IDEAS home Printed from https://ideas.repec.org/p/icr/wpicer/12-2009.html
   My bibliography  Save this paper

On Money as an Institution

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.bemservizi.unito.it/repec/icr/wp2009/ICERwp12-09.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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, University Library of Munich, Germany.
    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. Melitz, Jacques, 1970. "The Polanyi School of Anthropology on Money: An Economist's View," MPRA Paper 84893, University Library of Munich, Germany, revised 1970.
    6. 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.
    7. 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.
    8. 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.
    9. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(1), pages 1-22, June.
    10. Francois R. Velde, 1998. "Lessons from the history of money," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 22(Q I), pages 2-16.
    11. Fantacci, Luca, 2008. "The dual currency system of Renaissance Europe," Financial History Review, Cambridge University Press, vol. 15(1), pages 55-72, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Thierry Baudassé & Rémi Bazillier & Ismaël Issifou, 2018. "Migration And Institutions: Exit And Voice (From Abroad)?," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 727-766, July.
    2. Hodgson, Geoffrey M., 2013. "Observations on the legal theory of finance," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 331-337.
    3. Paul, Bénédique, 2009. "Reclaiming Institutions as a Form of Capital," MPRA Paper 39017, University Library of Munich, Germany.
    4. Georgina M. Gómez, 2018. "Why do people want currency? Institutions, habit, and bricolage in an Argentine marketplace," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 413-430, December.
    5. Alberto Battistini, 2008. "Micro-Founded Institutions and Macro-Founded Individuals: The Dual Nature of Profit," Department of Economics University of Siena 550, Department of Economics, University of Siena.
    6. Danny MacKinnon & Andrew Cumbers & Andy Pike & Kean Birch & Robert McMaster, 2009. "Evolution in Economic Geography: Institutions, Political Economy, and Adaptation," Economic Geography, Clark University, vol. 85(2), pages 129-150, April.
    7. Georgina M. Gómez & Paolo Dini, 2016. "Making sense of a crank case: monetary diversity in Argentina (1999–2003)," Cambridge Journal of Economics, Oxford University Press, vol. 40(5), pages 1421-1437.
    8. Georgina M. Gómez, 2019. "Money as an Institution: Rule versus Evolved Practice? Analysis of Multiple Currencies in Argentina," Journal of Risk and Financial Management, MDPI, Open Access Journal, vol. 12(2), pages 1-14, May.
    9. Damien Talbot, 2008. "Les institutions créatrices de proximités. Institutions as creators of proximities," Revue d'économie régionale et urbaine, Armand Colin, vol. 0(3), pages 289-310.
    10. Pietro Guarnieri & Tommaso Luzzati, 2018. "Some reflections on the "battle of the sexes"," Discussion Papers 2018/239, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    11. Damien TALBOT, 2011. "Institutions, organizations and space: forms of proximity (In French)," Cahiers du GREThA (2007-2019) 2011-06, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    12. Damien Talbot, 2008. "Les institutions créatrices de proximités," Post-Print hal-02364234, HAL.
    13. Virgile Chassagnon, 2014. "Toward a Social Ontology of the Firm: Reconstitution, Organizing Entity, Institution, Social Emergence and Power," Journal of Business Ethics, Springer, vol. 124(2), pages 197-208, October.
    14. Horwitz, Steven, 2011. "Do we need a distinct monetary constitution?," Journal of Economic Behavior & Organization, Elsevier, vol. 80(2), pages 331-338.
    15. Claudius Graebner & Amineh Ghorbani, 2019. "Defining institutions - A review and a synthesis," ICAE Working Papers 89, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    16. Thomas I. Palley, 2008. "Endogenous Money: Implications for the Money Supply Process, Interest Rates, and Macroeconomics," Working Papers wp178, Political Economy Research Institute, University of Massachusetts at Amherst.
    17. Fidrmuc, Jana P. & Jacob, Marcus, 2010. "Culture, agency costs, and dividends," Journal of Comparative Economics, Elsevier, vol. 38(3), pages 321-339, September.
    18. Ryan H. Murphy, 2013. "A Comparative Analysis of Free Banking and Central Bank NGDP Targeting," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 29(Fall 2013), pages 25-39.
    19. Robert Roßner & Dimitrios Zikos, 2018. "The Role of Homogeneity and Heterogeneity Among Resource Users on Water Governance: Lessons Learnt from an Economic Field Experiment on Irrigation in Uzbekistan," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 4(03), pages 1-30, July.
    20. Mika Kallioinen, 2017. "Inter‐communal institutions in medieval trade," Economic History Review, Economic History Society, vol. 70(4), pages 1131-1152, November.

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:icr:wpicer:12-2009. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/icerrit.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Daniele Pennesi (email available below). General contact details of provider: https://edirc.repec.org/data/icerrit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.