This paper reports the findings of a survey of more than 3,000 firms in 20 transition countries. It shows that barter and other non-monetary transactions (including the use of bills of exchange, debt swaps, barter chains, and the redemption of debt in goods) are an important phenomenon in Russia and Ukraine. Contrary to what is commonly believed they are not negligible in Central and Eastern Eu...

This paper reports the findings of a survey of more than 3,000 firms in 20 transition countries. It shows that barter and other non-monetary transactions (including the use of bills of exchange, debt swaps, barter chains, and the redemption of debt in goods) are an important phenomenon in Russia and Ukraine. Contrary to what is commonly believed, they are not negligible in central and eastern E...

We modify the Kiyotaki and Wright (1991, J. Economic Theory 53, 215 235; 1993, Amer. Econom. Rev. 83, 63-77) framework so that there is a universal double coincidence of wants in all barter matches. We also introduce divisible service sidepayments into the model and allow agents to bargain over bundles of goods, services and money in bilateral matches. In asymmetric matches, the agent that valu...

This article aims at a new approach for a known fundamental result: barter or trade increases economic value. It successfully bridges the gap between the theory of value and the exchange process attached to the transition fromendowments to the equilibrium in the core and contract curve. First, we summarise the theory of value; in Section 2, we present the Edgeworth (1881) box and an axiomatic a...

The paper analyzes different interpretations of riba and discovers that the main source of confusion about the concept has been misunderstanding of riba in hadith in general and riba in barter exchange with a time lag, hereafter called riba in barter loans, in particular. A majority of jurists has, so far, either overlooked riba in barter loans or has included it in the category of trivial riba...

İdarelerin tek yanlı iradeleri ile özel mülkiyette bulunan taşınmazları kamulaştırmaları karşılığında taşınmaz sahiplerine kural olarak taşınmazların bedellerini nakden ve peşin ödemeleri gerekmektedir. Ancak sahiplerinin kabul etmesi halinde trampa yolu kamulaştırma yapılması da mümkündür. 2942 sayılı Kamulaştırma Kanunu’nun 26. maddesinde için gereken şartlar sayılmıştır. Buna göre idarenin v...

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...

Recently, Blanchard and Kremer (BK) argued that disorganization has led to the output decline in the former Soviet Union. In this paper we introduce liquidity and credit constraints into the BK model and show how these problems can alleviate the hold-up problem. We argue further that barter creates a hostage which allows to deal with disorganization when credit enforcement is prohibitively cost...