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Barter, credit and welfare

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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 defence 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. Copyright (c) 2006 The Authors Journal compilation (c) 2006 The European Bank for Reconstruction and Development..

Suggested Citation

  • José Noguera & Susan J. Linz, 2006. "Barter, credit and welfare," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 14(4), pages 719-745, October.
  • Handle: RePEc:bla:etrans:v:14:y:2006:i:4:p:719-745
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    References listed on IDEAS

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    1. Mario Gara, 2001. "The Emergence of Non-monetary Means of Payment in the Russian Economy," Post-Communist Economies, Taylor & Francis Journals, vol. 13(1), pages 5-39.
    2. Varese, Federico, 2001. "The Russian Mafia: Private Protection in a New Market Economy," OUP Catalogue, Oxford University Press, number 9780198297369.
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