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Making sense of a crank case: monetary diversity in Argentina (1999–2003)

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  • Georgina M. Gómez
  • Paolo Dini

Abstract

Based on empirical data, this study discusses the introduction, acceptance and circulation of two complementary currencies in Argentina that do not fit well in the main approaches to the nature of money. These two monetary circuits, provincial and community currencies, were introduced as units of account to denominate the value of debt and circulated as means of payment to overcome monetary stringency during the crisis of 1999–2003. After discussing several theories on the nature of money, we reflect on the institutional significance of currency circuits as concurrent and rather stable pairs of trade and money. We suggest that several theories of money need to be combined to account for the variety and heterogeneity of daily monetary practices in a broad spectrum of countries.

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  • Georgina M. Gómez & Paolo Dini, 2016. "Making sense of a crank case: monetary diversity in Argentina (1999–2003)," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1421-1437.
    • Handle: RePEc:oup:cambje:v:40:y:2016:i:5:p:1421-1437.
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    Cited by:

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    2. Criscione, Teodoro & Guterman, Eve & Avanzo, Sowuelu & Linares, Julio, 2022. "Community currency systems: Basic income, credit clearing, and reserve-backed. Models and design principles," FRIBIS Discussion Paper Series 04-2022, University of Freiburg, Freiburg Institute for Basic Income Studies (FRIBIS).
    3. 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.

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    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • Z1 - Other Special Topics - - Cultural Economics

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