IDEAS home Printed from https://ideas.repec.org/p/sol/wpaper/2013-390180.html
   My bibliography  Save this paper

Can complementary currencies foster sustainability? A systematic review of the impacts of environmental complementary currencies

Author

Listed:
  • Léo Revelli

Abstract

Growing financial needs for a sustainable transition have led to the development of green finance and citizen-led monetary innovations. These initiatives recognized the necessity of developing new forms of money regarding the environmental crisis, referred to as environmental complementary currency (ECCs). ECCs aim to generate environmental benefits by rewarding pro-environmental behaviors, funding green projects, encouraging short supply chains and circular economy, and increasing environmental awareness and knowledge within communities.Despite case studies highlighting ECCs' potential benefits, no comprehensive synthesis of their environmental impact exists. This paper addresses this gap by theoretically identifying ECCs’ environmental impact and inferring their actual magnitude through a systematic review. Searches conducted on Google Scholar, Scopus, and field-specific databases yielded a dataset of 35 empirical studies on ECCs’ environmental impacts, focusing on grassroots and emerging forms of complementary currencies, including digital and crypto-currencies. Schemes not designed to reduce the footprint of human activities were excluded. Findings suggest that ECCs can reduce their users’ environmental impacts by raising awareness and knowledge and promoting a shift towards environmentally sustainable consumption. Moreover, we cannot conclude that the localization effects associated with ECCs generate benefits. This paper highlights the limitations of existing research and suggests directions for future studies.

Suggested Citation

  • Léo Revelli, 2025. "Can complementary currencies foster sustainability? A systematic review of the impacts of environmental complementary currencies," Working Papers CEB 25-002, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:sol:wpaper:2013/390180
    as

    Download full text from publisher

    File URL: https://dipot.ulb.ac.be/dspace/bitstream/2013/390180/3/wp25002.pdf
    File Function: Full text for the whole work, or for a work part
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Rode, Julian & Gómez-Baggethun, Erik & Krause, Torsten, 2015. "Motivation crowding by economic incentives in conservation policy: A review of the empirical evidence," Ecological Economics, Elsevier, vol. 117(C), pages 270-282.
    2. Gill Seyfang, 2006. "Sustainable consumption, the new economics and community currencies: Developing new institutions for environmental governance," Regional Studies, Taylor & Francis Journals, vol. 40(7), pages 781-791.
    3. Larue, Louis & Meyer, Camille & Hudon, Marek & Sandberg, Joakim, 2022. "The Ethics of Alternative Currencies," Business Ethics Quarterly, Cambridge University Press, vol. 32(2), pages 299-321, April.
    4. Joachain, Hélène & Klopfert, Frédéric, 2014. "Smarter than metering? Coupling smart meters and complementary currencies to reinforce the motivation of households for energy savings," Ecological Economics, Elsevier, vol. 105(C), pages 89-96.
    5. Asensio, Omar Isaac & Delmas, Magali A., 2016. "The dynamics of behavior change: Evidence from energy conservation," Journal of Economic Behavior & Organization, Elsevier, vol. 126(PA), pages 196-212.
    6. Edward Majewski & Anna Komerska & Jerzy Kwiatkowski & Agata Malak-Rawlikowska & Adam Wąs & Piotr Sulewski & Marlena Gołaś & Kinga Pogodzińska & Jean-Loup Lecoeur & Barbara Tocco & Áron Török & Michele, 2020. "Are Short Food Supply Chains More Environmentally Sustainable than Long Chains? A Life Cycle Assessment (LCA) of the Eco-Efficiency of Food Chains in Selected EU Countries," Energies, MDPI, vol. 13(18), pages 1-26, September.
    7. Seyfang, Gill & Longhurst, Noel, 2013. "Growing green money? Mapping community currencies for sustainable development," Ecological Economics, Elsevier, vol. 86(C), pages 65-77.
    8. Stijn Bruers, 2024. "Review of behavioral economics models of the altruistic crowding‐out effect from monetary incentives," Journal of Economic Surveys, Wiley Blackwell, vol. 38(5), pages 1656-1685, December.
    9. Reyns, Ariane, 2024. "What drives businesses to transact with complementary currencies?," Ecological Economics, Elsevier, vol. 220(C).
    10. Daisuke Nishijima & Shigemi Kagawa & Keisuke Nansai & Masahiro Oguchi, 2019. "Economic consequences of the Home Appliance Eco-Point Program in Japan: a dynamic discrete choice approach," Applied Economics, Taylor & Francis Journals, vol. 51(41), pages 4551-4563, September.
    11. Darshana Rajapaksa & Robert Gifford & Benno Torgler & María A. García-Valiñas & Wasantha Athukorala & Shunsuke Managi & Clevo Wilson, 2019. "Do monetary and non-monetary incentives influence environmental attitudes and behavior? Evidence from an experimental analysis," Post-Print hal-03191523, HAL.
    12. Guéorguieva-Bringuier, Laura & Ottaviani, Fiona, 2018. "Opposition and Isomorphism with the Neoliberal Logic in Community Exchange Systems," Ecological Economics, Elsevier, vol. 149(C), pages 88-97.
    13. Alexander Maki & Amanda R. Carrico & Kaitlin T. Raimi & Heather Barnes Truelove & Brandon Araujo & Kam Leung Yeung, 2019. "Meta-analysis of pro-environmental behaviour spillover," Nature Sustainability, Nature, vol. 2(4), pages 307-315, April.
    14. Guillaume Vallet & Sylvio Kappes & Louis-Philippe Rochon, 2022. "Central Banking, Monetary Policy and Social Responsibility," Post-Print halshs-03763481, HAL.
    15. Ferrari, Alessandro & Nispi Landi, Valerio, 2024. "Whatever it takes to save the planet? Central banks and unconventional green policy," Macroeconomic Dynamics, Cambridge University Press, vol. 28(2), pages 299-324, March.
    16. Guillaume Vallet & Sylvio Kappes & Louis-Philippe Rochon (ed.), 2022. "Central Banking, Monetary Policy and the Future of Money," Books, Edward Elgar Publishing, number 20227.
    17. Oriane Lafuente-Sampietro, 2021. "Convertible local currencies and localisation: findings from a user survey and network analysis of local French currencies," Working Papers halshs-03324630, HAL.
    18. Jérôme Blanc & Marie Fare, 2016. "Turning values concrete: the role and ways of business selection in local currency schemes," Review of Social Economy, Taylor & Francis Journals, vol. 74(3), pages 298-319, September.
    19. Christian Gelleri, 2022. "Creating Monetary Collaborative Spaces for Social and Ecological Transformation," Sustainability, MDPI, vol. 14(23), pages 1-20, November.
    20. Isaiah Hull & Or Sattath, 2024. "The properties of contemporary money," Journal of Economic Surveys, Wiley Blackwell, vol. 38(4), pages 1132-1155, September.
    21. Oliver Sanz, Esther, 2016. "Community currency (CCs) in Spain: An empirical study of their social effects," Ecological Economics, Elsevier, vol. 121(C), pages 20-27.
    22. Laura Gueorguieva-Bringuier & Fiona Ottaviani, 2018. "Opposition and isomorphism with the neoliberal logic in community exchange systems," Grenoble Ecole de Management (Post-Print) halshs-01738159, HAL.
    23. Lidia Aguiar-Castillo & Alberto Clavijo-Rodriguez & Petra De Saa-Perez & Rafael Perez-Jimenez, 2019. "Gamification as An Approach to Promote Tourist Recycling Behavior," Sustainability, MDPI, vol. 11(8), pages 1-18, April.
    24. Guillaume Vallet & Sylvio Kappes & Louis-Philippe Rochon (ed.), 2022. "Central Banking, Monetary Policy and Social Responsibility," Books, Edward Elgar Publishing, number 20030.
    25. Laura Gueorguieva-Bringuier & Fiona Ottaviani, 2018. "Opposition and isomorphism with the neoliberal logic in community exchange systems," Post-Print halshs-01738159, HAL.
    26. Jaewan Kim & Tae Yong Jung & Yong Gun Kim, 2020. "Multilevel Analysis of Civic Engagement and Effectiveness of Energy Transition Policy in Seoul: The Seoul Eco-Mileage Program," Sustainability, MDPI, vol. 12(23), pages 1-19, November.
    27. Lagoarde-Segot, Thomas & Martínez, Enrique A., 2021. "Ecological finance theory: New foundations," International Review of Financial Analysis, Elsevier, vol. 75(C).
    28. Donatella Baiardi, 2023. "What do you think about climate change?," Journal of Economic Surveys, Wiley Blackwell, vol. 37(4), pages 1255-1313, September.
    29. Alexander Guzmán & Cristian Pinto-Gutiérrez & María-Andrea Trujillo, 2020. "Attention to Global Warming and the Success of Environmental Initial Coin Offerings: Empirical Evidence," Sustainability, MDPI, vol. 12(23), pages 1-16, November.
    30. Sartori, Laura & Dini, Paolo, 2016. "From complementary currency to institution: a micro-macro study of the Sardex mutual credit system," LSE Research Online Documents on Economics 67135, London School of Economics and Political Science, LSE Library.
    31. Louis-Philippe Rochon & Sylvio Kappes & Guillaume Vallet, 2022. "Central Banking, Monetary Policy and the Environment," Post-Print halshs-04225705, HAL.
    32. Marshall, Adam P. & O'Neill, Daniel W., 2018. "The Bristol Pound: A Tool for Localisation?," Ecological Economics, Elsevier, vol. 146(C), pages 273-281.
    33. Marie Fare & Pepita Ould Ahmed, 2017. "Complementary currency systems and their ability to support economic and social changes," Post-Print halshs-01623361, HAL.
    34. Michel, Arnaud & Hudon, Marek, 2015. "Community currencies and sustainable development: A systematic review," Ecological Economics, Elsevier, vol. 116(C), pages 160-171.
    35. Guillaume Vallet & Sylvio Kappes & Louis-Philippe Rochon, 2022. "Central Banking, Monetary Policy and the Future of Money," Post-Print halshs-03763491, HAL.
    36. Susan (Sixue) Jia, 2021. "Local Food Campaign in a Globalization Context: A Systematic Review," Sustainability, MDPI, vol. 13(13), pages 1-11, July.
    37. Jérôme Blanc, 2011. "Classifying "CCs": Community, complementary and local currencies' types and generations," Post-Print halshs-00583587, HAL.
    38. Rolf F. H. Schroeder, 2020. "Beyond the veil of money: Boundaries as constitutive elements of complementary currencies," Japanese Economy, Taylor & Francis Journals, vol. 46(1), pages 17-41, January.
    39. Louis-Philippe Rochon & Sylvio Kappes & Guillaume Vallet (ed.), 2022. "Central Banking, Monetary Policy and the Environment," Books, Edward Elgar Publishing, number 20017.
    40. Jérôme Blanc, 2024. "Money and the ecological turn: lessons from alternative currencies," Post-Print halshs-04513773, HAL.
    41. Fiala, Nathan, 2008. "Measuring sustainability: Why the ecological footprint is bad economics and bad environmental science," Ecological Economics, Elsevier, vol. 67(4), pages 519-525, November.
    42. Wankmüller, Christian & Pulsfort, Johannes & Kunovjanek, Maximilian & Polt, Romana & Craß, Stefan & Reiner, Gerald, 2023. "Blockchain-based tokenization and its impact on plastic bottle supply chains," International Journal of Production Economics, Elsevier, vol. 257(C).
    43. Ricardo Orzi & Raphael Porcherot & Sebastián Valdecantos, 2021. "Cryptocurrencies for Social Change," Post-Print hal-04328151, HAL.
    44. Gabriela Simonet & Amy Duchelle & Astrid B. Bos & Julie Subervie & Sven Wunder & Ida Aju Pradnja Resosudarmo, 2018. "'Forests and carbon: The impacts of local REDD+ initiatives," Post-Print hal-02097056, HAL.
    45. Louis Larue, 2022. "The case against alternative currencies," Politics, Philosophy & Economics, , vol. 21(1), pages 75-93, February.
    46. Raphaël Didier, 2020. "Le profil socioéconomique des utilisateurs de monnaies locales en France. Le cas particulier du Florain à Nancy," Working Papers of BETA 2020-49, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    Full references (including those not matched with items on IDEAS)

    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. Reyns, Ariane, 2024. "What drives businesses to transact with complementary currencies?," Ecological Economics, Elsevier, vol. 220(C).
    2. Larue, Louis & Meyer, Camille & Hudon, Marek & Sandberg, Joakim, 2022. "The Ethics of Alternative Currencies," Business Ethics Quarterly, Cambridge University Press, vol. 32(2), pages 299-321, April.
    3. Camille Meyer & Marek Hudon, 2019. "Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications," Journal of Business Ethics, Springer, vol. 160(1), pages 277-292, November.
    4. Larue, Louis, 2020. "The Ecology of Money: A Critical Assessment," Ecological Economics, Elsevier, vol. 178(C).
    5. Louis Larue, 2022. "The case against alternative currencies," Politics, Philosophy & Economics, , vol. 21(1), pages 75-93, February.
    6. Lagoarde-Ségot, Thomas & Revelli, Christophe, 2023. "Ecological money and finance. Introducing ecological risk-free assets," International Review of Financial Analysis, Elsevier, vol. 90(C).
    7. Francisco Javier García-Corral & Jaime de Pablo-Valenciano & Juan Milán-García & José Antonio Cordero-García, 2020. "Complementary Currencies: An Analysis of the Creation Process Based on Sustainable Local Development Principles," Sustainability, MDPI, vol. 12(14), pages 1-22, July.
    8. Matti, Josh & Zhou, Yang, 2022. "Money is money: The economic impact of BerkShares," Ecological Economics, Elsevier, vol. 192(C).
    9. Camille Meyer & Marek Hudon, 2017. "Alternative organizations in finance: commoning in complementary currencies," Working Papers CEB 17-015, ULB -- Universite Libre de Bruxelles.
    10. Cristian Frasser & Lucie Lebeau, 2023. "Complementary Currencies and Liquidity: The Case of Coca-Base Money," Working Papers 2307, Federal Reserve Bank of Dallas.
    11. Bruno Nogueira Silva & Wesley Vieira Silva & Alvaro Fabiano Pereira Macêdo & Natallya Almeida Levino & Luciano Luiz Dalazen & Fabíola Kaczam & Claudimar Pereira Veiga, 2024. "A systematic review on social currency: a one-decade perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 636-652, June.
    12. Alexandra Lenis Escobar & Ramón Rueda López & Jorge E. García Guerrero & Enrique Salinas Cuadrado, 2020. "Design of Strategies for the Implementation and Management of a Complementary Monetary System Using the SWOT-AHP Methodology," Sustainability, MDPI, vol. 12(17), pages 1-23, August.
    13. Hayyan Alia & Eli Spiegelman, 2020. "Convertible local currency and trust: ‘It’s Not You, It’s Me’ – A field experiment in the French Basque Country," Local Economy, London South Bank University, vol. 35(2), pages 105-120, March.
    14. Sarah Zeller, 2020. "Economic Advantages of Community Currencies," JRFM, MDPI, vol. 13(11), pages 1-11, November.
    15. Jérôme Blanc & Marie Fare, 2016. "Turning values concrete: the role and ways of business selection in local currency schemes," Review of Social Economy, Taylor & Francis Journals, vol. 74(3), pages 298-319, September.
    16. Mercè Roca & Marta Segura & Jordi Puig & Susana Martín Belmonte, 2024. "The local multiplier of income support paid in a complementary currency: Comparative evaluation in the city of Barcelona," Urban Studies, Urban Studies Journal Limited, vol. 61(1), pages 95-111, January.
    17. Oriane Lafuente-Sampietro, 2021. "Convertible local currencies and localisation: findings from a user survey and network analysis of local French currencies," Working Papers halshs-03324630, HAL.
    18. Jérôme Blanc, 2024. "Money and the ecological turn: lessons from alternative currencies," Post-Print halshs-04513773, HAL.
    19. Patrycja Konieczna, 2025. "Exploring the Relationship Between Complementary Currencies and Sustainable Development: A Comparative Study," Sustainability, MDPI, vol. 17(8), pages 1-18, April.
    20. Diego Sébastien LANDIVAR & Clément MATHONNAT & Ariane TICHIT, 2014. "Classification des systèmes de monnaies non-bancaires : ce que disent les données du Web," Working Papers 201425, CERDI.

    More about this item

    Keywords

    Complementary currency; Ecological economics; Environmental impacts; Systematic review; Behavioral economics;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

    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:sol:wpaper:2013/390180. See general information about how to correct material in RePEc.

    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: Benoit Pauwels (email available below). General contact details of provider: https://edirc.repec.org/data/cebulbe.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.