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This paper examines the causes of the large buildup of enterprise arrears in Russia during 1992, and evaluates policy options to deal with them. Noting the experience of. Eastern European countries, the paper emphasizes that the settlement of arrears through wholesale extension of credit would only achieve a temporary reduction of arrears while inviting moral hazard problems and creating expectations of future bailouts. Instead, emphasis should be placed on measures that instill financial discipline and promote necessary structural changes. These measures should be supported by adequate legislation, effective supervision, and credible sanctions against defaulting enterprises and their managers.

Banks and Banking --- Exports and Imports --- Finance: General --- Money and Monetary Policy --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Socialist Systems and Transitional Economies: Planning, Coordination, and Reform --- Financial Markets and the Macroeconomy --- Market Structure and Pricing: Oligopoly and Other Forms of Market Imperfection --- International economics --- Banking --- Monetary economics --- Finance --- Arrears --- Credit --- Commercial banks --- Payment systems --- External debt --- Money --- Financial institutions --- Financial markets --- Correspondent banking --- Financial services --- Debts, External --- Banks and banking --- Clearinghouses --- Correspondent banks --- Russian Federation

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Zonder onderwerpscode: economie

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This chapter explores the key relationships between participatory democracy and successful economic development and reviews the early steps of participatory decision making in Ghana. More generally, it sets the stage for a discussion of Ghana's main achievements and failures since 1992 in raising the standard of living of its population and reducing poverty. The high-profile political process that launched constitutional democracy in the 1990s and generated Ghana—Vision 2020 placed poverty reduction at the center of economic policy. Based on a set of price and unit labor cost indicators, Ghana's competitiveness improved in the early 1990s through 1994. The evidence for 1995–98 is quite strong. The Bank of Ghana is suspected to have used administrative means and moral suasion to influence the exchange rate, resisting the cedi's depreciation. The terms-of-trade shock forced the Bank of Ghana to focus more clearly on maintaining adequate foreign reserves. The depreciation may then have helped make the foreign exchange market more active and the nominal exchange rate more representative of market conditions.

Finance --- Ghana --- Economic conditions. --- Funding --- Funds --- Economics --- Currency question --- Banks and Banking --- Investments: Commodities --- Macroeconomics --- Public Finance --- Social Services and Welfare --- Government Policy --- Provision and Effects of Welfare Program --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Agriculture: General --- Public Enterprises --- Public-Private Enterprises --- Foreign Exchange --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Social welfare & social services --- Public finance & taxation --- Civil service & public sector --- Banking --- Investment & securities --- Poverty reduction strategy --- Poverty reduction --- Agricultural commodities --- Public sector --- Poverty --- Commodities --- Commercial banks --- Financial institutions --- Economic sectors --- Banks and banking --- Farm produce --- Finance, Public --- Foreign exchange --- Loans