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Barter, Credit, and Welfare: A theoretical inquiry into the barter phenomenon in Russia

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Author Info
José Noguera ()
Susan J. Linz ()

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Abstract

This paper develops a model to investigate the welfare implications of barter in Russia and other transition economies during the 1990s. We argue that barter is a welfare-improving phenomenon that acts as a defense mechanism against monetary instability. When firms react to tighter credit markets by switching to barter, the risk they face diminishes, allowing for a higher level of production.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp757.pdf
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Publisher Info
Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number wp757.

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Date of creation: 01 Mar 2005
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Handle: RePEc:wdi:papers:2005-757

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Related research
Keywords: Barter; welfare; Russia; money; credit; payment system; interest rate;

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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
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  1. Pyle, William, 2002. "Overbanked and Credit-Starved: A Paradox of the Transition," Journal of Comparative Economics, Elsevier, vol. 30(1), pages 25-50, March. [Downloadable!] (restricted)
  2. Dalia Marin & Monika Schnitzer, 2003. "Creating Creditworthiness through Reciprocal Trade," Review of International Economics, Blackwell Publishing, vol. 11(1), pages 159-174, February. [Downloadable!] (restricted)
    Other versions:
  3. 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)
  4. Marin, Dalia & Huang, Haizhou & Xu, Chenggang, 2002. "Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies," Discussion Papers in Economics 27, University of Munich, Department of Economics. [Downloadable!]
    Other versions:
  5. Susan Linz, 2000. "Restructuring with What Success? A Case Study of Russian Firms," William Davidson Institute Working Papers Series 324, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  6. 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).
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  7. Marvasti, A. & Smyth, David J., 1999. "The effect of barter on the demand for money: an empirical analysis," Economics Letters, Elsevier, vol. 64(1), pages 73-80, July. [Downloadable!] (restricted)
  8. 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. [Downloadable!]
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  9. Brian Pinto & Vladimir Drebentsov & Alexander Morozov, 2000. "Give Macroeconomic Stability and Growth in Russia a Chance," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 297-324, July. [Downloadable!] (restricted)
  10. 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. [Downloadable!] (restricted)
  11. Andrei Yakovlev, 2000. "Barter in the Russian Economy: Classifications and Implications (Evidence from Case Study Analyses)," Post-Communist Economies, Taylor and Francis Journals, vol. 12(3), pages 279-291, September. [Downloadable!] (restricted)
  12. 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!]
  13. 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)
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