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Barter hysteresis in post-Soviet Russia: an institutional and Post Keynesian perspective

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  • PEPITA OULD-AHMED

Abstract

Barter in Russia mainly comes from liquidity shortage. However, barter persists despite the conditions of its emergence having vanished. This paper proposes an institutional and Post Keynesian interpretation of this fact, qualified as "barter hysteresis." In a context of radical uncertainty, the lack of liquidity generates adaptative behaviors and institutional creations that will survive the monetary shortage. Network-organized barter acts as an alternative payment and financing institution while supporting the production activities. Hysteresis then stems from the fact that the entry into such a private payment system may be viewed as an uncertain irreversible investment with sunk costs.

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  • Pepita Ould-Ahmed, 2003. "Barter hysteresis in post-Soviet Russia: an institutional and Post Keynesian perspective," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(1), pages 95-116.
    • Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:95-116
    DOI: 10.1080/01603477.2003.11051382
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    Cited by:

    1. Pepita Ould-Ahmed, 2010. "Can a Community Currency be Independent of the State Currency? A Case Study of the Credito in Argentina (1995–2008)," Environment and Planning A, , vol. 42(6), pages 1346-1364, June.
    2. Cédric Durand & Marc Lautier, 2013. "Too big, too quick?. An institutional and systemic overview of the rise of Russian metallurgical transnationals," Revue d'économie industrielle, De Boeck Université, vol. 0(2), pages 41-76.
    3. Fleischman, Gary & Herz, Paul, 2005. "An empirical investigation of trends in barter activity in the Russian Federation," The International Journal of Accounting, Elsevier, vol. 40(1), pages 39-63.

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