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Access to liquidity and non-monetary trade in Russia

  • Vlad Ivanenko

This article places non-monetary trade (NMT), the persistent growth of which in Russia in 1992-98 economists have struggled to explain, within the framework of the credit channel of monetary policy. It shows that producers resorted to NMT responding to increases in the cost and the unavailability of external funds. The article traces the origins of structural breaks in the NMT trend to shifts in state policy that affected financial markets and its transitory fluctuations to temporary shocks in the demand for goods. It concludes that there is significant evidence supporting the existence of the credit channel in the Russian transition.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/1463137042000194825
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Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

Volume (Year): 16 (2004)
Issue (Month): 1 ()
Pages: 21-38

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Handle: RePEc:taf:pocoec:v:16:y:2004:i:1:p:21-38
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  1. Sergei Guriev & Igor Makarov & Mathilde Maurel, 2000. "Debt Overhang and Barter in Russia," William Davidson Institute Working Papers Series 339, William Davidson Institute at the University of Michigan.
  2. Marin, Dalia & Kaufmann, Daniel & Gorochowskij, Bogdan, 2000. "Barter in Transition Economies: Competing Explanations Confront Ukrainian Data," Discussion Papers in Economics 63, University of Munich, Department of Economics.
  3. Anil K. Kashyap & Owen A. Lamont & Jeremy C. Stein, 1993. "Credit conditions and the cyclical behavior of inventories," Working Paper Series, Macroeconomic Issues 93-7, Federal Reserve Bank of Chicago.
  4. Bengt Holmstrom & Jean Tirole, 1998. "Private and Public Supply of Liquidity," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 1-40, February.
  5. Brana, Sophie & Maurel, Mathilde, 1999. "Barter in Russia: Liquidity Shortage Versus Lack of Restructuring," CEPR Discussion Papers 2258, C.E.P.R. Discussion Papers.
  6. Commander, Simon & Dolinskaya, Irina & Mumssen, Christian, 2002. "Determinants of barter in Russia: an empirical analysis," Journal of Development Economics, Elsevier, vol. 67(2), pages 275-307, April.
  7. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  8. Li, Yiting, 2001. "A Search Model of Money and Circulating Private Debt with Applications to Monetary Policy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 925-46, November.
  9. 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.
  10. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-76, June.
  11. Thomas J. Sargent, 1981. "The ends of four big inflations," Working Papers 158, Federal Reserve Bank of Minneapolis.
  12. Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2000. "Barter and non-monetary transactions in transition economies: Evidence from a cross-country survey," Working Papers 50, European Bank for Reconstruction and Development, Office of the Chief Economist.
  13. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  14. Narayana R. Kocherlakota, 1996. "Money is memory," Staff Report 218, Federal Reserve Bank of Minneapolis.
  15. Hall, Alastair R, 1994. "Testing for a Unit Root in Time Series with Pretest Data-Based Model Selection," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(4), pages 461-70, October.
  16. Sergei Guriev & Dmitry Kvassov, 2000. "Barter for price discrimination? A theory and evidence from Russia," Working Papers w0007, Center for Economic and Financial Research (CEFIR).
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