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.

Local Exchange Trading Systems in Central European post-Communist Countries

This paper gives information about Local Exchange Trade Systems in the region of former Czechoslovakia, Poland and Hungary. The transition to a market economy proceeded in different ways in these countries, but similar histories in the last century (communism under Soviet influence) led to only small differences among the countries in the level of motivation and power of their civil societies – and subsequently, in the vitality of LETS circles. In the Czech Republic, the first LETS circle was established in 1999; however, none is active at present. Similarly, in the Slovak Republic, out of 10 to 15 LETS circles formed between 2000 and 2005, only one works at the present time. LETS in Poland developed in the early 90’s but soon declined even though a few groups are still active today. LETS in Hungary was very passive, but there have been new signs and initiatives since 2004.  The possible reasons for such LETS developments in the so-called Visegrad countries are also discussed in this paper.

Jelínek P., Szalay Zs. and Konečný A

To cite this article: Jelínek P., Szalay Zs. and Konečný A. (2012) ‘Local Exchange Trading Systems in Central European post-Communist Countries’ International Journal of Community Currency Research 16 (D) 116-123  <> ISSN  1325-9547

IJCCR 2012 Jelinek

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

Kaláka and Kör: Green money and mutual aid in Hungary

This article discusses progress in developing alternative currencies in a post-socialist environment, Hungary. It discusses alternative currency programmes developed by Hungarians inspired by Austrian Talentum schemes, and some developed through East-West co-operation between the UK and Hungary. The article reports a number of problems in introducing approaches to alternative currencies that might work well in one environment, but in another may flounder. Secondly, the article examines problems specific to Hungary, and perhaps other post-socialist countries in which civic engagement was discouraged.

Peter North Volume 8(2004) 2

IJCCR vol 8 (2004) 2 North

To cite this article: North, P. (2004) ‘Kaláka and Kör: Green money and mutual aid in Hungary’ International Journal of Community Currency Research 8 <> ISSN  1325-9547