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http://hdl.handle.net/10419/19672
  
Title:Regionalwährungen in Deutschland: Lokale Konkurrenz für den Euro? PDF Logo
Authors:Rösl, Gerhard
Issue Date:2006
Series/Report no.:Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,43
Abstract:In a surprisingly growing number of regions in Germany private "regional currencies" are issued as a cash substitute for the euro. Currently, these regional currencies are conceived almost exclusively as Schwundgeld (depreciative currency), which loses value on a predetermined timescale. This loss of value is intended to encourage the money owners to spend their money quickly in order to boost local demand. The paper shows that the issuance of unofficial parallel currencies is not a fundamentally new phenomenon neither in Germany nor in other European countries. The theoretical assumptions of the Schwundgeld concept (Silvio Gesell (1862 – 1930)) are highly flawed and suboptimal from a welfare-theoretical perspective. However, the current economic welfare losses resulting from the issuance of Schwundgeld are negligibly small.
Subjects:Regionalwährungen
Regionalgeld
Parallelgeld
Gesell
Währungssubstitution
Schwundgeld
Freigeld
currency substitution
private money
JEL:E50
E42
E41
E40
Document Type:Working Paper
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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