IDEAS home Printed from
MyIDEAS: Login to save this article or follow this journal

The Emergence of Non-monetary Means of Payment in the Russian Economy

  • Mario Gara
Registered author(s):

    The widespread use of non-cash payments in Russia is the result of a complex bundle of factors: tax evasion, established networks of enterprises and policy-induced causes. By use of non-monetary payments, agents have relaxed their liquidity constraints, but they still lack the financial resources needed to undertake investment and restructuring. Banks' credit provision is based on criteria other than the profitability of the recipient of the funds. The interest rate, coupled with the restructuring of the banking sector, could operate as an effective lever that may lead to a more economically consistent management of liquidity and could also reduce capital flight.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

    Volume (Year): 13 (2001)
    Issue (Month): 1 ()
    Pages: 5-39

    in new window

    Handle: RePEc:taf:pocoec:v:13:y:2001:i:1:p:5-39
    Contact details of provider: Web page:

    Order Information: Web:

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Roland, G. & Verdier, T., 1997. "Transition and the Output Fall," DELTA Working Papers 97-09, DELTA (Ecole normale supérieure).
    2. Dalia Marin & Monika Schnitzer, 2000. "Disorganization and Financial Collapse," CESifo Working Paper Series 339, CESifo Group Munich.
    3. Schoors, Koen, 1999. "The Credit Squeeze During Russia's Early Transition: A Bank-Based View," CEPR Discussion Papers 2229, C.E.P.R. Discussion Papers.
    4. Barry Ickes & Peter Murrell & Randi Ryterman, 1997. "End of the Tunnel? The Effects of Financial Stabilization in Russia," William Davidson Institute Working Papers Series 50, William Davidson Institute at the University of Michigan.
    5. Blanchard, O & Kremer, M, 1996. "Disorganization," Working papers 96-30, Massachusetts Institute of Technology (MIT), Department of Economics.
    6. Allingham, Michael G. & Sandmo, Agnar, 1972. "Income tax evasion: a theoretical analysis," Journal of Public Economics, Elsevier, vol. 1(3-4), pages 323-338, November.
    7. 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).
    8. Williamson, S. & Wright, R., 1991. "Barter and Monetary Exchange Under Private Information," University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers 9107, University of Western Ontario, The Centre for the Study of International Economic Relations.
    9. Schaffer, Mark E., 1998. "Do Firms in Transition Economies Have Soft Budget Constraints? A Reconsideration of Concepts and Evidence," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 80-103, March.
    10. Timothy Frye & Andrei Shleifer, 1996. "The Invisible Hand and the Grabbing Hand," NBER Working Papers 5856, National Bureau of Economic Research, Inc.
    11. A. Abalkin & J. Whalley, 1999. "The Problem of Capital Flight from Russia," The World Economy, Wiley Blackwell, vol. 22(3), pages 421-444, 05.
    12. Gelfer, Stanislav & Perotti, Enrico C, 1999. "Red Barons or Robber Barons? Governance and Financing in Russian FIG," CEPR Discussion Papers 2204, C.E.P.R. Discussion Papers.
    13. Yavlinsky Grigory & Braguinsky Serguey, 1994. "The Inefficiency of Laissez-Faire in Russia: Hysteresis Effects and the Need for Policy-Led Transformation," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 88-116, August.
    14. William Tompson, 1998. "Russia's 'ministry of cash': Sberbank in transition," Post-Communist Economies, Taylor & Francis Journals, vol. 10(2), pages 133-155.
    15. Choudhry, T., 1998. "Another visit to the Cagan model of money demand: the latest Russian experience," Journal of International Money and Finance, Elsevier, vol. 17(2), pages 355-376, April.
    16. Sergei Aukutsionek, 1997. "Some characteristics of the transition economy," Post-Communist Economies, Taylor & Francis Journals, vol. 9(3), pages 289-336.
    17. Jan Amrit Poser, 1998. "Monetary disruptions and the emergence of barter in FSU economies," Post-Communist Economies, Taylor & Francis Journals, vol. 10(2), pages 157-177.
    18. Sergei Aukutsionek, 1997. "Measuring progress towards a Market economy," Post-Communist Economies, Taylor & Francis Journals, vol. 9(2), pages 141-172.
    19. Wrede, Matthias, 1995. "Tax Evasion and Risk Taking: Is Tax Evasion Desirable?," Public Finance = Finances publiques, , vol. 50(2), pages 303-16.
    20. Guillermo Calvo & Fabrizio Coricelli, 1992. "Output Collapse in Eastern Europe: The Role of Credit," IMF Working Papers 92/64, International Monetary Fund.
    21. Perotti, E. C., 1998. "Inertial credit and opportunistic arrears in transition," European Economic Review, Elsevier, vol. 42(9), pages 1703-1725, November.
    22. Diamond, Douglas W, 1997. "Liquidity, Banks, and Markets," Journal of Political Economy, University of Chicago Press, vol. 105(5), pages 928-56, October.
    23. Philip Hanson, 1997. "What sort of capitalism is developing in Russia?," Post-Communist Economies, Taylor & Francis Journals, vol. 9(1), pages 27-42.
    24. Frank A. Cowell, 1990. "Cheating the Government: The Economics of Evasion," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262532484, June.
    25. Nobuhiro Kiyotaki & John Moore, 1997. "Credit Chains," ESE Discussion Papers 118, Edinburgh School of Economics, University of Edinburgh.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:taf:pocoec:v:13:y:2001:i:1:p:5-39. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.