Download Investment and Property Rights in Yugoslavia: The Long by Milica Uvalic PDF

By Milica Uvalic

During this e-book, Milica Uvalic examines the theoretical and empirical concerns concerning funding in Yugoslavia due to the fact that 1965. She explores funding regulations, resources of finance, macroeconomic functionality, company incentives and present estate reforms when it comes to Western idea on funding habit within the labor-managed enterprise and Kornai's concept on socialist economies. based on Kornai's thought, the writer argues that the basic explanations of difficulties in Yugoslavia are commonplace to socialist monetary structures, instead of the categorical attribute of self-management.

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Additional info for Investment and Property Rights in Yugoslavia: The Long Transition to a Market Economy

Sample text

However, if the LMF can consume assets set up by an investment, the underinvestment force will not be present, since the selling of an asset and the distribution of its proceeds will permit the recovery of the principal. Therefore, Vanek's Extensions of the LMF investment theory 31 assumption on the infinite durability of assets is misleading, not only because it implies the exclusion of depreciation,5 but because such an assumption by definition provokes the disincentive to invest: assuming infinite durability of assets and finite time horizons of workers obviously implies that the principal can never be recovered within the workers' time horizons.

The second self-extinction force is the desire to consume capital, which sets in after the first force has brought about a disequilibrium in the K/L ratio. The third underinvestment force arises because the collective nature of investment impels workers to recover the principal of an investment in the course of their expected employment, which would not be the case if they invested in savings accounts. Finally, the fourth is the never-employ force, because an increase in labour reduces the K/L ratio and therefore income per worker.

For assets acquired using foreign loans, the book value of net assets is adjusted to the corresponding change in the foreign exchange rate. In 1985 obligatory revaluation was extended to working capital (raw materials, work in progress, finished products), and in 1987 to depreciation allowances not yet used for replacement. Extensions of the LMF investment theory 43 The 1966 laws on depreciation ('Zakon o amortizaciji osnovnih sredstava radnih organizacija', and 'Zakon o stopama amortizacije osnovnih sredstava radnih organizacija', Sluzbeni list SFRJ, no.

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