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On Money as an Institution

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  • Nikolay Nenovsky

Abstract

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.

Suggested Citation

  • Nikolay Nenovsky, 2009. "On Money as an Institution," ICER Working Papers 12-2009, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:12-2009
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    File URL: http://www.bemservizi.unito.it/repec/icr/wp2009/ICERwp12-09.pdf
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    References listed on IDEAS

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    1. L. Randall Wray, 2002. "State Money," International Journal of Political Economy, Taylor & Francis Journals, vol. 32(3), pages 23-40.
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    4. Yeager, Leland B, 2001. "The Perils of Base Money," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 14(4), pages 251-266, December.
    5. G. Hodgson, 2007. "What Are Institutions?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
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    7. L. Randall Wray, 1998. "Modern Money," Macroeconomics 9810002, University Library of Munich, Germany.
    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.
    9. L. Randall Wray (ed.), 2004. "Credit and State Theories of Money," Books, Edward Elgar Publishing, number 3204.
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    12. Geoffrey Ingham, 2004. "The Emergence of Capitalist Credit Money," Chapters, in: L. Randall Wray (ed.), Credit and State Theories of Money, chapter 7, Edward Elgar Publishing.
    13. Nikolay Nenovsky & Yorgos Rizopoulos, 2003. "Extreme Monetary Regime Change: Evidence from Currency Board Introduction in Bulgaria," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(4), pages 909-941, December.
    14. White, Lawrence H, 1984. "Competitive Payments Systems and the Unit of Account," American Economic Review, American Economic Association, vol. 74(4), pages 699-712, September.
    15. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(1), pages 1-22, June.
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    Cited by:

    1. Nenovsky, Nikolay & Karpouzanov, Momtchil, 2010. "Value, Prices and Money. Comparing Marx and Menger," MPRA Paper 62040, University Library of Munich, Germany, revised 2012.
    2. Alexander Bystryakov & Nikolay Nenovsky & Elena Ponomarenko, 2019. "Monetary Innovations and Digital Economy," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 3-18.
    3. Nikolay Nenovsky, 2010. "The Economic Sociology of Ivan Pososhkov (1652 - 1726)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 84-98.

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    More about this item

    Keywords

    institution; money; monetary history;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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