New IJCCR issue

Dear IJCCR followers,

We are pleased to announce the publication of the first issue of this year.

Enjoy the reading!


Masayuki Yoshida

Relationship between a community currency issuance organization’s philosophy and its issuance form: a Japanese case study

Masayuki Yoshida, Shigeto Kobayashi, and Yoshihisa Miyazaki

Cryptocurrencies for social change: the experience of Monedapar in Argentina

Ricardo Orzi, Raphael Porcherot and Sebastián Valdecantos

Integral research on the lake district pound: six mixed methods for assessing the impact of a currency

Christophe Place, Jem Bendell, Ian Chapman, Jamie McPhie and David Murphy

Exploring social capital within Damietta’s furniture industry value chain as a mode of community currency

Nourhan Heysham, Hisham Elkadi and Sara Biscaya

Tax-credit instruments as complementary currencies: a policy proposal for fighting the austerity while saving the Euro zone

Thomas Coutrot and Bruno Théret

Chiemgauer Complementary Currency – Concept, Effects, and Econometric Analysis

Christian Gelleri and James Stodder

Rethinking the Significance of Regional Currencies: The Case of the Chiemgauer

Kiminori Hayashi

Prospects of implementation of complementary currencies at the municipal level by dataset of economical agents banking transactions

A.A. Panachev and D.B. Berg

Merit signal – the éminence grise of economic systems

Alexander Zatko

Revitalizing Local Communities through Regional Currencies Using GIS: A Case Study in Kasama and Kesennuma in Japan

Mayumi Dan and Kayo Okabe



New article: Paradigms in currency research

‘Monetary Plurality’ and ‘Currencies for an Alternative Economy’: Two paradigms of complementary currency research

Rolf Schroeder

Independent Author. Email:


Many practitioners and researchers in this field consider money to be the centrepiece of complementary currencies. This paper identifies a second line of thinking, through which the discourse on an ‘alternative economy’ had a significant influence on the development of these social innovations during the 1980s and 1990s. This article discusses two questions: The first one concerns the influence of, and the relationship between these two lines of thought. A monetary focus gradually superseded earlier interpretations of these systems and eventually occupied a dominant position. Is there sufficient common ground between researchers of cryptocurrencies and traditional complementary currencies to share a single discourse network? The second question concerns the potential of local currencies with strictly limited convertibility. Against the background of an impending recession this article offers a perspective of how newly designed complementary currencies can become viable elements of an alternative economic structure beside the capitalism economy.


Complementary Currencies, Monetary Diversity, Alternative Economy, Money, Boundaries.

Article Schroeder

To cite this article: Schroeder, R. (2020) ‘‘Monetary Plurality’ and ‘Currencies for an Alternative Economy’: Two paradigms of complementary currency research’ International Journal of Community Currency Research Volume 24 (Summer 2020) 101-115;; ISSN 1325-9547; DOI

New article on money sociality

An investigation of the social and credit theory of money, focussing on the contemporary situation of monetary sovereignty

Chikako Nakayama* and Manabu Kuwata**

*Tokyo University of Foreign Studies, 183-8534, 3-11-1, Asahicho Fuchu-shi, Tokyo, Japan.

** Fukuyama City University, 721-0964, 2-19-1, Minato Machi, Fukuyama City, Hiroshima Prefecture,Japan.


This paper explores the fundamental importance of sociality to monetary sovereignty, investigating the apparent contrast between the state and the market in theories of money. Sociality deserves attention given the recent increase since the 1990s of denationalised, regional and, more recently, crypto currencies, which are different from legal tender. First, we examine the classification of metalism and chartalism, that is, the commodity theory of money on one hand and the chartal theory of money on the other (Section 2). The former has been dominant in the history of economic thought, focussing on catallactics, or the function of money as a medium of exchange, while the latter lays more importance on the function of money as a means of payment and relies on literature in history and anthropology. We then concentrate on the meaning of the institution of payment and debt, with which a person can participate in the society to which he/she belongs (Section 3). People’s belief in the perpetual validity of this institution is indispensable for monetary sovereignty. Further, we investigate the idea of the social credit given a hundred years ago, when the trust in this institution and the state itself was severely lacking, as an important application of the sociality of money. In conclusion, we show that sociality among people, embodied in the existence of monies and currencies, cannot be reduced to the market nor to the state.


chartalism, monetary sovereignty, means of payment, crypto currency, social credit

Article Nakayama and Kuwata

To cite this article: Nakayama, C. and Kuwata, M. (2020) ‘An investigation of the social and credit theory of money, focussing on the contemporary situation of monetary sovereignty’ International Journal of Community Currency Research Volume 24 (Summer 2020) 89-100;; ISSN 1325-9547; DOI

New article: Digital CCS in Brazil

Mumbuca e-dinheiro and the challenges of requirements, codes and data digital community currency governance

Luiz Arthur S. Faria*, Fernando G. Severo**, Henrique L. Cukierman***, Eduardo H. Diniz****

*Fundação Getúlio Vargas and Universidade Federal do Rio de Janeiro, Brazil,

** Universidade Federal do Rio de Janeiro, Brazil,

*** Universidade Federal do Rio de Janeiro, Brazil,

****Fundação Getúlio Vargas, Brazil,


This paper discusses the governance process of digital complementary currencies (DCCs). Our reflections are based on contributions from fields such as the anthropology of economy and currencies, especially from the perspective of monetary plurality and governance of commons, and also on concepts developed in the field of Science and Technology Studies (STS). The research effort accompanies the material changes of the Mumbuca DCC (Maricá, Rio de Janeiro, Brazil), connected to the Brazilian Network of Community Development Banks (CDBs), which has accumulated more than one hundred experiences since 1998. We use three different approaches to investigate the Mumbuca digital platform: the processes related to the requirements of the digital platforms adopted, the tensions concerning its closed architecture model and finally the currency circulation data – now digital, and relatively traceable. The paper explores the impossibility to dissociate, on the one hand, the ‘social practices’ enunciated by the communities related to the local currency proposals (and connected to the idea of money as a commons) and, on the other, the materialities present in digitalization processes. Finally, calling for a sociotechnical approach, it outlines some of the challenges faced by the CDBs Network, towards treating the DCC as a commons.


Digital community currencies; Social currencies; Commons; Governance

Article Faria et al.

To cite this article: Faria, L., Severo, F., Cukierman, H. and Diniz, E. (2020) ‘Mumbuca E-dinheiro and the challenges of a digital community currency governance: requirements, codes and data’ International Journal of Community Currency Research Volume 24 (Summer 2020) 77-88;; ISSN 1325-9547; DOI

New article: CCS and agent based modelling

Complementary Currency localisation in closed contours of economic exchange: Theoretical background and experimental verification

Dmitry Berg* and Olga Zvereva**

* Graduate School of Economics and Management, Ural Federal University, Ekaterinburg, Russia,

** Engineering School of IT, Communications and Control Systems, Ural Federal University, Ekaterinburg, Russia,


The issue of basics for successful functioning of a complementary currency has gained utmost importance in the recent years because of the crisis phenomenon in the world economic domain. In the discussed research, the focus has been put on the structural aspect of the problem with the network approach having been used as a theoretical background. During the initial stage of the research, a mathematical model of a local municipal economy has been engineered. Using this economic model and a number of other economic local system models, it has been revealed that closed exchange contours could be found in every modelled system. It has been found that the number of closed exchange contours in an economic system is greater than in the similar random or social system, and exactly these contours form a structural basis for system’s sustainability. To evaluate the effect of complementary currency introduction, an agent-based computer model has been coded. This computer model has proved the efficiency of complementary currency introduction. Complementary money supports functioning of the economy, and, in case of the lack of real money, can improve and speed up economic processes flowing in the system. The described results have been received while computer simulation with implementation of the agent-based computer model and have been verified through the experiments in the real local economic system.


Agent-based computer model, closed contour, network approach, sustainability.

Article Berg and Zvereva

To cite this article: Berg D. and Zvereva, O. (2020) ‘Complementary currency localization in closed contours of economic exchange: theoretical background and experimental verification’ International Journal of Community Currency Research Volume 24 (Summer 2020) 64-76; ISSN 1325-9547; DOI

New article: CCS in Japan

Characteristics of Community Currency that Contribute to Endogenous Regional Activation: Based on case studies of three community currencies: Ma~yu, Tengu and Awa Money

Han Meng*, Akira Ueda**

* Graduate School of Engineering, Chiba University, Japan.

** Chiba University, Japan.


In this paper we reviewed Community Currencies (CC) that contribute to endogenous regional revitalization. 49 CC cases, collected by a nationwide questionnaire survey to the operating groups, are classified to 5 types by applying mathematical quantification theory class III and cluster analysis on the viewpoint of endogenous development theory. We focused on the ‘community endogenous collaboration type’ of CC and carried out field investigations on three selected examples that pertain to this type. The obtained contents were arranged using the KJ method to clarify the characteristics of this type. (1) The ‘endogenous community collaboration’ type of CC frees the people from being a ‘consumer’ and gives the possibility of transforming into ‘prosumer¬=sei-katsu-sha’. (2) In Japan, the citizens’ group operating this type of CC actively implement various events & projects, thereby facilitating the re-identification and utilization of resources that have potential in the area. (3) By using such CC for exchanging and participating in such activities, it creates chances for participants from a wide range of age groups to interact with each other. While inheriting the wisdom of the elderly, it contributes to the formation of common concerns and values in the community and trigger new networks within the region.


Endogenous regional activation, community currency, prosumer¬=sei-katsu-sha.

Article Meng and Ueda

To cite this article: Meng, H. and Ueda, A. (2020) ‘Characteristics of Community Currency that Contribute to Endogenous Regional Activation: Based on case studies of three community currencies: Ma~yu, Tengu and Awa Money’ International Journal of Community Currency Research Volume 24 (Summer 2020) 54-63;; ISSN 1325-9547; DOI

New article: CCS in Finland

When is money not a currency? Developments from Finland of proto-community currencies

Marcus Petz*

* Department of Philosophy and Social Sciences, University of Jyväskylä, Finland. Email:


The article is a case study of several digitally based schemes recently operating in Finland where some functions and properties of money are evident. While working effectively as designed, they do not fully meet the criteria of a well-functioning community currency. The schemes include: sysmä, a digitally based hyperlocal system of account introduced by the rural Sysmä municipality; Pisteet kotiin®, a housing association points system in the city of Tampere, copied from a working Dutch model; BookMooch, a global book-swapping site that has extended its operations throughout Finland. Explored in the article are the institutional enabling and inhibitory factors and implications for and from other community currency projects. Data was collected by participant observation and semi-structured interviews in all schemes. Additional media surveying, internet webscrapes and online surveying supplemented this data. Along with the demarcation problem between currency and money, the technical issues about scale and purpose, if such schemes are to develop their offerings to become fully fledged currencies, are considered. The concept of “current-see” proposed by the MetaCurrency Project, is used as a lens to evaluate if the schemes achieve their purpose and whether further development is desirable or possible. The concept of a proto-community currency is developed.


Green economics, community of use, CC terminology, integral theory, pattern language.

Article Petz

To cite this article: Petz, M. (2020) ‘When is money not a currency? Developments from Finland of Proto-Community Currencies’ International Journal of Community Currency Research Volume 24 (Summer 2020) 30-53;; ISSN 1325-9547; DOI

New article on Eusko (France)

The Eusko’s trajectory. Hypotheses to understand the success of the complementary local currency of the Northern Basque Country

Dante Edme-Sanjurjo*, Mathilde Fois-Duclerc**, Yannick Lung***, Julien Milanesi**** and Fabienne Pinos*****

Euskal Moneta, Bayonne, France.

** Centre Emile Durkheim, UMR 5116 CNRS Sciences Po Bordeaux & MSHA, Bordeaux, France.

*** GREThA, UMR 5113 CNRS Université de Bordeaux & Crisalidh, MSHA, Bordeaux, France.

**** CERTOP, UMR 5044 CNRS Université Paul Sabatier, Toulouse, France.

***** Université de Pau et des Pays de l’Adour, Bayonne, France.


Launched in January 2013, the Eusko (complementary local currency of the Northern Basque Country in France) became the first local currency in Europe five years later, with the equivalent of more than one million euros in circulation, surpassing the Chiemgauer in Germany and the Bristol Pound in England. This paper aims to explain the development of this complementary local currency and to formulate hypotheses about the factors for its success. Part 1 gives a statistical overview of the Eusko’s trajectory, analysing the distribution of this currency in its chronological and spatial dimensions. Part 2 focuses on the specificity of the territorial context, which is characterized by a high density of the associative and cooperative movements. Part 3 details the mobilizing organizational devices that contribute to the Eusko’s success.


Basque country, complementary local currency, digitalization, Eusko, France.

Article Edme-Sanjurjo et al.

To cite this article: Edme-Sanjurjo, D., Fois-Duclerc, M., Lung, Y., Milanesi, J. and Pinos F. (2020) ‘The Eusko’s trajectory. Hypotheses to understand the success of the complementary local currency of the Northern Basque Country’ International Journal of Community Currency Research Volume 24 (Summer 2020) 14-29; ISSN 1325-9547; DOI

First RAMICS Award paper

How could blockchain be a key resource in the value creation process of a local currency? A case study centered on Eusko

Fabienne Pinos*

* IUT de Bayonne et du Pays Basque, Université de Pau et des Pays de l’Adour, Bayonne, France.


Blockchain is seen as a major financial innovation for the years to come; it interests financial industry as well as some local currencies. Thus, it seems appropriate to analyze how Blockchain could be a key resource in the value creation process of a local currency. Our article aims first to analyze the potential contributions of Blockchain for local currencies. Then, we compare these contributions to the key resources and activities identified in the study of the value creation process of Eusko, the first European currency in circulation since the end of 2018. Launched in June 2011, managed by the association Euskal Moneta (EM), this initiative aims at creating value that can be considered as public value (Moore, 1995). We use the canvas of Osterwalder & al. (2011) to identify the key resources and activities of EM’s business model and explore how blockchain technology might or might not support them. We show that several factors can slow or even preclude the adoption of such a technology in an innovative context that solicits, in various forms, the adaptive capacities of project stakeholders. Through this case study, we wish to contribute to develop knowledge about economic models of local currencies.


Local currency, blockchain, value creation, trust, transition.

Article Pinos

To cite this article: Pinos, F. (2020) ‘How could blockchain be a key resource in the value creation process of a local currency? A case study centered on eusko’ International Journal of Community Currency Research Volume 24 (Summer 2020) 1-13;; ISSN 1325-9547; DOI

New CCS idea for debate

Volume 24, 1 – Winter (2020), pp. 61-74

The Financing of Investments in Long-term Assets and the Inverse Maturity of Deposits in the Commodity-Money-Commodity Type of Mutual Credit

Samo Kavčič*

*Independent author, Radovjica, Slovenia – Email:


This paper focuses on the financing of investments in long-term assets in the Commodity-Money-Commodity (komoko) monetary system (KMS). The KMS is a special, currently still theoretical version of mutual credit, first introduced in the 2016 summer issue of the IJCCR journal. In dealing with capital goods financial circulation is indispensable. However, financial circulation is prone to speculation, a practice not at all endorsed by CC (complementary and community currencies) communities. Separation of the real and financial exchange circles introduced in the original KMS paper is a method by which community currencies can dispense with speculation and other forms of potentially harmful financial circulation. Separation of the real and financial exchange circles proposed by the original KMS paper is based on a rigid, rule-based barrier between the real economy – which produces new goods and services on one side, and the financial economy – which deals with the exchange of old durable and capital goods on the other. This separation method may, however, be potentially either too cumbersome for businesses or too easy to evade. An improved method of separation of the exchange circles is proposed which basically eliminates the elements of the rule-based barrier and substitutes it with a new feature called inverse maturity of deposits. To implement inverse maturity of deposits, the KMS evolves from a plain ledger-based currency into a form that resembles accounts payables and accounts receivables. This new form of KMS which tracks the maturity of credits (demand deposits) puts the KMS in stark contrast to the existing fractional reserve banking which tracks the maturity of loans i.e. debits. The paper discloses how the KMS, featuring inverse maturity of deposits, dispenses with excessive financial circulation without impeding the real circulation and at the same time supports the use, exchange and production of capital goods. This renders KMS a currency that can crowd out legal tender.


Mutual Credit, Finance and Investment, Velocity of Money, Inverse Maturity, Liquidity

Article Kavčič

To cite this article: Kavčič, S (2020) ‘The financing of investments in long-term assets and the inverse maturity of deposits in the commodity-money-commodity type of mutual credit’ International Journal of Community Currency Research Volume 24 (Winter 2020) 61-73;; ISSN 1325-9547; DOI



New article on theoretical typology of CCS

Volume 24, 1 – Winter (2020), pp. 45-60

A Conceptual framework for classifying currencies

Louis Larue UCLouvain, Belgium,; Place Montesquieu 3, 1348 Louvain-la-Neuve, Belgium


An impressive variety of new forms of money has aroused in recent decades from various groups of people and various kinds of institutions. These currencies are at the heart of intense debates, which raise important, but often neglected, normative issues. The diversity of their goals, uses and characteristics is so large that it makes some preliminary distinctions necessary. This paper aims at providing a proper background for the discussion of the possible merits and drawbacks of different kinds of currencies. It proposes a classification that demarcates currencies according to how they relate to several crucial normative issues. Its aim is to show, for every type of currency, and as unambiguously as possible, to which side of these controversies it lies.


Money, alternative currencies, typologies, classification. Article Larue To cite this article: Larue, L (2020) ‘A conceptual framework for classifying currencies’ International Journal of Community Currency Research Volume 24 (Winter 2020) 45-60;; ISSN 1325-9547; DOI

New article on conceptualising money

Volume 24, 1 – Winter (2020), pp. 30-44

Image, value and belief: assessing money through Simondon

Diego Viana FFLCH-USP, Rua Girassol, 554, 183, São Paulo-SP Brasil,


Regarding money, the theme of belief is usually formulated in terms of belief in money. The same is true of trust, as well the value of money. One should also raise the question of trust, belief and value through money, or given its presence. This suggestion is inspired by the philosophy of Gilbert Simondon, whose theory of psychic and collective individuation aims at overcoming the dichotomy between methodological individualism and a sociology of vast categories. Simondon’s theory has three aspects that could inform the research on money. Firstly, the philosopher raises the question of how groups are constituted: they subsist by the same process that gives birth to individual personalities. A group is defined by the categories it mobilizes, and most importantly, that it produces while constituting itself. Secondly, Simondon underscores the inventive aspect of this emergence of groups, an invention analogous to technical invention, one that redraws the potentials at work in the collective: it can be those of the territory, of the bodies, or of the minds. This inventive character prolongs these potentials as structures, and this is what the collective is all about. Finally, Simondon develops a theory of the “image cycle” that can help us understand the continuity between this indefinite and infinite field of potentials, the typical categorization of groups, and the formation of images and objects (technical, sacred, aesthetic), which crystalize desires, beliefs and hopes of individuals as members of groups. These aspects clarify our wish to alter the way the questions regarding money are enounced, as well as that of the affects it mobilizes and informs. Since money manifests itself in its operation, as image or object, it can be considered to stem from the simondonian image cycle, giving sense to groups and mobilizing potentials, desires and beliefs. We explore and explicit the differences implied by this approach, underscoring Simondon’s contributions to social thought. Money is a privileged object for the application of Simondon’s thought, because of its plasticity, the vastness of the domains in which it operates, and the magnitude of forces it mobilizes.


Image, group, belief, value, Simondon, interpretation Article Viana To cite this article: Viana, D.  (2020) ‘Image, value and belief: Assessing money through Simondon’ International Journal of Community Currency Research Volume 24 (Winter 2020) 30-44;; ISSN 1325-9547; DOI

New article on CCS in France

Volume 24, 1 – Winter (2020), pp. 11-29

Toward spatial analyses of local currencies: the case of France

Jérôme Blanc * and Csaba Lakócai **

* University of Lyon, Sciences Po Lyon, UMR Triangle, Lyon (France). Email:

** University of Pécs, Doctoral School of Regional Policy and Economics (Hungary); Hungarian Academy of Sciences, Institute of Regional Studies. Email:;


This paper suggests that studies on local currencies (LCs) should engage in spatial analyses, as far as their territorial distribution is highly heterogeneous. It provides a statistical overview of the territorial features of LCs functioning in France, wherein their number has increased solidly and remarkably fast over the last decade. However, there is a huge variety in their extent, and their development has not been spatially even, especially with regards to the administrative subdivision of the country in departments (counties or departments that correspond to the NUTS-3 level of regions according to the administrative territorial classification of the EU). This uneven distribution let us presume that it is interrelated with different territorial conditions, which motivated our research. We build a size index of LCs and provide a cluster presentation of them as of 2018. A departmental territorial breakdown of data shows statistically significant spatial concentrations of LCs in France. We then provide insights into the reasons for such concentrations.


Local currencies, France, territorial distribution, spatial statistics, size index.

Article Blanc Lakocai

To cite this article: Blanc, J. and Lakócai, C. (2020) ‘Toward spatial analyses of local currencies: The case of France’ International Journal of Community Currency Research Volume 24 (Winter 2020) 11-29;; ISSN 1325-9547; DOI

New article on CC in Japan

Volume 24, 1 – Winter (2020), pp. 1-10

Historical transition of community currencies in Japan

Shigeto Kobayashi*, Yoshihisa Miyazaki** and Masayuki Yoshida***

* Sapporo City University, Japan. Email:

** National Institute of Technology, Sendai College, Japan. Email:

*** Joetsu University of Education, Japan. Email:


This study investigates the historical transition of diversifying community currencies (CCs) in Japan. We searched for papers, reports, newspaper articles, and websites about Japanese CCs to acquire all available information on CCs issued in Japan. We classify the types of CCs by purpose and examine their development process by organizing the purposes, issuing forms, and starting year for each CC.

Our survey results show that 792 CCs were issued in Japan. The largest number of CCs was 130 issued in 2002. New CCs have gradually decreased since 2002, and approximately 15-20 CCs were issued annually since 2008. The purpose of issuing CCs also changed; CCs aiming to “create connections among people” were the most frequent, though this changed in 2002 to “revitalizing the regional economy.” The number of issued CCs to “create connections among people” was in third place in 2011, while “promoting resource recycling” was second.

To classify CCs in Japan, we conduct a cluster analysis using sample scores obtained by Hayashi’s quantification method type III as a dependent variable for the issuing purpose. Many CCs issued in the first half of 2000 belonged to Cluster 4, “formation of people’s connection and regional economic revitalization;” however, those issued in recent years belonged to Cluster 3, “forestry and regional economic revitalization.” Although the number of new CCs decreased drastically in the past 15 years, CCs are clearly evolving as a tool for solving social problems with changing issuing purposes.


Classification, cluster analysis, issuing purposes, issuing forms, Japanese CCs.

Article Kobayashi et al.

To cite this article: Kobayashi, S, Miyazaki, Y and Yoshida, M (2020) ‘Historical transition of community currencies in Japan’ International Journal of Community Currency Research Volume 24 (Winter 2020) 1-10;; ISSN 1325-9547; DOI

Social representations of money: contrast between citizens and local complementary currency members

Ariane Tichit

CERDI, University of Clermont Auvergne; France;


This article analyses the social representations of money from survey data. More specifically, it tests how organizers of a complementary currency system have a distinct perception of money compared to other citizens. The main results confirm the existence of significant differences between the two groups. The structure of their representations shows that for the local currency members money is less tied to official institutions, to the symbol of the sovereign State, to labour and to wages than for the representative population segment. This confirms a number of theoretical studies that see these social innovations as forms of protest against the standard system, questioning the sovereign State currency and close to the concept of unconditional income. Local currencies, through the different social representations of money they contain, could well be drivers of societal change.


Social representations of money, Survey data, Abric method.

Article Tichit, A.

To cite this article: Tichit, A. (2019) ‘Social representations of money: contrast between citizens and local complementary currency members’ International Journal of Community Currency Research 23 Issue 2 (Summer 2019) 45-62;; ISSN 1325-9547; DOI

New Issue IJCCR

Dear readers,

It is our pleasure to publish Volume 24, Issue 1 of the International Journal of Community Currency Research.

We hope that you are adapting to the circumstances imposed by Covid19 and the reactions to the virus outbreak of the various governments. Despite the difficulties we experienced in the last weeks, we managed to publish the new issue in the last hours of the Northern hemisphere’s Winter.

Once again we make a call for volunteers. Anyone willing to edit, review, format and proof-read will be thanked.

Enjoy the reading!

A new type of money for a Mayan community to build resilience in a context of economic crisis

Ranulfo Paiva Sobrinho1, Claudia Maricusa Agraz Hernández2, Karla Vanessa Córdoba Brenes3, Juan Osti Sáenz2, Ademar Ribeiro Romeiro4

1Researcher at the Institute of Economics in the Campinas State University. Cidade Universitária “Zeferino Vaz” Barão Geraldo – Campinas, São Paulo, Brasil. CEP: 13083-970. Telefonista – PABX: 55 19 3521-2121. Co-founder of Sustainability.School

2Instituto EPOMEX, Universidad Autónoma de Campeche, Av. Agustín Melgar s/n entre Juan de la Barrera y Calle 20, Col. Buenavista, A.P. 24039 San Francisco de Campeche, Campeche, México. Teléfono (52) 981 8119800 ext. 62309. Fax ext. 62399.

3Co-founder of Sustainability.School.

4Researcher at the Institute of Economics in the Campinas State University. Cidade Universitária “Zeferino Vaz” Barão Geraldo – Campinas, São Paulo, Brasil. CEP: 13083-970. Telefonista – PABX: 55 19 3521-2121.


We present the proposal of a complementary currency, the Sodziles, to strength the local economy and social ties among the members of the Mayan community of Sodzil (Campeche, Mexico) that work in a mangrove restoration project. This project is important both for the conservation of mangroves and for the social and economic dynamics of Sodzil community. The Sodziles are backed by the restored mangrove ecosystem. We describe key local environmental, social and economic aspects, as well as the macroeconomic context within which the project is developing, specifically, the credit expansion and level of indebtedness in the various sectors of the country, and especially in Campeche State, where the restoration project is in process. From there, it was possible to identify that Mexico is close to a strong economic recession due to the high level of indebtedness of the sectors of its economy. The occurrence of this crisis may affect government funds to finance the restoration project, as well as economic activities such as construction works on which some of the Mayan descendants depend. There is no crisis yet, but it is important to consider the Sodziles as an option in case this crisis happens and also to ensure that the recovered mangroves are protected.

Article Ranulfo et al.pdf

To cite this article: Ranulfo Paiva Sobrinho et al. (2017) ‘A new type of money for a Mayan community to build resilience in a context of economic crisis’ International Journal of Community Currency Research 2017 Volume 21 (Summer) 85-97 <> ISSN 1325-9547. DOI

Let’s change: a critical study of the aims and practices of a local exchange trading scheme

Arianna Bove

School of Business and Management, Queen Mary University of London Francis Bancroft Building, Room 3.44a. Mile End Road, E1 4NS London, United Kingdom. Phone: +44 (0)20 7882 8412 Email:


The paper presents the findings of ethnographic research and a survey of a Local Exchange Trading Scheme in North-East London and asks the question of whether the scheme delivers on the aims and objectives of its members. The research found that whilst its members express a strong politically motivated desire for an alternative to the prevailing economic system, the LETS scheme falls short of delivering on those ambitions. The findings raise the question of whether there is anything intrinsic to this form of local community currency that leads it to be more inclusive, egalitarian and fair.

Article Bove.pdf

To cite this article: Arianna Bove (2017) ‘Let’s change: a critical study of the aims and practices of a local exchange trading scheme’ International Journal of Community Currency Research 2017 Volume 21 (Summer) 65-83 <> ISSN 1325-9547. DOI

Which characteristics of communities boost time-banking? A case study of the United States

Katerina Gawthorpe

University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic, Email:

This paper empirically examines the characteristics of communities with successful time banking schemes. Dataset for this study consists of 909 counties in the U.S, 314 of these counties employ a time-banking currency. The selected factors in this study are captured by 13 variables that affect the number of exchanged hours, namely income inequality, social security, unemployment rate, a set of poverty and income variables and various industry composition indicators. This paper aims to statistically model which specific characteristics of local communities significantly impact the number of hours exchanged. The research especially focuses on the factors of inequality and poverty. The hypothesis tests the assumption that an increase in hours exchanged corresponds to higher income inequality, higher unemployment density, and social-security benefits to constituents. The outcome of the model partially contradicts this hypothesis. The findings indicate a higher portion of impoverished, low-income families as well as an increase in the income inequality variable to negatively affect the number of hours exchanged. Oppositely, in line with previous literature, the result of the model supports joblessness and social security as positive indicators and reveals retail-trade as a significant factor for the successful operation of a time bank. More thorough examination of such findings discloses reasons behind such patterns. A suitable policy is proposed in the end of this paper.

Article Gawthorpe

To cite this article: Katerina Gawthorpe (2017) ‘Which characteristics of communities boost time-banking? Case study of the United States’ International Journal of Community Currency Research 2017 Volume 21 (Summer) 51-64 <> ISSN 1325-9547. DOI