Camino Blasco, DavidCardone Riportella, Clara2010-01-202010-01-201998Scandinavian Journal of Management, May 1998, Vol. 14, nº 1, pp. 103-119.0422-2784https://hdl.handle.net/10016/6554Reciprocal trade agreements, usually known under the generic name of countertrade (CT) have been traditionally seen as a form of bilateralism, and thus as an inefficient form of international exchange. Although contemporary trade theories do not fully explain the increasing prevalence of CT transactions, we will argue that it is possible to construct and use a third (hybrid) institutional form, which is congruent with the transaction-cost theories, and we will show how — under market imperfections — countertrade can reduce transaction costs while conserving the efficiency gains generated by these specific arrangements.application/pdfeng©ElsevierBartercountertradetransaction cost theoryasymmetric informationtrading strategiesresearch articleEmpresa10.1016/S0956-5221(97)00019-5open access1031119Scandinavian Journal of Management14