@ARTICLE{26543120_26548199_2000, 
	author = {Boris Brodskiy}, 
	keywords = {, informal sector, transition economy, the transition economy, the informal sectorthe growth of barter},
	title = {<p class="text">Shadow structures and virtual &laquo;traps&raquo;: models of informal activities in transition</p>},
	journal = {HSE Economic Journal },
	year = {2000},
	volume = {4},
	number = {4},
	pages = {433-453},
	url = {https://ej.hse.ru/en/2000-4-4/26548199.html},
	publisher = {},
	abstract = {The article is devoted to the analysis of patterns of macroeconomic evolution of the shadow sector for transition economies of various types. For R-economies (rich natural resources, emphasis on the priority development of export-oriented extractive industries), the share of the shadow sector in GDP is steadily growing, while for L-economies (relatively poor natural resources, emphasis on the development of manufacturing industries), the parabolic dynamics of the share of the shadow sector in GDP is characteristic, which is a mirror image of the U-shaped pattern of the dynamics of aggregate output . These fundamental differences are explained by the significant role of trade and financial mediation mechanisms in R-economies: the collapse of the macroeconomic structure of the R-economy into several sectors that differ in terms of competition in the domestic and foreign markets leads to a sharp increase in transaction costs of economic exchanges and the possibility of extracting a significant margin for intermediary services.&nbsp;Models of the informal sector dynamics in transition economies of type R and L are based on a structuralist approach: the dynamics of the main financial indicators of enterprises in various sectors is considered, taking into account the factors of transaction costs caused by trade and financial mediation mechanisms. A formal analysis of these models allows us to draw conclusions about the effectiveness of traditional macroeconomic policy tools in the transition economies of R and L.},
	annote = {The article is devoted to the analysis of patterns of macroeconomic evolution of the shadow sector for transition economies of various types. For R-economies (rich natural resources, emphasis on the priority development of export-oriented extractive industries), the share of the shadow sector in GDP is steadily growing, while for L-economies (relatively poor natural resources, emphasis on the development of manufacturing industries), the parabolic dynamics of the share of the shadow sector in GDP is characteristic, which is a mirror image of the U-shaped pattern of the dynamics of aggregate output . These fundamental differences are explained by the significant role of trade and financial mediation mechanisms in R-economies: the collapse of the macroeconomic structure of the R-economy into several sectors that differ in terms of competition in the domestic and foreign markets leads to a sharp increase in transaction costs of economic exchanges and the possibility of extracting a significant margin for intermediary services.&nbsp;Models of the informal sector dynamics in transition economies of type R and L are based on a structuralist approach: the dynamics of the main financial indicators of enterprises in various sectors is considered, taking into account the factors of transaction costs caused by trade and financial mediation mechanisms. A formal analysis of these models allows us to draw conclusions about the effectiveness of traditional macroeconomic policy tools in the transition economies of R and L.}
}