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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.

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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    References listed on IDEAS

    1. L. Randall Wray, 2002. "State Money," International Journal of Political Economy, Taylor & Francis Journals, vol. 32(3), pages 23-40.
    2. G. Hodgson., 2007. "What Are Institutions?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    3. L. Randall Wray, 1998. "Modern Money," Macroeconomics 9810002, EconWPA.
    4. 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.
    5. 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.
    6. repec:mes:jeciss:v:37:y:2003:i:4:p:909-941 is not listed on IDEAS
    7. 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.
    8. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, June.
    9. Francois R. Velde, 1998. "Lessons from the history of money," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 2-16.
    10. Fantacci, Luca, 2008. "The dual currency system of Renaissance Europe," Financial History Review, Cambridge University Press, vol. 15(01), pages 55-72, April.
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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. 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.

    More about this item


    institution; money; monetary history;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • 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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