The Economic Institution of International Barter  

Oleh:

Marin, Dalia ; Schnitzer, Monika

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 112 no. 479 (2002), page 293-316.
Topik: ECONOMICS; economic institution; international barter
Fulltext: 293.pdf (177.87KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.7 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Starting with the international debt crisis in the 1980 s, international barter increased substantially. More recently, barter has emerged in Russia and South East Asia. This paper examines how barter can help highly indebted countries to finance imports if they cannot use standard credit arrangements. We argue that payment in goods is easier to enforce than payment in money. However, debtors may pay with inferior quality products. We rank goods with respect to these incentive properties and derive the economic institution of commodity money which explains the trade pattern in barter. Our theoretical predictions are consistent with data on barter contracts.

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