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.

Tackling social exclusion with community currencies: learning from LETS to Time Banks

Community currencies have been put forward as a grassroots solution to the problems of social exclusion and the need for active communities, and are gaining policy support. LETS has been the most common form of community currency in the UK for the last 10 years. Time banks (based on the Time Dollar idea from USA) represent the next generation, providing service brokering and equality of labour to overcome many of the obstacles faced by LETS. This paper presents the first research into time banks in the UK and reviews their origins, growth and development, and their ability and potential to tackle social exclusion. The reciprocal learning from LETS to time banks is discussed, along with possible future development paths for community currencies. Time banks have been successful in attracting members from socially excluded groups, and have become established in mainstream health and community development settings. Remaining obstacles include the need for sustainable funding, to grow and widen their scope, and for policy changes to provide a more supportive framework.

Gill Seyfang Volume 6(2002) 3

IJCCR Vol 6 (2002) 3 Seyfang

To cite this article: Seyfang, G. (2002) ‘Tackling social exclusion with community currencies: learning from LETS to Time Banks’ International Journal of Community Currency Research 6 <> ISSN  1325-9547

Evaluating LETS as a Means of Tackling Social Exclusion and Cohesion

Colin C Williams, Theresa Aldridge, Roger Lee, Andrew Leyshon, Nigel Thrift and Jane Tooke Volume 2(1998) 4

IJCCR Vol 2 (1998) 4 ESRC

To cite this article: Williams, C.; Aldridge, T.; Lee, R.; Leyshon, A.; Thrift, N.; Tooke, J. (1998) ‘Evaluating LETS as a Means of Tackling Social Exclusion and Cohesion’ International Journal of Community Currency Research 2 <> ISSN  1325-9547