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: firstname.lastname@example.org; Clement.MATHONNAT@udamail.fr; ** ESC Clermont, 63000 Clermont-Fd. Email: email@example.com.
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 <www.ijccr.net> ISSN 1325-9547. http://dx.doi.org/10.15133/j.ijccr.2016.002
Šercerjeva ul.26, 4240 Radovljica, Slovenia. E-mail: firstname.lastname@example.org
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. <www.ijccr.net> ISSN 1325-9547. http://dx.doi.org/10.15133/j.ijccr.2016.003
This article provides an analysis of the literature about community currencies. 1099 sources written in a variety of different languages form the basis of this study. Both empirical and theoretical contributions have been considered. The first step is to make explicit the composition of this database. This implies that the field of research is circumscribed; the major features of community currencies are highlighted. The subsequent analysis comprises quantitative and qualitative aspects. In their evaluation, the authors demonstrate the strengths of the research carried out so far. They also show weaknesses and possibilities for future research, and make suggestions for improvements to the infrastructure of this field of research.
Rolf F.H. Schroeder, Yoshihisa Miyazaki and Marie Fare A31-41
To cite this article: Schroeder, R.; Miyazaki, Y. and Fare, M. (2011) ‘Community Currency Research: An analysis of the literature’ International Journal of Community Currency Research 15 (A) 31-41 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2011.004