The Emergence of Non-monetary Means of Payment in the Russian Economy

Abstract

The widespread use of non-cash payments in Russia is the result of a complex bundle of factors: tax evasion, established networks of enterprises and policy-induced causes. By use of non-monetary payments, agents have relaxed their liquidity constraints, but they still lack the financial resources needed to undertake investment and restructuring. Banks' credit provision is based on criteria other than the profitability of the recipient of the funds. The interest rate, coupled with the restructuring of the banking sector, could operate as an effective lever that may lead to a more economically consistent management of liquidity and could also reduce capital flight.

Nicht-monetäre Inflationsursachen in Russland

“…Diese Ansicht wird unter anderen von Commander/Mumssen (1998), Coyle/ Platonov (1998), lvanenko/Mikheyev (2002, Woodruff (1999b), Ould-Ahmed (2003), Yakovlev (2000) geteilt. Die Schwäche der Geldpolitik äußert sich auch im instabilen intransparenten schwachen Bankensystem (Kim/Pirttila 2004, Yakovlev (2000), Marin/Kaufmann et al (2000), Gara (2001), Schoors (2001)), das eine Finanzierung der realen Wirtschaft in den 90er Jahren nicht mehr gewährleistete. Commander/Dolinskaya et al (2002), Linz/Krueger (1998), Commander/Dolinskaya et al (2000), Makarov /Kleiner (2000) und Woodruff (1999a) beschreiben den Mangel an verfügbaren Zahlungsmittel als Liquiditätshypothese des Barters.…”

A New Regional Geography of Europe? The Labour Market Impact of the EU Enlargements

“…The social hardship of the transformation and the opposition of labour unions have been factors (Boeri, 2000). Despite increasingly hard budget constraints, stateowned firms have preferred to maintain unproductive workers, paying them via wage arrears and inter-firm loans (see, among others, Pinto, Drebentsov and Morozov, 2000;Stiglitz, 2001;Gara, 2001).…”

Barter, Credit, and Welfare: A Theoretical Inquiry into the Barter Phenomenon in Russia

“…2 Litwak (1997) reports that credit to the non-financial sector in Russia fell from 20 percent of GDP in 1993 to less than 10 percent in 1996 as the GKO market developed. For a discussion of the lack of access to bank financing by firms see Schoors (2001) and Gara (2001).…”