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aggregate output Andreas WORGOTTER arrear crises asset stripping assumed that Type bail bilateral monopolies central plan Chernomyrdin command economy competitive corporatization curve decision to restructure decline in output defined difference emergence existing firms expected future gains expected gains expected subsidies expected value extending Central Bank firm's expectations firms are assumed function of Cr future output future subsidies gains from restructuring government's hard budget constraints identical beliefs regarding impact implies impose imposition of hard incentives industrial structure informational assumption initial INSTITUTE FOR ADVANCED inter-enterprise arrears level of Cr level of restructuring level of subsidies losses market economy monopsonies non-restructured firm non-restructured Type number of Type output boundary output declines overly optimistic policies positive externality private firms private sector problem production re-maximize reform in Russia restructured Type RESTRUCTURING IN RUSSIA result Romania Shock Therapy stalling reforms Structural Effect stylized facts survival Type B firms Type B's value of future value of subsidies