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Le troc en Russie. Un problème de liquidité ou de solvabilité ?

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  • Mathilde Maurel
  • Sophie Brana

Abstract

[fre] Le troc en Russie est engendré par une contrainte de liquidité qui diffère selon la situation économique des entreprises. Pour celles dont la situation financière est relativement bonne mais qui sont confrontées à des problèmes d'anti-sélection et n'ont pas accès au crédit bancaire, il agit comme un substitut au crédit bancaire de court terme. En revanche, les firmes endettées l'utilisent comme moyen de financement externe, évitant ainsi des restructurations coûteuses. [eng] Barter in Russia: a matter of liquidity or a matter of solvency?. . Barter in Russia can be explained by firms liquidity constraint: it is strongly correlated with financial tightness. However a micro-economic analysis reveals that the rationale behind this liquidity constraint is different according to the firm situation. For firms in a good economic situation, but faced with adverse selection problem and having no access to bank credit, barter acts as a substitute for short term credit. While for indebted firms, barter, in the same way as external finance, is a way of avoiding costly restructuring.

Suggested Citation

  • Mathilde Maurel & Sophie Brana, 2000. "Le troc en Russie. Un problème de liquidité ou de solvabilité ?," Revue Économique, Programme National Persée, vol. 51(3), pages 659-669.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2000_num_51_3_410544
    Note: DOI:10.3406/reco.2000.410544
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    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation

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