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232 Răvaş, O. contracts is problematic as long as state authorities have not established a functioning legal system, and hence contract enforcement through state authorities cannot be counted on. If contract enforcement through state authorities cannot be relied on, trade partners have to seek other means of protecting their interests in business transactions. One possible substitute for formal contracts would be relying on reputation as an enforcement mechanism. Trade partners voluntarily stick to the terms of the contract if the risk of losing their reputation and of not being able to do business in the future is a sufficiently large punishment for misconduct However, the extent to which reputation can help as an enforcement mechanism is limited. In the context of international trade, Bulow and Rogoff (1989a) have shown that reputation may fail to induce sovereign countries to repay their debt. And even if this reputation mechanism sustains some international trade, firms may look for means to overcome the limits set of this mechanism. In transition economies the problem is even more conspicuous, since in times of historic change the future is uncertain and business partners may not know whether they or their partners will be in business in the future for a variety of reasons. Thus, in both environments, trade partners may look for alternative means to enforce contracts and to sustain their economic activities. If contract enforcement is weak, problems may arise on both ends of a business transaction: the seller may fail to deliver the good, and the buyer may fail to pay for the goods. If buyers have no cash to pay, and thus face liquidity constraints at the time of delivery, the business transaction can take place only if the seller can trust the buyer to pay in due course. On the other hand, the buyer is willing to engage in a business transaction only if she can trust the seller to deliver the right goods. Both problems are prevalent in trade and transition. In each environment, enforcing the payment of goods can pose serious problems. In the aftermath of the debt crisis in the 1980s, highly indebted countries were liquidity constrained and could not finance necessary imports. Given their level of indebtedness, debt repayment could not be relied on. The debtor country could create more liquidity by not repaying its debt rather than receive a new loan. Similarly firms in the former Soviet Union are highly indebted, vis-a-vis each other, vis-a-vis the state and vis-a-vis their workers. The phenomenon of inter-firm tax and wage arrears exploded in the 1990s, making it more likely that these firms would repudiate on their payments. As a conclusion, it is important to underline the important role of the barter agreement over traditional credit arrangements. The main difference between a promise of future money and a promise of future goods is that goods have superior credit enforcement properties as compared to money. Acknowledgement Research within the project POSDRU/ CPP107/DMI1.5/S/76851 co-financed by the European Social Fund through the Sectoral Operational Programme Human Resources Development 2007-2013”.
The Utility of the Barter Agreement in International Commercial Trade 233 REFERENCES: [1]. Bonciog, A. (2010) Curs de drept privat comparat, Editura Universul Juridic, Bucureşti [2]. Constantin, V. (2010) Drept international editura Universul Juridic, Bucureşti [3]. Costin, M.; Deleanu, S. (2009) Dreptul comerţului internaţional, Editura Lumina Lex [4]. Căpăţînă, O. (2008) Publicitatea comercială, Editura Universul Juridic, Bucureşti [5]. Cristus, N.; Lupascu, D. (2009) Practica judiciara si legislatie in materia dreptului international privat, Editura WoltersKluwer [6]. Florescu, D.; Pârviu, L.N. (2009) Contractele de comerţ internaţional, Editura Universul Juridic [7]. Gherghe, A. (2010) Drept international privat, Editura Universul Juridic [8]. Gheorghiu, G.; Chelaru, I. (2009) Drept international privat, Editura CH Beck [9]. Grivart, D.; de Kerstrat, F., Les contract en droit anglais, LGDJ, Paris [10]. van Houtten, H. (2002) The law of international trade, Londra, published by Sweet&Maxwell [11]. Mazilu, D. (2009) Dreptul comerţului internaţional, Ed. Lumina Lex, Bucureşti [12]. Macovei, I. (2008-2008) Dreptul comerţului internaţional, 2 volume, Editura C.H. Beck [13]. Navasardyan, L. (2010) Protectia si garantarea investitiilor straine in dreptul comertului international, Editura WoltersKluwer [14]. Lupaşcu, D. (2010) Drept international privat, Editura Universul Juridic [15]. Marin, D.; Schnitzer M. (2002) The economic institution of international barter, in The Economic Journal nr.112, p.293-316, Royal Economic Society, published by Blackwell Publishers [16]. Potecea, V.; Caraiani, G. (2009) Tranzactii internationale - Ghid practic de modele si documente, Editura WoltersKluwer [17]. Sitaru, D. (2008) Dreptul comerţului internaţional, tratat, 2 vol., Editura Universul Juridic, Bucureşti [18]. Severin, A. (2004) Elemente de drept al comerţului internaţional, Bucureşti, Editura Lumina Lex [19]. Ştefănescu, B.; Lupulescu, A.M. (2003) Dreptul comerţului internaţional în documente, Editura Lumina Lex, Bucureşti [20]. Ştefănescu, B. (2007) Consideraţii privind soluţii uniforme legale vizând legea aplicabilă contractului de comerţ internaţional, în Revista Română de Drept Privat, nr. 6 [21]. Vartolomei, R. (2008) Regimul juridic al plăţilor transfrontaliere în cadrul Uniunii Europene, Editura Universul Juridic, Bucureşti [22]. Legea nr. 105/1992 privind raporturile de drept privat , publicată in Monitorul Oficial nr. 245/1992, rectificată prin Monitorul Oficial nr.254/1993, modificată prin Legea 202/2010 şi prin Legea 71/2011 de punere în aplicare a Legii nr. 287/2009 privind noul cod civil [23]. Convenţia de la Roma (1980) privind legea aplicabilă obligaţiilor contractual Online www.eur-lex.europa.eu/lex [24]. Regulamentul (CE) nr. 593/2008 al Parlamentului European şi al Consiliului din 17 iunie 2008 privind legea aplicabilă obligaţiilor contractuale (Roma I)Online www.eurlex.europa.eu/lex
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