IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v13y2020i6p114-d366967.html
   My bibliography  Save this article

Black Currency of Middle Ages and Case for Complementary Currency

Author

Listed:
  • Pezhwak Kokabian

    (Department of Economics, Claremont Graduate University, Claremont, CA 91711, USA)

Abstract

Monetary historians argue that two types of currencies were circulating in the middle ages of Europe. The first was the standard historical form of money made up of gold and silver coins, and the second was a set of small pieces of copper and other metallic substances used mainly in towns and townships for local trade as currency. Jetton and tokens are monetized objects that are not official currencies; they were of lower quality of the inferior metallic object, which were used for day-to-day transaction needs. The drive for local monetary decentralization is pointed to build up fiscal autonomy and responsible local monetary institutions. This paper reasons that the monetary regime of the Renaissance was a real and genuine trimetallic currency regime.

Suggested Citation

  • Pezhwak Kokabian, 2020. "Black Currency of Middle Ages and Case for Complementary Currency," JRFM, MDPI, vol. 13(6), pages 1-9, June.
    • Handle: RePEc:gam:jjrfmx:v:13:y:2020:i:6:p:114-:d:366967
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/13/6/114/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/13/6/114/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Arthur J. Rolnick & Warren E. Weber, 1994. "Inflation, money, and output under alternative monetary standards," Staff Report 175, Federal Reserve Bank of Minneapolis.
    2. Arthur J. Rolnick & Warren E. Weber, 1994. "Inflation and money growth under alternative monetary standards," Working Papers 528, Federal Reserve Bank of Minneapolis.
    3. Fantacci, Luca, 2005. "Complementary currencies: a prospect on money from a retrospect on premodern practices," Financial History Review, Cambridge University Press, vol. 12(01), pages 43-61, April.
    4. Colacelli, Mariana & Blackburn, David J.H., 2009. "Secondary currency: An empirical analysis," Journal of Monetary Economics, Elsevier, vol. 56(3), pages 295-308, April.
    5. Alessandro Spano & John Martin, 2018. "Complementary currencies: what role should they be playing in local and regional government?," Public Money & Management, Taylor & Francis Journals, vol. 38(2), pages 139-146, February.
    6. Kuroda, Akinobu, 2008. "What is the complementarity among monies? An introductory note," Financial History Review, Cambridge University Press, vol. 15(1), pages 7-15, April.
    7. Stefano Lucarelli & Lucio Gobbi, 2016. "Local clearing unions as stabilizers of local economic systems: a stock flow consistent perspective," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1397-1420.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Alexandra Lenis Escobar & Ramón Rueda López & Jorge E. García Guerrero & Enrique Salinas Cuadrado, 2020. "Design of Strategies for the Implementation and Management of a Complementary Monetary System Using the SWOT-AHP Methodology," Sustainability, MDPI, vol. 12(17), pages 1-23, August.
    2. Jérôme Blanc, 2017. "Unpacking monetary complementarity and competition: a conceptual framework," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 239-257.
    3. Larue, Louis, 2020. "The Ecology of Money: A Critical Assessment," Ecological Economics, Elsevier, vol. 178(C).
    4. Georgina M. Gómez, 2019. "Money as an Institution: Rule versus Evolved Practice? Analysis of Multiple Currencies in Argentina," JRFM, MDPI, vol. 12(2), pages 1-14, May.
    5. Hadrien Saiag, 2014. "Towards a neo-Polanyian approach to money: integrating the concept of debt," Post-Print halshs-02343433, HAL.
    6. Jérôme Blanc, 2018. "Tensions in the triangle: monetary plurality between institutional integration, competition and complementarity," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 389-411, December.
    7. Nikolay Nenovsky & Pencho Penchev, 2016. "Money without a State: Currencies of the Orthodox Christians in the Balkan Provinces of the Ottoman Empire (17th –19th centuries)," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(1), pages 33-51, March.
    8. Jens R. Clausen & Juergen B. Donges, 2001. "European Monetary Policy: The Ongoing Debate on Conceptual Issues," The World Economy, Wiley Blackwell, vol. 24(10), pages 1309-1326, November.
    9. Maria Semenova & Andrey Shapkin, 2019. "Currency Shifts as a Market Discipline Device: The Case of the Russian Market for Personal Deposits," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(10), pages 2149-2163, August.
    10. Luigi Doria & Luca Fantacci, 2018. "Evaluating complementary currencies: from the assessment of multiple social qualities to the discovery of a unique monetary sociality," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(3), pages 1291-1314, May.
    11. Simon Papaud, 2022. "Mutual credit systems: anti-crisis remedy or anticapitalist monetary device? From Proudhon’s People’s Bank to the WIR Bank – trading without hoarding? [Les systèmes de crédit mutuel, remède anti-cr," Working Papers hal-04084716, HAL.
    12. Fuchs Max & Michaelis Jochen, 2023. "Is a Secondary Currency Essential? – On the Welfare Effects of a New Currency," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 243(2), pages 153-167, April.
    13. Oscar Gelderblom & Joost Jonker & Ruben Peeters & Amaury de Vicq, 2023. "Exploring modern bank penetration: Evidence from early twentieth‐century Netherlands," Economic History Review, Economic History Society, vol. 76(3), pages 892-916, August.
    14. William T. Gavin & Finn E. Kydland, 1999. "Endogenous Money Supply and the Business Cycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(2), pages 347-369, April.
    15. Arrieta Vidal, Johar & Florián Hoyle, David & López Vargas, Kristian & Morales Vásquez, Valeria, 2022. "Policies for transactional de-dollarization: A laboratory study," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 31-54.
    16. Aiba, Daiju & Odajima, Ken & Khou, Vouthy, 2017. "Foreign Currency Borrowing and Risk-Hedging Behavior: Evidence from a Household Survey in Cambodia," Working Papers 143, JICA Research Institute.
    17. Iqbal Murtza & Ayesha Saadia & Rabia Basri & Azhar Imran & Abdullah Almuhaimeed & Abdulkareem Alzahrani, 2022. "Forex Investment Optimization Using Instantaneous Stochastic Gradient Ascent—Formulation of an Adaptive Machine Learning Approach," Sustainability, MDPI, vol. 14(22), pages 1-13, November.
    18. Simon Papaud, 2022. "Libertarian economic thought and non-capitalist money," Working Papers hal-04084725, HAL.
    19. Ding, Shuze & Puzzello, Daniela, 2020. "Legal restrictions and international currencies: An experimental approach," Journal of International Economics, Elsevier, vol. 126(C).
    20. Edoardo Gaffeo & Mauro Gallegati & Lucio Gobbi, 2022. "Endogenous clearinghouse formation in payment networks," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 109-136, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:13:y:2020:i:6:p:114-:d:366967. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.