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Regionalwährungen in Deutschland: Lokale Konkurrenz für den Euro?

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  • Rösl, Gerhard
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    Abstract

    In a surprisingly growing number of regions in Germany private "regional currencies" are issued as a cash substitute for the euro. Currently, these regional currencies are conceived almost exclusively as Schwundgeld (depreciative currency), which loses value on a predetermined timescale. This loss of value is intended to encourage the money owners to spend their money quickly in order to boost local demand. The paper shows that the issuance of unofficial parallel currencies is not a fundamentally new phenomenon neither in Germany nor in other European countries. The theoretical assumptions of the Schwundgeld concept (Silvio Gesell (1862 – 1930)) are highly flawed and suboptimal from a welfare-theoretical perspective. However, the current economic welfare losses resulting from the issuance of Schwundgeld are negligibly small. --

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    Bibliographic Info

    Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2006,43.

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    Date of creation: 2006
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    Handle: RePEc:zbw:bubdp1:5171

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    Keywords: Regionalwährungen; Regionalgeld; Parallelgeld; Gesell; Währungssubstitution; Schwundgeld; Freigeld; currency substitution; private money;

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    1. Thomas F. Cooley & Gary D. Hansen, 1991. "The welfare costs of moderate inflations," Proceedings, Federal Reserve Bank of Cleveland, pages 483-518.
    2. Fischer, Stanley, 1981. "Towards an understanding of the costs of inflation: II," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 15(1), pages 5-41, January.
    3. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
    4. Hans Genberg, 2002. "Currency Substitution in Anticipation of EU Accession," IHEID Working Papers 08-2002, Economics Section, The Graduate Institute of International Studies.
    5. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-54, April.
    6. Timberlake, Richard H., 1981. "The Significance of Unaccounted Currencies," The Journal of Economic History, Cambridge University Press, vol. 41(04), pages 853-866, December.
    7. Roland Vaubel, 1977. "Free currency competition," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 113(3), pages 435-461, September.
    8. Timberlake, Richard H, 1987. "Private Production of Scrip-Money in the Isolated Community," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 437-47, November.
    9. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
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