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.

中文翻译：

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易货信用：仓库作为一种承包技术

巴西一家大型农业综合企业贷款机构推出了一项新的承包技术：粮食仓库。使用第二名仓库地点作为对照组，我发现这些仓库的建设允许新的债务合同，即以谷物偿还的易货信用。该合同增加了借款人的债务能力并降低了借款成本。当粮食价格风险较高时，对于法院实力较弱的城市以及资金紧张的借款人来说，影响会更大。这些发现与易货信贷通过降低借款人的产出价格风险来减少金融市场的不完善性是一致的。