Current Generally Accepted Accounting Principles (GAAP) state that the cost of an asset acquired in a non-monetary transaction is the fair value of either the surrendered or the acquired asset, whichever is "more clearly evident". We argue that the standard's extreme solution is inconsistent...

This paper presents a class of examples where a barter economy develops through agents' optimizing decisions into a monetary economy. A barter economy with m commodities is characterized by m(m-1)/2 commodity pair trading posts for active trade of each good for every other. Monetary equilibrium...

The literature on media of exchange has a standard example of indirect exchange being dominated by direct exchange. This case occurs under the assumption of additive transaction costs. Hence, without additional cost assumptions, the agents would prefer direct exchange. From here it is frequently...

Borrowing by way of a loan facility can provide a borrower with a flexible and efficient source of funding. If a borrower requires a large or sophisticated facility or multiple types of facility this is commonly provided by a group of lenders known as a syndicate under a syndicated loan...