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!

Classifying non-bank currency systems using web data

This paper develops a new classification of non-bank currency systems based on a lexical analysis from French-language web data in order to derive an endogenous typology of monetary projects, based on how these currencies are depicted on the internet. The advantage of this method is that it by-passes problematic issues currently found in the literature to uncover a clear classification of non-bank currency systems from exogenous elements. Our textual corpus consists of 320 web pages, corresponding to 1,210 text pages. We first apply a downward hierarchical clustering method to our data, which enables us to endogenously derive five different classes and make distinctions among non-bank currency system and between these and the standard monetary system. Next, we perform a similarity analysis. Our results show that all non-bank currency systems define themselves in relation to the standard monetary system, with the exception of Local Exchange Trading Systems.

Ariane Tichit*, Clément Mathonnat*, Diego Landivar**

* Clermont University, Auvergne University, CNRS, UMR 6587, CERDI, F-63009 Clermont Fd. Email: ariane.tichit@udamail.f;; ** ESC Clermont, 63000 Clermont-Fd. Email:


non-bank money, text mining, web data, downward hierarchical clustering, similarity analysis

Article Tichit pdf

To cite this article: Tichit, A., Mathonnat, C.,  and Landivar, D. (2016) ‘Classifying non-bank currency systems using web data’ International Journal of Community Currency Research 20 (Summer) 24-40  <>  ISSN  1325-9547.

The “commodity – money – commodity” Mutual Credit Complementary Currency System. Marxian money to promote community trade and market economy

Samo Kavčič

Šercerjeva ul.26, 4240 Radovljica, Slovenia. E-mail:


The Mutual Credit Currency System, this most radical form of endogenous money, was evaluated and compared with Marx’s Commodity-Money-Commodity requirement.  A simple simulation of a small community closed loop economy was used to illustrate the functioning of two types of mutual credit currency systems. The first, dubbed MCSG, behaved according to the specifications and recommendations of the mutual credit currency system’s founding fathers, Riegel and Greco. The second, dubbed the Komoko Monetary System, or abbreviated to KMS, was a sub-type of the mutual credit currency system with some additional restrictions and one additional liberty. The main restriction introduced in the KMS was that it almost exclusively supported the exchange of only newly produced goods and services. The liberty introduced is forecast-based credit allocation. It was shown that the MCSG has an inconsistency that could potentially lead to instability. The restrictions applied within the KMS can provide a remedy for this potential flaw, while at the same time rendering the KMS compliant with Marx’s requirement. The monetary control measures applicable in KMS were discussed, which guarantee robustness and stability and make KMS a true complement to the official fractional reserve banking.


Mutual credit system  , Commodity – money – commodity, Cash flow forecast, Currency circuit,  Monetary control,  Endogenous money

Article kavcic pdf

To cite this article: International Journal of Community Currency Research 20 (Summer) 41-53. <>  ISSN  1325-9547.

First Micro-Simulation Model of a LEDDA Community Currency-Dollar Economy

Results are presented for a first-in-class microsimulation model of a local-national currency system. The agent-based, stock-flow consistent model uses US Census income data as a starting point to project the evolution of local currency (community currency) and dollar flows within a simplified county-level economy over a period of 28 years. Changes in the distribution of family income are tracked. The community currency system under investigation is the Token Exchange System (TES), a component of the larger Local Economic Direct Democracy Association (LEDDA) framework under development by the Principled Societies Project. The model captures key design features of a TES, and results suggest parameter ranges under which the simulated TES is capable of achieving stated aims. Median and mean take-home family income more than double during the simulation period, income inequality is nearly eliminated, and the un- employment rate drops to a 1 percent structural level. The need for more sophisticated modeling of a TES, and avenues of future research, are discussed.

John Boik

To cite this article: Boik, J. (2014) ‘First Micro-Simulation Model of a LEDDA Community Currency-Dollar Economy’ International Journal of Community Currency Research 18 (A) 11-29 <> ISSN 1325-9547

IJCCR 2014 Boik


Is A Global Virtual Currency With 
Universal Acceptance Feasible?

As digital goods and services become an integral part of modern day society, the demand for a standardized and ubiquitous form of digital currency increases. And it is not just about digital goods; the adoption of electronic and mobile commerce has not reached its expected level at all parts of the globe as expected. One of the main reasons behind that is the lack of a universal digital as well as virtual currency. Many countries in the world have failed to realize the potential of e-commerce, let alone m-commerce, because of rigid financial regulations and apparent disorientation & gap between monetary stakeholders across borders and continents. Digital currency which is internet-based, non-banks issued and circulated within a certain range of networks has brought a significant impact on the development of e-commerce. The research and analysis of this paper would focus on the feasibility of the operation of a digital currency and its economic implications.

Sowmyan Jegatheesan, Sabbir Ahmed, Austin Chamney and Nour El-kadri

To cite this article: Jegatheesan, S., Ahmed, S., Chamney, A. and El-kadri, N. (2013) ‘Is A Global Virtual Currency With Universal Acceptance Feasible?’ International Journal of Community Currency Research 17 (A) 26-44  <>  ISSN  1325-9547

IJCCR 2013 Jegatheesan

Taking Moneyless Exchange to Scale: Measuring and Maintaining the Health of a Credit Clearing System

Every day brings reports of new financial crises and financial malfeasance within the banking and financial establishment. In an effort to keep the banking system functioning, the largest banks and financial institutions have been relieved by national governments of tremendous amounts of their bad debts, shifting that burden onto the shoulders of the citizenry. At the same time, governments are imposing austerity upon their citizens in order to reduce the extremity of their budget shortfalls. Clearly, the global system of money and finance contains structural flaws that must be recognized and transcended. Reform is very unlikely to come in time to avert widespread social, political, economic, and environmental disasters. That leaves it to citizens, businesses, and communities to take action on their own behalf to ameliorate the negative effects of the failing system. Parallel systems of exchange and finance are both necessary, and easily implemented at the local and regional level. The most effective approach is the process of direct clearing of credits amongst buyers and sellers. This credit clearing process, which is being used in such systems as LETS and commercial trade exchanges, enables the creation of local liquidity based on local production, avoiding the use of conventional money and bank borrowing and moving local economies toward resilience, independence, and sustainability. The focus of this article is on credit clearing as a local exchange option, and deals specifically with the proper allocation of credit within credit clearing exchanges. It explains the causes of (1) the “pooling” of credits, (2) stagnation of circulation, and (3) failure to thrive, it prescribes policies to be applied in credit allocation, and it describes metrics that are important in assessing the performance of individual member accounts and in monitoring the overall health of a credit clearing system. Further, it explains the distinction between private credit and collective credit and the role of each in facilitating moneyless exchange, and recommends procedures for preventing excessive negative and positive balances while enabling both saving and investment within the system.

T. H. Greco Jr.

To cite this article: Greco, T. (2013) ‘Taking Moneyless Exchange to Scale: Measuring and Maintaining the Health of a Credit Clearing System’ International Journal of Community Currency Research 17 (A) 19-25  <> ISSN  1325-9547

IJCCR 2013 Greco

Improving Complementary Currency Interchange By A Regional Hub-Solution

Groups involved in complementary currencies (CC’s) that push for an interchange between their member-currencies are not yet a favourite subject in the existing CC-grassroots movement. One reason could be the existing doubts of activists that such structures might be non-transparent, support instability, raise corruption or be a gate for the comeback of the ruling system of limitless inequality. On the other side, an interchange could open bigger markets, add more diversity or raise the number of participants above a critical number for long term survival. The authors present the case of the region of Zurich, Switzerland, where a council of different CC-organizations was founded. As a result a new software platform cc-hub was developed to bundle regional LET systems. The platform is based on the open source Online Banking software, Cyclos, and covers many possible needs of a regionally or purpose-linked network of CC’s. It is able to support interchange, improve the efficiency of clearing and help to build up the necessary resilience for long term stability. It could serve as a model for cooperation between small neighbouring CC’s, for organizational improvement and additional economical benefit. But to verify such benefits will be a subject of further research.

Lucas Huber and Jens Martignoni


To cite this article: Huber, L. and Martignoni, J. (2013) ‘Improving Complementary Currency Interchange By A Regional Hub-Solution’ International Journal of Community Currency Research 17 (A) 1-7  <>  ISSN  1325-9547

IJCCR 2013 Huber Martignoni

2012 Special Issue: Thirty Years of Community and Complementary Currencies

Bringing together 17 new research papers from around the world, this special issue celebrates thirty years of community and complementary currencies, and assesses their impacts, potential and challenges. Edited by Jerome Blanc. View the papers individually, using the menu above, or download the whole issue here. IJCCR 2012 Vol 16 Special Issue Complete

Editorial Thirty Years of Community and Complementary Currencies   Jérôme Blanc D1-4
Historical accounts in the U.S.
Democratizing Money:  Historical Role of the U.S. Federal Government in Currency Creation  Saul Wainwright D5-13
Selling Scrip to America: Ideology, Self-help and the experiments of the Great Depression Sarah Elvins D14-21
Tax Anticipation Scrip as a Form of Local Currency in the USA during the 1930s Loren Gatch D22-35
theoretical issues
Community Currencies as Integrative Communication Media for Evolutionist Institutional Design  Makoto Nishibe D36-48
A comparison in transaction efficiency between dispersive and concentrated money creation  Nozomi Kichiji and Makoto Nishibe D49-57
Does Demurrage matter for Complementary Currencies?  Hugo Godschalk D58-69
Economic activity without official currency in Greece: The  *  hypothesis Irene Sotiropoulou D70-79
shortcomings and achievements
Sustainability of the Argentine Complementary Currency Systems: four governance systems  Georgina M. Gómez D80-89
Moral Money – The action guiding Impact of Complementary Currencies. A Case Study at the Chiemgauer Regional money.  Christian Thiel D91-96
Solidarity economy between a focus on the local and a global view  Krister Volkmann D97-105
Stroud Pound: A Local Currency to Map, Measure and Strengthen the Local Economy  Molly Scott Cato and Marta Suárez D106-115
Local exchange trade systems in Central European post communist countries Jelínek P., Szalay Zs., Konečný A. D116-123
An Empirical Study of the Social Effects of Community Currencies Hiromi Nakazato and Takeshi Hiramoto D124-135
CC Coupon Circulation and Shopkeepers’ Behaviour: A Case Study of the City of Musashino, Tokyo, Japan Ken-ichi Kurita, Yoshihisa Miyazaki and Makoto Nishibe D136-145
A two-marketplace and two-currency system: A view on business-to-business barter exchange  Melina Young D146-155
prospects and projects
Emerging trend of complementary currencies systems as policy instruments for environmental purposes: changes ahead? Hélène Joachain and Frédéric Klopfert D156-168
Trophic currencies: ecosystem modeling and resilient economies Marc Brakken, Preston Austin, Stephanie Rearick and Leander Bindewald D169-175

2011 Special Issue: Complementary Currencies: State of the Art

IJCCR 15 (2011) Special Issue (Section D)

Edited by Noel Longhurst and Gill Seyfang

Comprising 15 papers from researchers and academics at the cutting edge of complementary currency development, this special issue represents a powerful consolidation of the state of the art in this field.

View the papers individually, using the menu above, or download the whole issue here.

IJCCR 2011 Complete Special Issue


Yet another moment of truth? David Boyle D 1-3

Theoretical Issues

Classifying ‘CCs’: Community,complementary and local currencies’ Jérôme Blanc D 4-10

On The Money: Getting the message out John Rogers D 11-16

Regional Reviews

Complementary Currencies in Germany: The Regiogeld System  Christian Thiel D 17-21

What Have Complementary Currencies in Japan Really Achieved? Yasuyuki Hirota D 22-26

Alternative Exchange Systems in Contemporary Greece Irene Sotiropoulou D 27-31

Complementary Currencies for Sustainable Local Economies in Central America Erik Brenes D 32-38

Community Currency Progress in Latin America (Banco Palmas) Christophe Place D 39-46

L’Accorderie and Le Jardin D’Échange Universel (JEU) in Quebec Mathieu Lizotte and Gérard Duhaime D 47-51

Currency Innovations

Kékfrank to boost the resilience of locality Zsuzsanna Eszter Szalay D 52-56

The SOL: A Complementary Currency for the Social Economy and Sustainable Development Maries Fare D 57-60

Building Local Resilience: The Emergence of the UK Transition Currencies Josh Ryan-Collins D 61-67

A Report from Vermont (USA): The VBSR Marketplace Amy M. Kirschner D 68-72

Time Banking in Social Housing Ruth Naughton-Doe D 73-76

The Colours of Money: Artmoney as Community Currency Mark Banks D 77-81

Complementary Currency Open Source Software in 2010 Matthew Slater D 82-87

Complementary Currency Open Source Software in 2010

This report briefly covers the field of non-commercial mutual credit software, discussing the issues and challenges the projects collectively faced in meeting the needs of the movement. There is a clear cultural divide between commercial barter software which helps businesses exchange spare capacity within the law, and free open source projects which help neighbours to exchange under the radar of the tax man. There is almost no cross-fertilisation between nonprofit, idealistic, community projects, and the business barter. The aims of both cultures are very different, though their methods are similar.

Matthew Slater Volume 15(2011) Special Issue D82-87

IJCCR 2011 Special Issue 16 Slater

To cite this article: Slater, M. (2011) ‘Complementary Currency Open Source Software in 2010’ International Journal of Community Currency Research 15 (D) 82-87 <> ISSN  1325-9547

The Colours of Money: Artmoney as Community Currency

Artmoney is a community currency based on the production and exchange of original art. Critical of the cold and objective nature of conventional transactions, the Danish artist Lars Kraemmer first devised artmoney as a means to a more humanised and expressive type of monetary exchange, intending to bring people together in affective, rather than impersonal, forms of trade. Artmoney provides a means of stimulating trade amongst artists and non-artists outside of the conventional money economy, and has grown steadily to become a global currency traded in over 70 countries. Drawing from ongoing research, this article asks, what is the meaning and value of art-money in a global cultural economy? What alternative does it present and what economic futures (or pasts) does it anticipate? Presenting preliminary findings from interview research with art-money producers, this article outlines some of the motives for becoming involved in this art/currency project, and some of the contradictions and challenges raised in its production and circulation.

Mark Banks Volume 15(2011) Special Issue D77-81

IJCCR 2011 Special Issue 15 Banks

To cite this article: Banks, M. (2011) ‘The Colours of Money: Artmoney as Community Currency’ International Journal of Community Currency Research 15 (D) 77-81 <> ISSN  1325-9547

Time Banking in Social Housing

A social enterprise Spice has pioneered a new method of time banking that works with public services in an innovative way. Spice uses time banking as a ‘means to an end tool’ to promote active citizenship, reduce welfare dependency and ultimately reform public services with co-production. This article briefly examines current time banking practices in the UK to set the scene for a discussion of Spice’s approach when applied in Social Housing. Whilst in its early stages, the approach demonstrates some success in increasing participation and improving both individual and community well-being. This is an exciting new use of community currencies to catalyse public sector reform.

Ruth Naughton-Doe Volume 15(2011) Special Issue D73-76

IJCCR 2011 Special Issue 14 Naughton Doe

To cite this article: Naughton-Doe, R. (2011) ‘Time Banking in Social Housing’ International Journal of Community Currency Research 15 (D) 73-76 <> ISSN  1325-9547

A Report from Vermont (USA): The VBSR Marketplace

This paper described and evaluates a  peer to peer mutual credit system now in operation in the State of Vermont. It is called the VBSR Marketplace and is an innovative partnership between a statewide membership association, Vermont Businesses for Social Responsibility (VBSR) and a currency design and management organization, Vermont Sustainable Exchange (VSE). This project is a significant step forward in the community currency world as it makes participation in a mutual credit system a membership benefit for businesses that belong to an already existing and well-established business association.

Amy Kirschner Volume 15(2011) Special Issue D68-72

IJCCR 2011 Special Issue 13 Kirschner

To cite this article: Kirschner, A. (2011) ‘A Report from Vermont (USA): The VBSR Marketplace’ International Journal of Community Currency Research 15 (D) 68-72 <> ISSN  1325-9547

Building Local Resilience: The emergence of the UK Transition Currencies

This paper examines the emergence of a new type of local currency – ‘Transition Currencies’ – in the United Kingdom over the past 4 years.  The Transition Currency ‘model’, shared by the initial four schemes, is explained and the theoretical roots of the schemes reviewed. The paper goes on to examine the success and limitations of the currencies and reflects on potential future developments and how the Transition currencies might upscale and deliver additional social, economic and environmental objectives.

Josh Ryan-Collins Volume 15(2011) Special Issue D61-67

IJCCR 2011 Special Issue 12 Ryan Collins

To cite this article: Ryan-Collins, J. (2011) ‘Building Local Resilience: The emergence of the UK Transition Currencies’ International Journal of Community Currency Research 15 (D) 61-67 <> ISSN  1325-9547

The SOL: A Complementary Currency for the Social Economy and Sustainable Development

This paper reviews experience with The SOL, a very innovative and interesting complementary currency scheme which has been tested in France since 2007. It aims to contribute to the development of the social and solidarity economy, and contribute towards sustainable development. The SOL is the result of an informal working group who in 1998 examined the different models of existing complementary currencies schemes in the world. It aims to both introduce a new concept of wealth not exclusively based on money and to foster the social economy or third sector. Three different types of SOL are described: Co-operation SOL, Commitment SOL, and Dedicated SOL, and the paper reflects on the currency’s strengths and weaknesses, and developmental issues for the future.

Marie Fare Volume 15(2011) Special Issue D57-60

IJCCR 2011 Special Issue 11 Fare

To cite this article: Fare, M. (2011) ‘The SOL: A Complementary Currency for the Social Economy and Sustainable Development’ International Journal of Community Currency Research 15 (D) 57-60 <> ISSN  1325-9547

Kékfrank to Boost the Resilience of Locality

A small group of entrepreneurs in Sopron (Hungary), led by Tamás Perkovátz, decided in autumn of 2008, to make the local economy – which was previously famous for its grape and wine – prosper again, and to unite the economies of the area cut into three parts, belonging to three different countries. Thus they created an European Cooperative Society (SCE), that had individuals and legal entities from Hungary, Austria and Croatia as members, and the goal of the Cooperative was defined as to introduce and operate a complementary currency Kékfrank (blue franc, named for a wine variety), to be used within the region. This paper presents the European Union directives and regulations that made the creation of Kékfrank possible and finally it shows the main characteristics and possible further developments of the new currency which was born in spring of 2010 through the first official exchange.

Zsuzsanna Eszter Szalay Volume 15(2011) Special Issue D52-56

IJCCR 2011 Special Issue 10 Szalay

To cite this article: Szalay, Z.E. (2011) ‘Kékfrank to Boost the Resilience of Locality’ International Journal of Community Currency Research 15 (D) 52-56 <> ISSN  1325-9547