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On Money as an Institution

  • Nikolay Nenovsky

    ()

In this paper I am going to explore some of the major theoretical concepts and ideas in Luca Fantacci’s work devoted to the history of money. As a historical check on Fantacci’s theory I will present various moments in Russian monetary history interpreted in the light of the ideas of the La moneta: storia di un’instituzione mancata. I will compare Fantacci’s theory of division between the unit of account and the medium of exchange with those of Walther Eucken and the Austrian School as well as of some other contemporary authors. A new institutional reading of the evolution of money “money as an institutional compound” is proposed.

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File URL: http://servizi.sme.unito.it/icer_repec/RePEc/icr/wp2009/ICERwp12-09.pdf
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Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 12-2009.

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Length: 19 pages
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:icr:wpicer:12-2009
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  1. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, June.
  2. George A. Selgin & Lawrence H. White, 1994. "How Would the Invisible Hand Handle Money?," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1718-1749, December.
  3. Francois R. Velde, 1998. "Lessons from the history of money," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 2-16.
  4. L. Randall Wray, 1998. "Modern Money," Macroeconomics 9810002, EconWPA.
  5. L. Randall Wray, 2002. "State Money," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 32(3), pages 23-40, October.
  6. Fantacci, Luca, 2008. "The dual currency system of Renaissance Europe," Financial History Review, Cambridge University Press, vol. 15(01), pages 55-72, April.
  7. G. Hodgson., 2007. "What Are Institutions?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
  8. Menger, Carl, 1892. "On the Origins of Money," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 2, pages 239-255.
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