Measuring the Value Added by Money in Trade
AbstractThe paper tests the proposition that money generates value in trade. It examines the data for 5,746 Russian companies for 1997 and finds that money accounts for 24.6 percent of their value-added. The functional form of the return on money in trade is determined to be positive and marginally declining. The paper imputes that Russian GDP lost 8.1 percent in 1997 because of diminished use of money in trade. It hypothesizes that the severity of the Great Depression in the USA of 1930s could have been significantly reduced if the proposed barter networks were implemented at the time.
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Bibliographic InfoPaper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 2003-635.
Length: 23 pages
Date of creation: 01 Nov 2003
Date of revision:
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Money; Value-added; Empirical econometrics;
Find related papers by JEL classification:
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
- P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-04-25 (All new papers)
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