The Veil of Vouchers

• Tác giả: S Ramachandran
• Ngôn ngữ: eng
• Ký hiệu phân loại: 598.92 *Cathartidae (New World vultures)
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 299820
• Chủ đề: 1. ASSETS; 2. DENATIONALIZATION; 3. GOVERNMENT OWNERSHIP; 4. MONETARY THEORY; 5. TRANSITION ECONOMIES

Tóm tắt

The author exposes some of the myths still surrounding the use of vouchers in mass privatization. He explains why using vouchers will not affect the price level in the economy-even though they carry a face value. He shows that vouchers allow assets to sell despite minimum acceptable bid prices because the secondary market discount of voucher prices acts as a safety valve. And he argues that vouchers do not create purchasing power or overcome capital shortages, as many claim. But why use them? He explains that vouchers help avoid rapid changes in the money supply that could have significant, real short-term effects. And they help create some harmless illusions-allowing reformers to avoid claims of selling assets too cheaply-and so safeguard the difficult transition to a market economy.