The Economic Institution of International Barter
研究20世纪80年代初国际债务危机后易货贸易增长的原因，分析以货易货如何帮助高负债国家绕过标准信贷限制进口，并指出以商品支付比货币支付更易执行但存在质量风险，进而提出商品货币制度解释易货贸易模式。
'Starting with the international debt crisis in the early 1980s, the volume of international barter trade increased substantially. This paper examines how barter can help highly indebted countries to finance imports if they cannot use standard credit arrangements. We argue that payment in goods is easier to enforce than payment in money. But there is also a risk that the debtor pays with inferior quality products. We rank goods with respect to these incentive properties and derive the economic institution of commodity money which explains the trade pattern in barter. The predictions of our model are consistent with data on actual barter contracts.' (author's abstract))