Journal Article

Making sense of a crank case: monetary diversity in Argentina (1999–2003)

Georgina M. Gómez and Paolo Dini

in Cambridge Journal of Economics

Volume 40, issue 5, pages 1421-1437
Published in print September 2016 | ISSN: 0309-166X
Published online July 2016 | e-ISSN: 1464-3545 | DOI: http://dx.doi.org/10.1093/cje/bew034
Making sense of a crank case: monetary diversity in Argentina (1999–2003)

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  • Monetary Policy, Central Banking, and the Supply of Money and Credit
  • Development Planning and Policy
  • Economic Sociology

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Based on empirical data, this study discusses the introduction, acceptance and circulation of two complementary currencies in Argentina that do not fit well in the main approaches to the nature of money. These two monetary circuits, provincial and community currencies, were introduced as units of account to denominate the value of debt and circulated as means of payment to overcome monetary stringency during the crisis of 1999–2003. After discussing several theories on the nature of money, we reflect on the institutional significance of currency circuits as concurrent and rather stable pairs of trade and money. We suggest that several theories of money need to be combined to account for the variety and heterogeneity of daily monetary practices in a broad spectrum of countries.

Keywords: Ontology of money; Monetary plurality; Community currencies; Subnational currencies; Argentina; E5; O2; Z1

Journal Article.  9898 words. 

Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit ; Development Planning and Policy ; Economic Sociology

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