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

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  • José Noguera

    ()

  • Susan J. Linz

    ()

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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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp757.

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

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

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  1. Saul Estrin & Alan A. Bevan & Boris Kuznetsov & Mark E. Schaffer & Manuela Angelucci & Julian Fennema & Giovanni Mangiarotti, 2001. "The Determinants of Privatised Enterprise Performance in Russia," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 452, William Davidson Institute at the University of Michigan.
  2. Susan J Linz & Gary Krueger, 1998. "Enterprise Restructuring in Russia's Transition Economy: Formal and Informal Mechanisms," Comparative Economic Studies, Palgrave Macmillan, vol. 40(2), pages 5-52, July.
  3. Marin, Dalia, 2002. "Trust versus illusion: What is driving demonetization in the former Soviet Union?," Munich Reprints in Economics, University of Munich, Department of Economics 19221, University of Munich, Department of Economics.
  4. Gorochowskij, Bogdan & Kaufmann, Daniel & Marin, Dalia, 2000. "Barter In Transition Economies: Competing Explanations Confront Ukrainian Data," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2432, C.E.P.R. Discussion Papers.
  5. Commander, Simon & Dolinskaya, Irina & Mumssen, Christian, 2002. "Determinants of barter in Russia: an empirical analysis," Journal of Development Economics, Elsevier, Elsevier, vol. 67(2), pages 275-307, April.
  6. Marvasti, A. & Smyth, David J., 1999. "The effect of barter on the demand for money: an empirical analysis," Economics Letters, Elsevier, Elsevier, vol. 64(1), pages 73-80, July.
  7. Haizhou Huang & Dalia Marin & Chenggang Xu, 2003. "Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies," CESifo Working Paper Series 860, CESifo Group Munich.
  8. Marin, Dalia & Schnitzer, Monika, 1995. "Creating Creditworthiness through Reciprocal Trade," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1185, C.E.P.R. Discussion Papers.
  9. Sophie Brana & Mathilde Maurel, 1999. "Barter in Russia: Liquidity Shortage versus Lack of Restructuring," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 271, William Davidson Institute at the University of Michigan.
  10. Pyle, William, 2002. "Overbanked and Credit-Starved: A Paradox of the Transition," Journal of Comparative Economics, Elsevier, vol. 30(1), pages 25-50, March.
  11. 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, The European Bank for Reconstruction and Development, vol. 8(2), pages 297-324, July.
  12. Susan Linz, 2000. "Restructuring with What Success? A Case Study of Russian Firms," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 324, William Davidson Institute at the University of Michigan.
  13. Andrei Yakovlev, 2000. "Barter in the Russian Economy: Classifications and Implications (Evidence from Case Study Analyses)," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(3), pages 279-291.
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