Validating and improving the Impact of Complementary Currency Systems through impact assessment frameworks

Credibility and legitimacy are required to improve the design and implementation of complementary currency systems (CCS) and to engage with public institutions, while depending on sustained support from funders. It is hence necessary to evidence the impact of CCS as effective and efficient tools to reach sustainable development goals. Only around a fourth of the existing studies even touch upon impact evaluation processes. A standardisation of impact evaluation would lead to improve the quantity, quality and comparability of the data collected, as well as to support longitudinal studies and juxtapositions of different types of currencies in their environmental and socio-economic context. After reviewing the literature, this article proposes two complementary approaches to assess the impact of CCS: a prototype of an integral Impact Assessment Matrix based on the goals, objectives and performance indicators, and a tool based on the “Theory of Change” methodology as a common, comprehensive and incremental approach for impact evaluation. Both propositions are currently being applied and further developed by the authors.

Christophe Place and Leander Bindewald

IJCCR 2015 Place Bindewald

To cite this article: Place, C. and Bindewald, L. (2015) ‘Validating and improving the Impact of Complementary Currency Systems through impact assessment frameworks’ International Journal of Community Currency Research 19 (Summer) 152-164  <>  ISSN  1325-9547


Cooperation and Intertrade between Community Currencies: From fundamentals to rule-making and clearing systems

Cooperation, interchange or intertrade of complementary currencies is not yet very common, perhaps of because the funding impulse of most complementary currencies does not cover the question of interchange and cooperation yet, or because theoretical aspects are not often stud- ied. The article describes money or currency as an instrument of cooperation, based on a socio- logical and institutional economics background. It then postulates currency as an operating system and focuses on the technical terms of trade if one would try to establish cooperation between such systems. Basic principles of interchange and intertrade, which are necessary for success, are presented, such as the ideas of trade balance, compensation funds, exchange rates and clearing, set-points and limits, references, anchoring money and tolls and taxes. Further some aspects of governance and negotiation are discussed and a nested framework of rules is adapted to currencies. As an Appendix a case study of the Zurich region is presented where a process of negotiation and building of an interchange network between several CC-groups is on-going.

Jens Martignoni

IJCCR 2015 martignoni

To cite this article: Martignoni, J., (2015) ‘Cooperation and Intertrade between Community Currencies : From fundamentals to rule-making and clearing systems, including a case study of the Zurich Area, Switzer- land’ International Journal of Community Currency Research 19 (Summer) 137-151 <> ISSN 1325-9547

Building trust: exploring the role of community exchange and reputation

This paper identifies trust as a current crucial challenge for sustainability. Our increased reliance on exchange, specifically where the exchange involves ambivalent trust is a further aspect of this challenge. Ambivalent trust refers here to conflict between our desire to trust others and a reticence to do so, given evidence of opportunism, particularly with regard to strangers. Negotiated exchange is proposed as necessary to account for ambivalent trust. This paper seeks to investigate the potential of addressing ambivalent trust via negotiated exchange using community exchange. Community exchange is a hybrid currency system between monetary exchange and gift exchange. This paper uses the case study of a recently commenced project in North-West Tasmania, Australia, called CENTs – Community Exchange North-West Tasmania, to analyse these dynamics. CENTs aims via a series of stages to build trust and then incorporate the concept of a reputation currency. Although in the early stages of development, to date CENTs is showing potential to build trust via the concept of community exchange, albeit on a necessarily incremental basis.

Robin Krabbe

IJCCR 2015 Krabbe

To cite this article: Krabbe, R. (2015) ‘Building trust: exploring the role of community exchange and reputation’ International Journal of Community Currency Research 19 (Summer) 62-71  <>  ISSN  1325-9547

Community Currency in Korea: How do we envision community currency?

Community currency schemes were first introduced in Korea in 1998. Since then, there have been many efforts to use them but no report or academic research on the topic in Korea. Thus, we conducted a field investigation to identify the scope of community currency schemes in Korea and as of 2012 we found 43 groups which use them. The design elements were also investigated but most groups were in an under-developed state, therefore design elements were unidentifiable. Furthermore, we investigate how the community currency coordinators in Korea envision the system using Q-methodology, a method to find the subjective views on the topic. The result shows that the perception on community currency can be divided into four types: ‘Neighborhood as a community’ in which coordinators agree with mainstream economic values and view community currencies as a tool to revitalize the community and to empower local residents; ‘Alternative community’ in which coordinators view  currencies as the means to resist the dominant neoliberal ideology; ‘Community through eco-friendly affinity groups’, in which the scheme is a tool to promote an ecologically-friendly lifestyle, and  ‘Ecological community’, which represents coordinators who believe that it is an alternative to capitalism and a way to maintain an ecological community.

Joonmo Kang and Baeg Eui Hong

IJCCR 2015 Kang Hong

To cite this article: Kang, J. and Hong, B. (2015) ‘Community Currency in Korea: How do we envision community currency?’ International Journal of Community Currency Research 19 (Summer) 72-80  <>  ISSN  1325-9547

Complementary Currencies for 
Sustainable Development in Kenya: 
The Case of the Bangla-Pesa

This paper is a report on the development of a complementary currency system that allows Kenyans in informal settlements to trade goods and services and meet sustainable development objectives. The system in this report, Bangla-Pesa, uses a ‘collaborative credit’ model through a network of local business, whose owners often struggle to meet their basic needs (also known as ‘mutual credit’). The paper documents the reasons for its creation, how it was launched, the immediate positive benefits upon launch, and some of the difficulties faced. Bangla-Pesa is shown to have facilitated, upon its launch, exchanges of roughly 50 Euros in value per day among 109 businesses, which is projected to raise living standards in the community primarily through the utilization of excess business capacity. After only a week of circulation – Bangla-Pesa represented an estimated 22% total trade among community members. This system’s implementation and governance model are detailed with the aim of improving upon and replicating the model for future sustainable development programs.

William O. Ruddick, Morgan A. Richards, and Jem Bendell

IJCCR 2015 Ruddick et al

To cite this article: Ruddick, W., Richards, M. and Bendell, J. (2015) ‘Complementary Currencies for Sustainable Development in Kenya: The Case of the Bangla-Pesa’ International Journal of Community Currency Research 19 (Summer) 18-30  <>  ISSN  1325-9547

What kinds of volunteers become more motivated by community currency? 
Influence of perceptions of reward on motivation

Local communities in Japan are struggling to increase the number of participants in volunteer activities in order to revitalize local life. To maintain the enthusiasm of active volunteers and entice new volunteers, a new type of reward to increase motivation is needed. Accordingly, community currencies (hereafter, CCs) have been introduced as a reward in an attempt to provide such a source of motivation. In particular, local residents have been expected to participate in volunteer work more frequently in return for receiving CCs; however, there is no evidence yet as to whether CCs arouse their motivation to do volunteer work. In this study, we investigated whether CCs play a role in raising local residents’ motivation to do volunteer work. Our conclusion is that even some people with a no-reward orientation are likely to have their motivation raised by CCs, rather than diminished. This result shows that their perception towards CCs and cash is dramatically different though CCs have the same monetary value as cash.

Ken-ichi Kurita , Masayuki Yoshida and Yoshihisa Miyazaki

IJCCR 2015 Kurita et al

To cite this article: Kurita, K., Yoshida, M. and Miyazaki, Y. (2015) ‘What kinds of volunteer become more motivated by community currency? Influence of perceptions of reward on motivation’ International Journal of Community Currency Research 19 (Summer) 53-61  <>  ISSN  1325-9547

On Velocity in Several Complementary Currencies

We analyse the velocity of several complementary currencies, notably the WIR, RES, Chiemgauer, Sol, Berkshares dollars, and several other cases. Then we describe the diversity in their velocity of circulation, and seek potential explanations for these differences. For example, WIR velocity is 2.6 while RES velocity is 1.9 despite being similar currencies. The higher speed may be explained by WIR blended loans among other benefits or by the fact that there are nearly 20.000 unregistered members that contribute with their transactions. Using a comparative method between cases, the article explores a number of possible explanations on the increases in velocity, apart from prevailing demurrage approaches.

Josep Lluis de la Rosa and James Stodder

IJCCR 2015 Rosa Stodder

To cite this article: de la Rosa, J. L. and Stodder, J. (2015) ‘On Velocity in Several Complementary Currencies’ International Journal of Community Currency Research 19 (D) 114-127  <>  ISSN  1325-9547