Barter Credit: Warehouses as a Contracting Technology
研究巴西大型农业贷款机构利用仓库作为新型契约技术，允许以谷物偿还的易货信贷合同，发现其提高了借款人债务能力并降低了借贷成本，尤其在谷物价格风险高、司法薄弱和财务受限地区效果更显著。
ABSTRACT A large Brazilian agribusiness lender introduces a new contracting technology: grain warehouses. Using runner‐up warehouse locations as a control group, I find that construction of these warehouses permits a new debt contract, namely, barter credit repayable in grain. This contract increases borrowers' debt capacity and reduces borrowing costs. The effects are stronger when grain price risk is higher, for municipalities with weaker courts, and for financially constrained borrowers. These findings are consistent with barter credit reducing financial market imperfections by mitigating borrowers' output price risk.