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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 that rapid privatization and commercialization may contribute to a huge initial accumulation of trade credits and arrears. The paper also suggests that administrative measures aimed at immediate reduction of IEA such as imposition of prepayments and penalty charges, would not be as effective as partial equilibrium frameworks suggest. Consequently, a fundamental solution should be sought instead in reducing business risks or improving enterprise information. Finally, the paper discusses the relevance of the model to Russian experience in 1993 and 1994.

Econometrics --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- General Equilibrium and Disequilibrium: General --- Monetary Policy --- Socialist Institutions and Their Transitions: Financial Economics --- Comparative Analysis of Economic Systems --- International Lending and Debt Problems --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Computable and Other Applied General Equilibrium Models --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International economics --- Econometrics & economic statistics --- Monetary economics --- Trade credits --- Arrears --- General equilibrium models --- Monetary base --- External debt --- Economic sectors --- Econometric analysis --- Money --- Debts, External --- Econometric models --- Money supply --- Russian Federation

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Over the past fifty years game theory has had a major impact on the field of economics. It was for work in game theory that the 1994 Nobel Prize in Economics was awarded. Although non-cooperative game theory is better known, the theory of cooperative games has contributed a number of fundamental ideas to microeconomic analysis. Cooperative Microeconomics is the definitive textbook on these contributions.Designed to be used by undergraduate and graduate students, the book provides a thorough introduction and overview of its subject. Hervé Moulin distinguishes among three primary modes of cooperation: cooperation by direct agreements; cooperation by just, equitable compromise; and cooperation by decentralized behavior. This tri-modal methodology is applied successively to the exchange of private goods, the fair division of unproduced commodities, the cooperative production of private and public goods, and cost-sharing.Moulin proposes an elementary and self-contained exposition (supplemented by over 125 exercises) of the main cooperative concepts for microeconomic analysis, including core stability, deterministic solutions (such as the Shapley value), and several broad principles of equity (such as the No Envy and Stand Alone tests). The book also covers the most important failures of the decentralized behavior: the tragedy of the commons and the free rider problem in the provision of public goods. Cooperative Microeconomics is the first book of its kind, and it will be widely used in courses in microeconomics and game theory.Originally published in 1995.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Microeconomics --- Operational research. Game theory --- Competition. --- Equilibrium (Economics) --- Game theory. --- Microeconomics. --- Price theory --- Economics --- Games, Theory of --- Theory of games --- Mathematical models --- Mathematics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences) --- Competition --- Competition (Economics) --- Competitiveness (Economics) --- Economic competition --- Commerce --- Conglomerate corporations --- Covenants not to compete --- Industrial concentration --- Monopolies --- Open price system --- Supply and demand --- Trusts, Industrial --- Economic aspects --- Game Theory. --- Game Theory

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AA / International- internationaal --- 303.8 --- 331.00 --- 330.00 --- 331.01 --- Econometrische behandeling van een onderwerp. --- Economische bewegingen: algemeenheden. --- Economische en sociale theorieën: algemeenheden. --- Evolutie van de economische cycli. --- Business cycles --- Equilibrium (Economics) --- Econometric models. --- Equilibrium (Economics). --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- Econometric models --- Econometrische behandeling van een onderwerp --- Economische en sociale theorieën: algemeenheden --- Economische bewegingen: algemeenheden --- Evolutie van de economische cycli

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This paper examines the relationship between trade liberalization and the budget deficit, which depends on the specifics of country’s economic structure, and the trade regime which is being liberalized. It relates some popular but incomplete approaches to assessing this issue (such as analysis of the foreign exchange budget) to a more comprehensive approach using an applied general equilibrium model. The argument is illustrated using data from the most recent of a sequence of abortive planned liberalizations in Kenya, as well as a number of stylized illustrations. The conclusions are not only that liberalization may be budget enhancing, but that in certain circumstances it may be strongly so.

Exports and Imports --- Foreign Exchange --- Public Finance --- Taxation --- Trade Policy --- International Trade Organizations --- National Government Expenditures and Related Policies: General --- Trade: General --- Computable and Other Applied General Equilibrium Models --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Open Economy Macroeconomics --- Public finance & taxation --- International economics --- Currency --- Foreign exchange --- Tariffs --- Expenditure --- Imports --- Trade policy --- Taxes --- International trade --- Tariff --- Expenditures, Public --- Commercial policy --- Kenya

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This compilation of summaries of Working Papers released during January-June 1995 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period. Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street, Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201.

Exports and Imports --- Foreign Exchange --- Labor --- Macroeconomics --- Public Finance --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- National Budget, Deficit, and Debt: General --- National Deficit Surplus --- State and Local Government --- Intergovernmental Relations: General --- International Fiscal Issues --- International Public Goods --- Macroeconomics: Consumption --- Saving --- Wealth --- Open Economy Macroeconomics --- Economic Growth of Open Economies --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Demand --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Wage Level and Structure --- Wage Differentials --- Nonwage Labor Costs and Benefits --- Private Pensions --- Unemployment: Models, Duration, Incidence, and Job Search --- Trade Policy --- International Trade Organizations --- Agricultural Policy --- Food Policy --- Business Fluctuations --- Cycles --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Labor Force and Employment, Size, and Structure --- Labor Contracts --- Trade Unions: Objectives, Structure, and Effects --- Unemployment Insurance --- Severance Pay --- Plant Closings --- Mobility, Unemployment, and Vacancies: Public Policy --- Socialist Systems and Transitional Economies: General --- Comparative Economic Systems: General --- Empirical Studies of Trade --- Interest Rates: Determination, Term Structure, and Effects --- General Aggregative Models: Keynes --- Keynesian --- Post-Keynesian --- Models of Trade with Imperfect Competition and Scale Economies --- Macroeconomics: Production --- Price Level --- Inflation --- Deflation --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Money Supply --- Credit --- Money Multipliers --- Monetary Policy --- Socialist Systems and Transitional Economies: Performance and Prospects --- Business Taxes and Subsidies --- Fiscal Policies and Behavior of Economic Agents: Firm --- Firm Behavior --- Wages, Compensation, and Labor Costs: General --- Index Numbers and Aggregation --- leading indicators --- 'Panel Data Models --- Spatio-temporal Models' --- International Policy Coordination and Transmission --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Taxation, Subsidies, and Revenue: General --- Tax Evasion and Avoidance --- Fiscal Policies and Behavior of Economic Agents: General --- Socialist Institutions and Their Transitions: Public Economics --- Economic Integration --- Financial Aspects of Economic Integration --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- International Investment --- Long-term Capital Movements --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Central Banks and Their Policies --- Economic History: Financial Markets and Institutions: General, International, or Comparative --- International Migration --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Welfare, Well-Being, and Poverty: General --- Current Account Adjustment --- Short-term Capital Movements --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Model Evaluation and Selection --- Financial Markets and the Macroeconomy --- Information and Market Efficiency --- Event Studies --- Social Security and Public Pensions --- National Government Expenditures and Welfare Programs --- Survey Methods --- Demand and Supply of Labor: General --- Energy and the Macroeconomy --- Demographic Trends, Macroeconomic Effects, and Forecasts --- State Space Models --- Trade: General --- International Monetary Arrangements and Institutions --- Studies of Particular Policy Episodes --- Comparative Studies of Countries --- Comparative Studies of Particular Economies --- Simulation Methods --- Auctions --- Computable and Other Applied General Equilibrium Models --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Model Construction and Estimation --- One, Two, and Multisector Growth Models --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Socialist Systems and Transitional Economies: Prices --- Other Production and Pricing Analysis --- Economic Growth and Aggregate Productivity: General --- Multinational Firms --- International Business --- International Financial Markets --- Financial Institutions and Services: Government Policy and Regulation --- Taxation and Subsidies: Other --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Currency --- Foreign exchange --- Public finance & taxation --- Labour --- income economics --- International economics --- Exchange rates --- Currencies --- Real exchange rates --- Prices --- Money --- Debts, Public --- Russian Federation