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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...
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The rapid expansion in Russia of the virtual economy, a system characterized by a network of barter, has recently … economy has merit and economic rationality, given the special circumstances in Russia. In particular, the system results in a …
Persistent link: https://www.econbiz.de/10014197019
The rapid expansion in Russia of the virtual economy, a system characterized by a network of barter, has recently … economy has merit and economic rationality, given the special circumstances in Russia. In particular, the system results in a …
Persistent link: https://www.econbiz.de/10014197235
Review of the book by David Woodruff on proliferation of barter, non-payments and money substitutes in Russia in the …
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