Abstract
In this chapter it is our aim to show that New Forms of Export Financing (NFEF) are not merely an inefficient inversion of the long-term historical trend away from barter and toward a monetarized economy. Rather, it is our task to show that NFEF can be explained rationally by the transaction cost structure of the international market economy. Analogous to the theory of MNE, most economists interpret the existance of NFEF as the result of so-called structural market imperfections, such as protectionist measures. Though it is impossible to draw a sharp line between structural market imperfections and efficient barter arrangements, it is essential to recognize that — unless we ignore all transaction costs — NFEF are not a priori a second best solution. In the context of the international market economy contractual arrangements — NFEF — must be seen as one element of a coordinated and rational entrepreneurial strategy to maintain and increase competitiveness.
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© 1986 Springer-Verlag Berlin Heidelberg
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Borner, S. (1986). The Transaction Cost Approach to New Forms of Export Financing (NFEF). In: Internationalization of Industry. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-71422-1_9
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DOI: https://doi.org/10.1007/978-3-642-71422-1_9
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-71424-5
Online ISBN: 978-3-642-71422-1
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