Stagflationary Effects of Stabilization Programs in Reforming Socialist Countries: Enterprise-Side and Household-Side Factors
以1990年波兰稳定计划后的滞胀为例，从企业部门视角分析补贴削减如何通过企业间债务和弱信贷联系引发滞胀，并提出政策建议。
Dismantling subsidies could give rise to serious macroeconomic difficulties in the short run. This article explores a view based on the enterprise sector as a central source and main channel of the stagflation phenomenon, using as an example the stagflation that followed the 1990 stabilization program in Poland. The stagflation phenomenon is linked to features of the financial market that are somewhat peculiar to reforming socialist economies: the weak credit links between households and enterprises, and the existence of large interenterprise debt. The policy implications of the enterprise-side view include more explicit consideration of initial conditions in the credit market, implementation of privatization schemes, and the development of a domestic banking system. Copyright 1992 by Oxford University Press.