| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1673 |
| DP1673 How Will the Euro behave? | |
| Daniel Cohen | |
| 发表日期 | 1997-07-30 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | Starting with the international debt crisis in the early 1980s, the volume of international barter trade increased substantially. 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. But there is also a risk that the debtor pays 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. The predictions of our model are consistent with data on actual barter contracts. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Commodity money Creditworthiness Economic incentives and international trade Sovereign debt |
| URL | https://cepr.org/publications/dp1673 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530815 |
| 推荐引用方式 GB/T 7714 | Daniel Cohen. DP1673 How Will the Euro behave?. 1997. |
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