Barter, Credit, and Welfare: A Theoretical Inquiry into the Barter Phenomenon in Russia
نویسندگان
چکیده
منابع مشابه
Money, barter, and inflation in Russia
This paper analyzes relationships among money, barter, and inflation in Russia during the transition period. Following the development of a theoretical framework that introduces barter into a standard macroeconomic model for a small, open economy, we estimate the model using structural cointegration and vector error-correction methods. Our findings suggest that Russian barter resulted partly fr...
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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 subst...
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Since Marshall (1890), it has been common for economists to model knowledge transfers as exogenous spillovers. However, there are many instances of knowledge transfers that are deliberate and reciprocal. This paper models these endogenous knowledge transfers and shows that endogenous knowledge barter is fundamentally different than exogenous spillovers. Holding city size fixed, we show that kno...
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The paper presents two models of iterative barter where two players (A and B) aim at exchanging a pair of items without sharing any common scale of evaluation nor any common numerary good as the money. An item may be either a good or a chore (i. e. a bad) or a service of some kind and may “belong” to either players. In the first model every player proposes to the other a pair of items in an alt...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2005
ISSN: 1556-5068
DOI: 10.2139/ssrn.728004