Tying Trade Flows: A Theory of Countertrade

Marin, Dalia und Schnitzer, Monika (1994): Tying Trade Flows: A Theory of Countertrade. Discussion Paper / Centre for Economic Policy Research (CEPR),

Abstract

A countertrade contract ties an export to an import. Usually, countertrade is seen as a form of bilateralism and reciprocity and thus as an inefficient form of international exchange. In this paper we argue that there are circumstances where the tying of two technologically unrelated trade flows may be efficiency enhancing. We show that countertrade can be seen as an efficient institution that solves moral hazard problems and restores creditworthiness of countries with large outstanding debt. We test the implications of our model using a sample of 230 countertrade contacts. ; Countertrade; Creditworthiness; Double Moral Hazard Problem; Sovereign Debt; Technology Transfer

• Dokumententyp: Paper
• Fakultät: Volkswirtschaft ; Volkswirtschaft > Lehrstühle > Seminar für Internationale Wirtschaftsbeziehungen ; Volkswirtschaft > Lehrstühle > Seminar für Komparative Wirtschaftsforschung
• Themengebiete: 300 Sozialwissenschaften > 330 Wirtschaft
• Sprache: Englisch