Edited by Rolf Mirus, Professor of International Business, University of Alberta, Canada and Bernard Yeung, Dean and Stephen Riady Distinguished Professor, National University of Singapore

'Countertrade is a more common phenomenon than many people realise, especially in East-West and North-South trade. Yet, superficially, countertrade is inefficient in comparison to monetary trade. The paradox of how an apparently inefficient trading mechanism can become so dominant attracted increasing theoretical interest in the 1970s and 1980s. The editors of this volume were amongst the intellectual leaders in the field. The literature on countertrade is quite diffuse, and the editors have performed a major service by bringing together the important contribution in a single volume. This will be an important source of reference for many years to come.'

• Contents:AcknowledgementsIntroduction Rolf Mirus and Bernard YeungPART ICOUNTERTRADE: FORMS AND CHALLENGE OF THE CONVENTIONAL WISDOM 1. Robert E. Weigand (1980), ‘Barters and Buy-backs: Let Western Firms Beware!’2. Rolf Mirus and Bernard Yeung (1987), ‘Countertrade and Foreign Exchange Shortages: A Preliminary Assessment’3. Jean-François Hennart (1990), excerpt from ‘Some Empirical Dimensions of Countertrade’PART IICOUNTERTRADE AS SOLUTION TO TRANSACTIONAL DIFFICULTIES: EARLY ANALYTICAL LITERATURE 4. Peter Murrell (1982), ‘Product Quality, Market Signaling and the Development of East–West Trade’5. Bruce Kogut (1986), ‘On Designing Contracts to Guarantee Enforceability: Theory and Evidence from East–West Trade’6. Rolf Mirus and Bernard Yeung (1986), ‘Economic Incentives for Countertrade’7. Jean-François Hennart (1989), ‘The Transaction-cost Rationale for Countertrade’PART IIITHE LITERATURE IN THE NINETIES: DOUBLE MORAL HAZARD, HOSTAGE EXCHANGE, AND QUANTITY STIPULATION 8. Dalia Marin and Monika Schnitzer (1995), ‘Tying Trade Flows: A Theory of Countertrade with Evidence’9. Dalia Marin and Monika Schnitzer (1998), ‘Economic Incentives and International Trade’10. Raissa Chan and Michael Hoy (1991), ‘East–West Joint Ventures and Buyback Contracts’11. Chong J. Choi and Daniel Maldoom (1992), ‘A Simple Model of Buybacks’PART IVRISK SHARING 12. Erwin Amann and Dalia Marin (1994), ‘Risk-sharing in International Trade: An Analysis of Countertrade’PART VPRICE DISCRIMINATION 13. Richard E. Caves (1974), ‘The Economics of Reciprocity: Theory and Evidence on Bilateral Trading Arrangements’14. Ellen Magenheim and Peter Murrell (1988), ‘How to Haggle and to Stay Firm: Barter as Hidden Price Discrimination’15. Richard E. Caves and Dalia Marin (1992), ‘Countertrade Transactions: Theory and Evidence’PART VIPOLICY IMPLICATIONS 16. Abla M. Abdel-Latif and Jeffrey B. Nugent (1994), ‘Countertrade as Trade Creation and Trade Diversion’17. Abla M. Abdel-Latif and Jeffrey B. Nugent (1993), ‘Countertrade, Licensing and Direct Foreign Investment: Comparative Effects on LDCS and MNES’18. Tore Ellingsen and Lars A. Stole (1996), ‘Mandated Countertrade as a Strategic Commitment’PART VIIMANAGERIAL ASPECTS19. C.W. Neale, D. Shipley and P. Sercu (1992), ‘Motives for and the Management of Countertrade in Domestic Markets’20. Rolf Mirus and Bernard Yeung (1989), ‘Buy-back and Technology Transfer -Some Theoretical Considerations’PART VIII DOMESTIC BARTER IN THE ABSENCE OF CREDIBLE FIAT MONEY21. Joseph A. Ritter (1995), ‘The Transition from Barter to Fiat Money’22. Steve Williamson and Randall Wright (1994), ‘Barter and Monetary Exchange Under Private Information’PART IXCONCLUSION23. Rolf Mirus and Bernard Yeung (1993), ‘Why Countertrade? An Economic Perspective’Name Index

Edited by Rolf Mirus, Professor of International Business, University of Alberta, Canada and Bernard Yeung, Dean and Stephen Riady Distinguished Professor, National University of Singapore

'Countertrade is a more common phenomenon than many people realise, especially in East-West and North-South trade. Yet, superficially, countertrade is inefficient in comparison to monetary trade. The paradox of how an apparently inefficient trading mechanism can become so dominant attracted increasing theoretical interest in the 1970s and 1980s. The editors of this volume were amongst the intellectual leaders in the field. The literature on countertrade is quite diffuse, and the editors have performed a major service by bringing together the important contribution in a single volume. This will be an important source of reference for many years to come.'

• Contents:AcknowledgementsIntroduction Rolf Mirus and Bernard YeungPART ICOUNTERTRADE: FORMS AND CHALLENGE OF THE CONVENTIONAL WISDOM 1. Robert E. Weigand (1980), ‘Barters and Buy-backs: Let Western Firms Beware!’2. Rolf Mirus and Bernard Yeung (1987), ‘Countertrade and Foreign Exchange Shortages: A Preliminary Assessment’3. Jean-François Hennart (1990), excerpt from ‘Some Empirical Dimensions of Countertrade’PART IICOUNTERTRADE AS SOLUTION TO TRANSACTIONAL DIFFICULTIES: EARLY ANALYTICAL LITERATURE 4. Peter Murrell (1982), ‘Product Quality, Market Signaling and the Development of East–West Trade’5. Bruce Kogut (1986), ‘On Designing Contracts to Guarantee Enforceability: Theory and Evidence from East–West Trade’6. Rolf Mirus and Bernard Yeung (1986), ‘Economic Incentives for Countertrade’7. Jean-François Hennart (1989), ‘The Transaction-cost Rationale for Countertrade’PART IIITHE LITERATURE IN THE NINETIES: DOUBLE MORAL HAZARD, HOSTAGE EXCHANGE, AND QUANTITY STIPULATION 8. Dalia Marin and Monika Schnitzer (1995), ‘Tying Trade Flows: A Theory of Countertrade with Evidence’9. Dalia Marin and Monika Schnitzer (1998), ‘Economic Incentives and International Trade’10. Raissa Chan and Michael Hoy (1991), ‘East–West Joint Ventures and Buyback Contracts’11. Chong J. Choi and Daniel Maldoom (1992), ‘A Simple Model of Buybacks’PART IVRISK SHARING 12. Erwin Amann and Dalia Marin (1994), ‘Risk-sharing in International Trade: An Analysis of Countertrade’PART VPRICE DISCRIMINATION 13. Richard E. Caves (1974), ‘The Economics of Reciprocity: Theory and Evidence on Bilateral Trading Arrangements’14. Ellen Magenheim and Peter Murrell (1988), ‘How to Haggle and to Stay Firm: Barter as Hidden Price Discrimination’15. Richard E. Caves and Dalia Marin (1992), ‘Countertrade Transactions: Theory and Evidence’PART VIPOLICY IMPLICATIONS 16. Abla M. Abdel-Latif and Jeffrey B. Nugent (1994), ‘Countertrade as Trade Creation and Trade Diversion’17. Abla M. Abdel-Latif and Jeffrey B. Nugent (1993), ‘Countertrade, Licensing and Direct Foreign Investment: Comparative Effects on LDCS and MNES’18. Tore Ellingsen and Lars A. Stole (1996), ‘Mandated Countertrade as a Strategic Commitment’PART VIIMANAGERIAL ASPECTS19. C.W. Neale, D. Shipley and P. Sercu (1992), ‘Motives for and the Management of Countertrade in Domestic Markets’20. Rolf Mirus and Bernard Yeung (1989), ‘Buy-back and Technology Transfer -Some Theoretical Considerations’PART VIII DOMESTIC BARTER IN THE ABSENCE OF CREDIBLE FIAT MONEY21. Joseph A. Ritter (1995), ‘The Transition from Barter to Fiat Money’22. Steve Williamson and Randall Wright (1994), ‘Barter and Monetary Exchange Under Private Information’PART IXCONCLUSION23. Rolf Mirus and Bernard Yeung (1993), ‘Why Countertrade? An Economic Perspective’Name Index

Edited by Rolf Mirus, Professor of International Business, University of Alberta, Canada and Bernard Yeung, Dean and Stephen Riady Distinguished Professor, National University of Singapore

'Countertrade is a more common phenomenon than many people realise, especially in East-West and North-South trade. Yet, superficially, countertrade is inefficient in comparison to monetary trade. The paradox of how an apparently inefficient trading mechanism can become so dominant attracted increasing theoretical interest in the 1970s and 1980s. The editors of this volume were amongst the intellectual leaders in the field. The literature on countertrade is quite diffuse, and the editors have performed a major service by bringing together the important contribution in a single volume. This will be an important source of reference for many years to come.'

• Contents:AcknowledgementsIntroduction Rolf Mirus and Bernard YeungPART ICOUNTERTRADE: FORMS AND CHALLENGE OF THE CONVENTIONAL WISDOM 1. Robert E. Weigand (1980), ‘Barters and Buy-backs: Let Western Firms Beware!’2. Rolf Mirus and Bernard Yeung (1987), ‘Countertrade and Foreign Exchange Shortages: A Preliminary Assessment’3. Jean-François Hennart (1990), excerpt from ‘Some Empirical Dimensions of Countertrade’PART IICOUNTERTRADE AS SOLUTION TO TRANSACTIONAL DIFFICULTIES: EARLY ANALYTICAL LITERATURE 4. Peter Murrell (1982), ‘Product Quality, Market Signaling and the Development of East–West Trade’5. Bruce Kogut (1986), ‘On Designing Contracts to Guarantee Enforceability: Theory and Evidence from East–West Trade’6. Rolf Mirus and Bernard Yeung (1986), ‘Economic Incentives for Countertrade’7. Jean-François Hennart (1989), ‘The Transaction-cost Rationale for Countertrade’PART IIITHE LITERATURE IN THE NINETIES: DOUBLE MORAL HAZARD, HOSTAGE EXCHANGE, AND QUANTITY STIPULATION 8. Dalia Marin and Monika Schnitzer (1995), ‘Tying Trade Flows: A Theory of Countertrade with Evidence’9. Dalia Marin and Monika Schnitzer (1998), ‘Economic Incentives and International Trade’10. Raissa Chan and Michael Hoy (1991), ‘East–West Joint Ventures and Buyback Contracts’11. Chong J. Choi and Daniel Maldoom (1992), ‘A Simple Model of Buybacks’PART IVRISK SHARING 12. Erwin Amann and Dalia Marin (1994), ‘Risk-sharing in International Trade: An Analysis of Countertrade’PART VPRICE DISCRIMINATION 13. Richard E. Caves (1974), ‘The Economics of Reciprocity: Theory and Evidence on Bilateral Trading Arrangements’14. Ellen Magenheim and Peter Murrell (1988), ‘How to Haggle and to Stay Firm: Barter as Hidden Price Discrimination’15. Richard E. Caves and Dalia Marin (1992), ‘Countertrade Transactions: Theory and Evidence’PART VIPOLICY IMPLICATIONS 16. Abla M. Abdel-Latif and Jeffrey B. Nugent (1994), ‘Countertrade as Trade Creation and Trade Diversion’17. Abla M. Abdel-Latif and Jeffrey B. Nugent (1993), ‘Countertrade, Licensing and Direct Foreign Investment: Comparative Effects on LDCS and MNES’18. Tore Ellingsen and Lars A. Stole (1996), ‘Mandated Countertrade as a Strategic Commitment’PART VIIMANAGERIAL ASPECTS19. C.W. Neale, D. Shipley and P. Sercu (1992), ‘Motives for and the Management of Countertrade in Domestic Markets’20. Rolf Mirus and Bernard Yeung (1989), ‘Buy-back and Technology Transfer -Some Theoretical Considerations’PART VIII DOMESTIC BARTER IN THE ABSENCE OF CREDIBLE FIAT MONEY21. Joseph A. Ritter (1995), ‘The Transition from Barter to Fiat Money’22. Steve Williamson and Randall Wright (1994), ‘Barter and Monetary Exchange Under Private Information’PART IXCONCLUSION23. Rolf Mirus and Bernard Yeung (1993), ‘Why Countertrade? An Economic Perspective’Name Index