Economic incentives and international trade
This paper studies the importance of incentives as a determinant of international trade flows. We argue that barter, countertrade and foreign direct investment can be seen as efficient institutions that mitigate contractual hazards which arise in technology trade, marketing and imperfect capital markets. Paying an import with export goods rather than cash (barter) helps to overcome incentive problems that arise in debt repayment of highly indebted countries. Payment in export goods removes the anonymity of the medium of exchange and thus allows to create a collateral for the creditor. Furthermore, tying an import with an export (countertrade) helps to solve the incentive problems related to the technology transfer to developing countries. The export flow serves as a "hostage" that deters cheating on the quality of the imported technology good. The predictions of the two models are consistent with the pattern of trade of actual barter and countertrade contracts. ZUSAMMENFASSUNG - (Ökonomische Anreize und internationaler Handel) ´ Diese Studie untersucht die Bedeutung von ökonomischen Anreizen als Bestimmungsgröße internationaler Handelsflüsse. Wir argumentieren, daß ausländische Direktinvestitionen, Joint Ventures, der Barterhandel und Kompensationsgeschäfte als effiziente Institutionen angesehen werden können, die Anreizprobleme vermeiden helfen, die bei dem Technologiehandel, bei der Vermarktung neuer Produkte und auf unvollkommenen Kapitalmärkten auftreten. Die Bezahlung eines Imports mit Exportgütern, statt mit Geld (Barter), hilft, Anreizprobleme zu überwinden, die in hochverschuldeten Ländern bei der Schuldentilgung auftreten. Die Zahlung mit Gütern hebt die Anonymität des Tauschmediums auf und erlaubt somit dem Gläubiger eine Sicherheit für seinen Kredit zu schaffen. Die Verknüpfung eines Imports mit einem Export (Countertrade) hilft die Anreizprobleme zu überwinden, die mit dem Technologietransfer in Entwicklungsländer verbunden sind. Das Exportgesc
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Munich Reprints in Economics
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