Barter, Credit, and Welfare: A Theoretical Inquiry into the Barter Phenomenon in Russia

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type 01 Jan 2005Publisher:Elsevier BVJournal:Economics of Transition, volume 14, pages 719-745 (issn: 0967-0750, eissn: 1468-0351,

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Authors: José Noguera; Susan J. Linz;

doi: 10.2139/ssrn.728004 , 10.1111/j.1468-0351.2006.00270.x

Barter, Credit, and Welfare: A Theoretical Inquiry into the Barter Phenomenon in Russia

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Abstract

This paper develops a model to investigate the welfare implications of barter in Russia and other transition economies during the 1990s. We argue that barter is a welfare-improving phenomenon that acts as a defense mechanism against monetary instability. When firms react to tighter credit markets by switching to barter, the risk they face diminishes, allowing for a higher level of production.

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