The Role of Oligarchic Property Rightsa Macroeconomic Model of Russian Transition

@article{Myerson2007TheRO,
  title={The Role of Oligarchic Property Rightsa Macroeconomic Model of Russian Transition},
  author={Roger B. Myerson},
  journal={Institutional \& Transition Economics eJournal},
  year={2007}
}
  • R. Myerson
  • Published 1 January 2007
  • Economics
  • Institutional & Transition Economics eJournal
We present a model in which capital assets can only be owned by members of a relatively small politically connected elite ('the oligarchs'), each member of which faces a given risk of being expropriated, and we investigate the implications of such an imperfection of property rights for the transition to a market economy. At the start of the transition, the oligarchs are long on local capital assets but short on safe deposits abroad. This causes a depression phase characterized by acute… 

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