrate that underdeveloped credit markets inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. We explore various ways to overcome the difficulties associated with the underdeveloped credit markets. In this regard, we examine the implications of "cleaning" the balance sheets of enterprises and banks from nonperforming loans, as well as ways to enhance credibility. The paper concludes with a brief discussion of sequencing of economic reform measures
Bond market · Business · Capital market · Credibility · Economics · Emerging markets · Financial system · International economics · Liberalization · Macroeconomics · Market economy · Monetary economics · Trade Credit · Banking stability, regulation, efficiency · Global Financial Crisis and Policies · Finance
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How International Organizations Support Democratization
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Towards a political economy of transition in Eastern Europe
Growth in Transition
The Pricing and Valuation of Public Assets
On the Rational Sequencing of Enterprise Reform
Differing Effects of the Global Financial Crisis on the Central Asian Countries
The metamorphosis of external vulnerability from ‘original sin’ to ‘original sin redux
Banking in transition
Democratization and the Varieties of International Organizations
Democratization and International Organizations
| Unique citing works | 13 |
|---|---|
| Citations per year | 0,38 |
| Citation span | 1992 - 2024 (33) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 9 |