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
Historical study has not been within the scope of the research project titled “Exchange networks and parallel currencies: Theoretical approaches and the case of Greece”. However, this proved to be a deficiency of the project and the present paper is an attempt to formulate a hypothesis, with the intention to see at least within such a historical perspective, how scheme members with both their discourse and action challenge our perceptions about important issues in economics. There is no name or title for this hypothesis (yet). We believe that it is too early to name it. It seems that the schemes studied are the surface of an economy or economies which never ceased to exist, as both material spaces and experiences in people’s histories. It is about viewing all this activity as setting a different agenda for economics than what capitalist and anti-capitalist discourse can offer.
To cite this article: Sotiropoulou, I. (2012) ‘Economic Activity Without Official Currency in Greece: The * Hypothesis’ International Journal of Community Currency Research 16 (D) 70-79 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2012.013
IJCCR 2012 Sotiropolou
This paper is a brief report of several schemes that exist today, September 2010, in Greece and permit their members to perform transactions without any official currency. The report covers parallel currency schemes, exchange networks and several related initiatives that could be characterised as alternative exchange or non-mainstream modes of economic activity.
Irene Sotiropoulou Volume 15(2011) Special Issue D27-31
IJCCR 2011 Special Issue 06 Sotiropoulou
To cite this article: Sotiropoulou, I. (2011) ‘Alternative Exchange Systems in Contemporary Greece’ International Journal of Community Currency Research 15 (D) 27-31 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2011.017