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A Theoretical Model of Barter in Russia

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Author Info
Jose Noguera
Susan Linz

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Abstract

This paper develops a general equilibrium model and proposes a theory to explain the main stylized facts about the growth of barter transactions in Russia during the 1990s. Because of the high opportunity cost of using fiat money, with a tight enough credit market it may be optimal for firms to barter if they have access to that transaction technology, yet the riskiest firm will keep using money. We also claim that, in the short run, Russian managers might avoid restructuring because it jeopardizes their access to alternative transaction technologies, and that this phenomenon might also take place in well-developed market economies.

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Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp207.

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Date of creation: Mar 2003
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Handle: RePEc:cer:papers:wp207

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Related research
Keywords: Barter; money; payment system; interest rate;

Find related papers by JEL classification:
E0 - Macroeconomics and Monetary Economics - - General
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
P23 - Economic Systems - - Socialist Systems and Transition Economies - - - Factor and Product Markets; Industry Studies; Population
P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy

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References listed on IDEAS
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.:
  1. Canice Prendergast & Lars Stole, 2001. "Barter, Liquidity and Market Segmentation," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  2. 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. [Downloadable!]
  3. Gary Krueger & Susan J. Linz, 2000. "Virtual Reality: Barter and Restructuring in Russian Industry," William Davidson Institute Working Papers Series 465, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  4. Irina Dolinskaya & Christian Mumssen & Simon Commander, 2000. "Determinants of Barter in Russia - An Empirical Analysis," IMF Working Papers 00/155, International Monetary Fund.
  5. Dalia Marin & Monika Schnitzer, 2002. "The Economic Institution Of International Barter," Economic Journal, Royal Economic Society, vol. 112(479), pages 293-316, April. [Downloadable!] (restricted)
    Other versions:
  6. Ickes, B.W. & Ryterman, R., 1993. "Roadblock to Economic Reform: Inter-Enterprise Debt and the Transition to Markets," Papers 2-93-1, Pennsylvania State - Department of Economics.
  7. Dalia Marin, 2002. "Trust versus illusion: What is driving demonetization in the former Soviet Union?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(1), pages 173-200, March. [Downloadable!] (restricted)
  8. Robert E. Lucas, Jr., 2000. "Inflation and Welfare," Econometrica, Econometric Society, vol. 68(2), pages 247-274, March.
  9. Brana, S. & Maurel, M., 1999. "Barter in Russia : Liquidity Shortage Versus Lack of Restructuring," Papiers d'Economie Mathématique et Applications 1999.98, Université Panthéon-Sorbonne (Paris 1).
    Other versions:
  10. Olivier Blanchard & Michael Kremer, 1997. "Disorganization," William Davidson Institute Working Papers Series 38, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  11. Ellingsen, Tore, 1998. "Payments in Kind," Working Paper Series in Economics and Finance 244, Stockholm School of Economics, revised 10 Feb 2000. [Downloadable!]
  12. Linz, Susan J. & Martin, Robert E., 1982. "Soviet enterprise behavior under uncertainty," Journal of Comparative Economics, Elsevier, vol. 6(1), pages 24-36, March. [Downloadable!] (restricted)
  13. Susan J. Linz & Gary Krueger, 1998. "Enterprise Restructuring in Russia's Transition Economy: Formal and Informal Mechanisms," William Davidson Institute Working Papers Series 152, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  14. Angelucci, Manuella & Bevan, Alan & Estrin, Saul & Fennema, Julian A & Kuznetsov, Boris & Mangiarotti, Giovanni & Schaffer, Mark E, 2002. "The Determinants of Privatized Enterprise Performance in Russia," CEPR Discussion Papers 3193, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
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