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Parallel currencies : evaluation and theorical background of the phenomenon

Critical reappraisal of the money concept and general view of monetary uses.Centre de Recherches Walras, Lyon, France.

Jérôme Blanc, August 1998

Summary :

Parallel money consist of means of payment and units of account of very different sorts. They are employed beside the national currencies. An inventory of parallel money on a recent period (1988-96) gives evidences of their use in “normal” circumstances. These evidences lead to question the way the economic theory considers such a phenomenon ; but it considers parallel money as fringing situations and shows great difficulties to take it into account. This text outlines the ways to a critical reappraisal of the money concept and to a general schema of monetary uses of which

parallel money would be an integrant part.