Inefficient equilibria in transition economy
The paper studies a general equilibrium in an economy where all market participants face a bid-ask spread. The spread may be caused by indirect business taxes, middlemen rent-seeking, delays in payments or liquidity constraints or price uncertainty. Wherever it comes from the spread causes inefficie...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
1999-01-01
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| Series: | Discrete Dynamics in Nature and Society |
| Subjects: | |
| Online Access: | http://dx.doi.org/10.1155/S1026022699000308 |
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