Access to liquidity and non-monetary trade in Russia
AbstractThis article places non-monetary trade (NMT), the persistent growth of which in Russia in 1992-98 economists have struggled to explain, within the framework of the credit channel of monetary policy. It shows that producers resorted to NMT responding to increases in the cost and the unavailability of external funds. The article traces the origins of structural breaks in the NMT trend to shifts in state policy that affected financial markets and its transitory fluctuations to temporary shocks in the demand for goods. It concludes that there is significant evidence supporting the existence of the credit channel in the Russian transition.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Post-Communist Economies.
Volume (Year): 16 (2004)
Issue (Month): 1 ()
Contact details of provider:
Web page: http://taylorandfrancis.metapress.com/link.asp?target=journal&id=102230
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carlin, Wendy & Fries, Steven & Schaffer, Mark & Seabright, Paul, 2000.
"Barter and Non-Monetary Transactions in Transition Economies: Evidence from a Cross-Country Survey,"
Open Access publications from University of Toulouse 1 Capitole
http://neeo.univ-tlse1.fr, University of Toulouse 1 Capitole.
- Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2000. "Barter and non-monetary transactions in transition economies: Evidence from a cross-country survey," Working Papers 50, European Bank for Reconstruction and Development, Office of the Chief Economist.
- Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2000. "Barter and Non-Monetary Transactions in Transition Economies: Evidence from a Cross-Country Survey," CERT Discussion Papers 0004, Centre for Economic Reform and Transformation, Heriot Watt University.
- Thomas J. Sargent, 1981.
"The ends of four big inflations,"
158, Federal Reserve Bank of Minneapolis.
- Sergei Guriev & Dmitry Kvassov, 2000. "Barter for price discrimination? A theory and evidence from Russia," Working Papers w0007, Center for Economic and Financial Research (CEFIR).
- Bernanke, Ben S, 1983.
"Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression,"
American Economic Review,
American Economic Association, vol. 73(3), pages 257-76, June.
- Ben S. Bernanke, 1983. "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression," NBER Working Papers 1054, National Bureau of Economic Research, Inc.
- Commander, Simon & Dolinskaya, Irina & Mumssen, Christian, 2002. "Determinants of barter in Russia: an empirical analysis," Journal of Development Economics, Elsevier, vol. 67(2), pages 275-307, April.
- Brana, Sophie & Maurel, Mathilde, 1999.
"Barter in Russia: Liquidity Shortage Versus Lack of Restructuring,"
CEPR Discussion Papers
2258, C.E.P.R. Discussion Papers.
- Brana, S. & Maurel, M., 1999. "Barter in Russia : Liquidity Shortage Versus Lack of Restructuring," Papiers d'Economie MathÃÂ©matique et Applications 1999.98, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
- Sophie Brana & Mathilde Maurel, 1999. "Barter in Russia: Liquidity Shortage versus Lack of Restructuring," William Davidson Institute Working Papers Series 271, William Davidson Institute at the University of Michigan.
- Kocherlakota, Narayana R., 1998.
"Money Is Memory,"
Journal of Economic Theory,
Elsevier, vol. 81(2), pages 232-251, August.
- Li, Yiting, 2001. "A Search Model of Money and Circulating Private Debt with Applications to Monetary Policy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 925-46, November.
- Guriev, Sergei & Makarov, Igor & Maurel, Mathilde, 2001.
"Debt Overhang and Barter in Russia,"
CEPR Discussion Papers
2686, C.E.P.R. Discussion Papers.
- Bengt Holmstrom & Jean Tirole, 1998.
"Private and Public Supply of Liquidity,"
Journal of Political Economy,
University of Chicago Press, vol. 106(1), pages 1-40, February.
- Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
- Holmstrom, B & Tirole, J, 1996. "Private and Public Supply of Liquidity," Working papers 96-21, Massachusetts Institute of Technology (MIT), Department of Economics.
- Hall, Alastair R, 1994. "Testing for a Unit Root in Time Series with Pretest Data-Based Model Selection," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(4), pages 461-70, October.
- Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
- Kashyap, Anil K & Lamont, Owen A & Stein, Jeremy C, 1994.
"Credit Conditions and the Cyclical Behavior of Inventories,"
The Quarterly Journal of Economics,
MIT Press, vol. 109(3), pages 565-92, August.
- Anil K. Kashyap & Owen A. Lamont & Jeremy C. Stein, 1993. "Credit conditions and the cyclical behavior of inventories," Working Paper Series, Macroeconomic Issues 93-7, Federal Reserve Bank of Chicago.
- Mario Gara, 2001. "The Emergence of Non-monetary Means of Payment in the Russian Economy," Post-Communist Economies, Taylor and Francis Journals, vol. 13(1), pages 5-39.
- Dalia Marin & Daniel Kaufmann & Bogdan Gorochowskij, 2000.
"Barter in Transition Economies: Competing Explanations Confront Ukranian Data,"
William Davidson Institute Working Papers Series
287, William Davidson Institute at the University of Michigan.
- Marin, Dalia & Kaufmann, Daniel & Gorochowskij, Bogdan, 2000. "Barter in Transition Economies: Competing Explanations Confront Ukrainian Data," Discussion Papers in Economics 63, University of Munich, Department of Economics.
- Gorochowskij, Bogdan & Kaufmann, Daniel & Marin, Dalia, 2000. "Barter In Transition Economies: Competing Explanations Confront Ukrainian Data," CEPR Discussion Papers 2432, C.E.P.R. Discussion Papers.
- Fleischman, Gary & Herz, Paul, 2005. "An empirical investigation of trends in barter activity in the Russian Federation," The International Journal of Accounting, Elsevier, vol. 40(1), pages 39-63.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).
If references are entirely missing, you can add them using this form.