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Search-Money-and-Barter Models of Financial Stabilization

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  • S.I. Boyarchenko
  • S.Z. Levendorskii

Abstract

A macroeconomic model based on search-theoretical foundations is built to show that in an economy with structural deficiencies of the Russian Virtual Economy, money substitutes appear as a result of optimizing behavior of agents. Moreover, the volume of money substitutes is typically large, and it is impossible to reduce their volume significantly by using standard instruments as an increase of the money supply or decreasing the tax level. The result obtains for an economy, where there are large natural monopolies and widespread informal networks.

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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 332.

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Length: pages
Date of creation: 01 Jul 2000
Date of revision:
Handle: RePEc:wdi:papers:2000-332

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  1. Blanchard, O & Kremer, M, 1996. "Disorganization," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 96-30, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Nobuhiro Kiyotaki & Randall Wright, 1989. "A contribution to the pure theory of money," Staff Report, Federal Reserve Bank of Minneapolis 123, Federal Reserve Bank of Minneapolis.
  3. Cavalcanti, Ricardo de O & Wallace, Neil, 1999. "Inside and Outside Money as Alternative Media of Exchange," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 31(3), pages 443-57, August.
  4. Ricardo de O. Cavalcanti & Andres Erosa, 1998. "Private Money And Reserve Management In A Random Matching Model," Macroeconomics, EconWPA 9802010, EconWPA.
  5. Polterovich, Victor, 1999. "Институциональные Ловушки И Экономические Реформы
    [Institutional Traps and Economic Reforms]
    ," MPRA Paper 27257, University Library of Munich, Germany.
  6. Castanheira, Micael & Roland, Gérard, 1996. "The Optimal Speed of Transition: A General Equilibrium Analysis," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1442, C.E.P.R. Discussion Papers.
  7. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(4), pages 927-54, August.
  8. 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, European Bank for Reconstruction and Development, Office of the Chief Economist 50, European Bank for Reconstruction and Development, Office of the Chief Economist.
  9. Shouyong Shi, 1996. "A Divisible Search Model of Fiat Money," Working Papers, Queen's University, Department of Economics 930, Queen's University, Department of Economics.
  10. Jan Amrit Poser, 1998. "Monetary disruptions and the emergence of barter in FSU economies," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 10(2), pages 157-177.
  11. Barry Ickes & Peter Murrell & Randi Ryterman, 1997. "End of the Tunnel? The Effects of Financial Stabilization in Russia," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 50, William Davidson Institute at the University of Michigan.
  12. Trejos, Alberto & Wright, Randall, 1995. "Search, Bargaining, Money, and Prices," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 103(1), pages 118-41, February.
  13. Daniel Kaufman & Dalia Marin, 1998. "Disorganization, financial squeeze, barter," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 165, William Davidson Institute at the University of Michigan.
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Cited by:
  1. Mechthild SCHROOTEN, 2003. "Fiscal Federalism And Regional Development In Russia," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 18, pages 53-72.
  2. Richard B. Goud Jr., 2002. "Inter-Firm Non-Monetary Transactions in Russia: A Literature Review," Development and Comp Systems 0207001, EconWPA.
  3. Frederic Chabellard, 2001. "Dollarization of Liabilities in Non-tradable Goods Sector," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 380, William Davidson Institute at the University of Michigan.
  4. Vlad Ivanenko, 2001. "Effective Tax Rates in Transition," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 378, William Davidson Institute at the University of Michigan.
  5. Svetlana Boyarchenko & Sergei Levendorskii, 2004. "Inside and Outside Money, with an Application to the Russian Virtual Economy," Macroeconomics, EconWPA 0405009, EconWPA.

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