Credit-Constrained Firms and Incentive Schemes during the Transition to a Market Economy
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본 논문은 시장경제체제로의 전환기 초기의 기업들이 당면하고 있는 사전적 화폐보유 유형의 유동성제약을 정부가 완화하는 정책을 통해 기업들의 급격한 산출량의 감소를 방지하는 유인대책을 제시하고 있다. 특히 체제전환기 초기에는 금융 및 신용시장이 잘 발달하지 못하여 생산성이 높은 기업들조차도 생산에 필요한 투입요소의 구입에 소요되는 자금을 조달하기 어려운 상황에 직면하게 된다. 정부의 투입요소에 대한 보조금 정책이 이러한 문제를 해결하는 하나의 대안이 될 수 있다. 그러나 기업의 생산성에 대한 관련 정보가 공개되지 않고 있는 기업들로 하여금 각 기업들의 생산성에 따른 자발적인 개인선택에 따라 보조금을 결정하기는 어려우며 이러한 점을 고려하여 보조금 정책과 함께 산출에 대한 조세를 동시에 도입하는 유인대책을 운영함으로써 각 기업으로 하여금 생산성에 따른 투입요소량의 결정을 유도할 수 있다. 이러한 보조금-조세를 통한 정부의 유동성 완화정책은 보조금으로 소요되는 재원을 최종 산출시 조세를 통해 충당함으로써 정부의 재정에 추가적인 부담을 주지 않게 된다.
Abstract
This paper studies the economic transformation of centrally planned economies to market economies. The credit crunch and absence of well developed credit markets accompanied by the removal of government subsidies at all levels may bring about a drastic fall in output. Such a decline in output is likely to put additional pressure on sharply rising fiscal imbalances through decreased tax revenue collection in these economies. Thus, price liberalization alone cannot achieve an efficient market economy outcome even though it points the right direction toward the desirable long-run goals. This paper looks at firms facing cash-in advance type credit-constraints for their imput purchases during the transition to a market economy. This paper shows the role of government for stabilizing the output level through adopting an input subsidies scheme accompanied by output taxes. This input subsidy-output tax scheme by the government helps relax liquidity constraints faced by firms and also maintain fiscal balance with tax revenues from the output. This input subsidy-output tax scheme has the benefit of inducing productive firms to expand production by a greater amount than less productive firms.
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