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Enterprises in transition: macroeconomic influences on enterprise decision-making and performance

Buiter, Willem H. and Lago, R. and Rey, H. (1997) Enterprises in transition: macroeconomic influences on enterprise decision-making and performance. CEPDP, 340. Centre for Economic Performance, London School of Economics and Political Science, London, UK. ISBN 085328296X

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Identification Number: 340

Abstract

This paper analyses the theoretical arguments and empirical evidence linking enterprise performance in transition economies to the macroeconomic environment. Macroeconomic instability is traced to the unsustainability of the fiscal-financial and monetary programmes of the state and to regulatory and other failures leading to problems with the solvency of financial institutions. The importance of macroeconomic stability for enterprise performance is documented with a simulation study and by reviewing relevant microeconomic and aggregate empirical evidence from across the world, as well as from the transition economies themselves. Conclusions are reached about the speed of transition, about the synergy between macroeconomic stabilisation and market development and about the creation of institutions for achieving and maintaining macroeconomic stability.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk
Additional Information: © 1997 the authors
Subjects: H Social Sciences > HG Finance
H Social Sciences > HB Economic Theory
Sets: Departments > European Institute
Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Date Deposited: 01 Aug 2008 15:34
Last Modified: 01 Oct 2010 09:15
URI: http://eprints.lse.ac.uk/id/eprint/20348

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