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Topic: Local currency

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In the News (Tue 20 Aug 19)

 Local currency: Just the facts...   (Site not responding. Last check: 2007-09-07)
In economics (The branch of social science that deals with the production and distribution and consumption of goods and services and their management), a local currency is a currency (The metal or paper medium of exchange that is presently used) not backed by a national government, and intended to trade only in a small area.
These currencies are also referred to as "community currency (additional info and facts about community currency) " or "complementary currencies (additional info and facts about complementary currencies) ".
An example of this is the Argentine economic crisis of 2002 in which IOU (An informal debt instrument; representing `I owe you') s issued by local governments quickly took on some of the characteristics of local currencies.
www.absoluteastronomy.com /encyclopedia/l/lo/local_currency.htm   (274 words)

 Local Currency Encyclopedia Article, Description, History and Biography @ SomeLocalColor.com   (Site not responding. Last check: 2007-09-07)
In economics, a local currency, in its common usage, is a currency not backed by a national government (and not legal tender), and intended to trade only in a small area.
Complementary currency is a hyponym to local currency but the terms are often used as synonyms.
As the term is now widely used (and used in this article), it does not refer to currency which is legal tender but happens to only be used in a local area.
www.somelocalcolor.com /encyclopedia/Local_currency   (362 words)

 On Local Exchange Trading System : Mutual Credit : Community and Local Currency
Local currency, or “community currency,” is a medium of exchange that circulates only within a particular area or a community and mediates exchanges between goods, service, and volunteers—and bears no interest.
Local currency may be able to stop this tendency by becoming a medium for multidimensional and open communications.
However, local currencies are varied in times and places that they were established in and in their purposes and ideas, and the details of their structures and systems are not necessarily the same.
www.appropriate-economics.org /materials/On_LETS.htm   (10949 words)

 local currency   (Site not responding. Last check: 2007-09-07)
Local currencies, however, can act as a buffer catalyst to spur the process of import substitution, support local connectivity and sustain local economic resources.
Because it must be used locally, and because it has local community backing, local currencies promotes the local exchange of goods and services and increases local purchasing power while avoiding the danger of government currency depreciation.
The community currency we propose to establish in the Dudley area may ultimately prove to be one of the most reliable indicators on the state of our urban village and the well-being of its residents that we can develop.
www.dsni.org /local_currency.htm   (4177 words)

 Managing The System Account
If the local units are issued at the time of the official money contribution and it takes six months for the house to be made ready for rental, there's an obvious mismatch between the flow of new currency into the local currency economy and the flow of real value into it.
That loan could be repaid in local currency, not in a lump sum at the beginning, but over a period of time which more closely matches the rental availability of the house.
The local currency payments on the loan should start only after the renovations are completed and the house is ready to be rented.
circ2.home.mindspring.com /sysacct.htm   (1948 words)

 The Potential of Local Currency
The move toward local currency is not only motivated by the desire to bridge the gap between what we earn and what we need to survive financially (although this plays a role, of course).
Local currencies are backed by something tangible that the community agrees has value, as the examples that follow illustrate.
For any project, currency or not, to realistically work for systemic change it is important for those implementing it to have an understanding of the larger picture of which their project is a part.
www.zmag.org /ZMag/articles/july95lowry.htm   (7480 words)

 Creating Community Currency
The local currency movement hopes to reorganize the global system by creating healthy local communities that recognize and respect their interdependence, and work cooperatively to restore the Earth, recognize the rights and wisdom of indigenous people, and respect the rights of all people -- regardless of class, gender, age, or race.
Local currencies inspire people to live in accordance with their values, to follow their inner passion rather than chase after an obsolete notion of "success." They enable people to make a contribution to their community and receive what they need or desire in return.
She is a member of the Green Party which includes local currencies in its platform and a member of Women's International League for Peace and Freedom.
www.communitycurrency.org   (1858 words)

 Boston.com / Business / Cubans change dollars into local currency   (Site not responding. Last check: 2007-09-07)
Cubans and tourists lined up to change U.S. dollars into local currency Sunday, the last day to do so without paying a 10 percent surcharge that is part of a government measure to eliminate the dollar from circulation on this communist-run island.
HAVANA -- Cubans and tourists lined up to change U.S. dollars into local currency Sunday, the last day to do so without paying a 10 percent surcharge that is part of a government measure to eliminate the dollar from circulation on this communist-run island.
The U.S. currency was made legal tender in 1993 to help attract hard currency after the island lost Soviet aid and trade.
www.boston.com /business/articles/2004/11/14/cubans_tourists_try_to_beat_surcharge   (627 words)

 Green Mountain Hours
Local currencies were issued by state governments, school districts, business associations, merchants, and even individuals.
Community currencies are tools that can help revitalize local economies by encouraging wealth to stay within a community rather than flowing to outside corporations and banks.
The use of local currencies by consumers shows their commitment to purchase goods from within the bioregion.
www.greenmountainhours.org   (1000 words)

 pitch.com | | Pitch Points | The REAL deal | 2000-06-08
Cougher, along with fellow LTO members Kris Olsen and Dennis "Boog" Highberger, is part of the LTO's effort to introduce a local currency for use in Lawrence and the rest of Douglas County as a means of supporting local businesses and slowing the drain of the local economy.
Ithaca Hours have inspired local currency systems in more than 70 communities across the country and are based on the value of a person's time, labor, and skills.
One facet of the local currency initiative is to support local business; however, the LTO is reluctant to begin a policy of exclusion.
www.pitch.com /issues/2000-06-08/points.html   (1963 words)

 Transaction Net: Local Exchange Trading Systems - LETS
When too much money is issued, the local currency will inflate or even become completely worthless; when currency is underissued, the problem local currency was meant to address--too little trade among people in the community--will remain.
Using the National Currency as a reference is more convenient for convertibility and easy pricing, but anchoring a local currency to national fiat money leaves the local currency system vulnerable to any crisis occurring in the national currency; thus the importance of this feature will depend on the particular national currency chosen as reference (e.g.
Those complementary currencies backed by an external reference (a commodity or service) rather than the fiat of a central authority are less susceptible to inflation.
www.transaction.net /money/lets   (695 words)

 Currency Exchange | Sterling - Dollar | Sterling - Euro | Cheap foreign currency rate
Currency for purchasing property abroad Euro currency in Ireland Euro in Italy convert Sterling - Euro convert Sterling to Euro for currency in Luxemburg.
There are no currency restrictions on import and export of local and foreign currencies to Japan although declaration is required for sums of over Yen 1 million or equivalent in a foreign currency.
A currency converter is used for up to the minute real time money trading in world currency markets, this acts as a calculator for each currency.
www.exchange-currency.co.uk /currency.htm   (1080 words)

 International Journal of Community Currency Research   (Site not responding. Last check: 2007-09-07)
The aim of this journal is to provide a forum for the dissemination of knowledge and understanding about the emerging array of community currencies being used throughout the world both at present and in the past.
Community currencies are here defined widely to encompass the full range of possible currency systems.
We believe, however, that the rapid expansion of interest in community currencies throughout the world is sufficient reason to justify its launch in this relatively inexpensive, broadly accessible medium.
www.geog.le.ac.uk /ijccr   (726 words)

 dbweb.org - The Future of Money
By using complimentary currency, people in Japan have better care, more hope for good care in their old age, better relationships, and more involvement in each other's lives.
Lietaer also goes into detail about a new global reference currency he is proposing, called the Terra, which would not bear interest, and which would be valued against common commodities, thus making it stable: in fact, it would be inflation-proof.
But meanwhile, the more we use our local currencies, the more we are safe from the wild "mood swings" that federal currencies sometimes experience.
www.dbweb.org /future.html   (1194 words)

 Local Currency Accounting - CTSA Returns
Although the accounts and computations must be in the local currency, the CTSA return (form CT600) must use sterling throughout.
Where a local currency balance is translated into sterling for entry on a return, and a year later there is a new balance to be translated for the next return, there is no need to relate those sterling figures to each other, or account for any exchange differences between them.
It is the underlying local currency calculation that is valid for tax purposes, and the Revenue will not seek to reconcile the sterling figures mathematically.
www.inlandrevenue.gov.uk /manuals/ct56manual/ct14000/ct14180.htm   (199 words)

 community currencies
The majority of the local currencies I know about have been started for the purpose of creating employment, but there is a growing group of people who are starting local currencies specifically to create community.
Eventually, a nonprofit issuer could untie the local scrip from the federal dollar, establishing a local backing such as cord-wood, or a basket of commodities -- corn, soy beans, and wheat, for instance -- as was done in Exeter, New Hampshire, in the 1970s.
In such a scenario, currency would retain a constant local value related to a natural resource, making visible once again the connection between the health of the local economy and the health of the land.
www.ratical.org /many_worlds/cc   (2321 words)

 IJCCR Vol 4 Luis Lopezllera-Mendez & Stephen DeMeulenaere   (Site not responding. Last check: 2007-09-07)
Community Currency Systems are now widespread in the global north, where their ability to enhance existing social and material assets, foster reciprocation and redistribution, and discourage anti-social behaviour through the strengthening of the notion of community is becoming well-known.
The idea to initiate a community currency in Mexico came as a result of the PdP's program of promoting an appropriate economy that allows for the independent self-development of communities and economies at a scale which can best be managed by those living within that community.
The use of parallel currencies, whether in the global south or north provide new methods for practicing local economic development projects aimed at achieving the meeting of basic human needs, environmental restoration, ecological sustainability, social harmony, cultural revitalization and meaningful human economic activity.
www.geog.le.ac.uk /ijccr/vol4-6/4no4.htm   (4052 words)

 KoreaTimes : Banks Warned Against Currency Speculation   (Site not responding. Last check: 2007-09-07)
The government’s measure came as the local currency has been appreciating against the U.S. dollar, out of concerns over the delay of the economic recovery.
The Ministry of Finance and Economy (MOFE) announced that local banks would be limited in holding the over-bought position of the NDFs from offshore investors to 110 percent of the level reached on Thursday.
After reaching 1,200 won on Dec. 26 last year, the local currency steadily appreciated to 1,197.4 on Dec. 30; 1,195 on Jan. 2; 1,187 on Jan. 6; 1,181.9 on Jan. 9; and 1,176.1 won on Monday.
times.hankooki.com /lpage/nation/200401/kt2004011517144011990.htm   (541 words)

 Towards An Understanding Of The Global Market System:
A New Perspective For Economics
Taking account of both, the global and the local dimension, this is a contribution to the development of liberal economics as a theory of a dual economy.
However developed the local markets are—for the purpose of the argument put forward here, it is important to emphasize that they exist and, in a certain sense that they exist independently from one another and from the established market system.
The currency of this system is not convertible against the established currencies; since the local tender exists only as money in account the possibility of a fl market can be ruled out.
theoryandscience.icaap.org /content/vol001.001/03rolf.html   (5248 words)

 Transaction Net: Complementary Community Currency Systems
When a full spectrum of currencies are available, people will complete more transactions, enabling more people to meet their needs and create trading relationships.
Backed currencies such as e-gold can be issued (or barter exchanges completed) by whoever owns a commodity or service.
In most other complementary currencies (and in national currency), including mutual credit systems like LETS and ROCS, and in Ithaca HOURS, the amount of money exchanged in any transaction is negotiable.
www.transaction.net /money/community   (855 words)

 Eugene Weekly: News - August 15, 2002
Some local citizens are gearing up efforts to begin a campaign to start a local currency in Eugene.
As the number of participants grows, the currency model, often called "complementary currency" becomes more complex, and can even be used for Green investing (see www.transaction.net/money/community/).
Local volunteers will gather at the South Eugene High School parking lot at 9:30 am Saturday, Aug. 17 and ride in vans or their own cars to Hillsboro for lunch at Century High School (2000 SW 234th Ave.), where the day's activities will be planned.
www2.eugeneweekly.com /2002/08_15_02/news.html   (4062 words)

 Resurgence 192 The New Alchemists by David Boyle   (Site not responding. Last check: 2007-09-07)
The local currency revolution means new kinds of money which are kinder to the planet.
The result was that local incomes were falling, economic self-determination — such as there was — was crumbling, and the city was increasingly dependent on expensive, packaged imports to the area, usually brought in from great distances by multinational traders.
The self-styled community economist Paul Glover believed that a local currency, because it could only be spent within a twenty-mile radius of Ithaca, could at least stem the flood.
www.gn.apc.org /resurgence/issues/boyle192.htm   (1485 words)

 KoreaTimes : Urgency of Currency Reform Downplayed   (Site not responding. Last check: 2007-09-07)
A number of economists and policymakers say that it is more urgent to pave the way for a single regional currency than implementing the proposed currency reform.
More urgent is to lay the groundwork for a single Asian currency compatible with euro and dollar, with global economies being reorganized as regional blocks, he added.
Nonetheless, proponents of currency reform argue that there are advantages from it as well as costs.
times.hankooki.com /lpage/biz/200401/kt2004011317445211870.htm   (585 words)

 Local Color Portal @ LocalColor.info   (Site not responding. Last check: 2007-09-07)
Local color is a type of writing that was popular in the late 19th century, particularly among authors in the U.
A well-known local color author was Mark Twain with his books Tom Sawyer and The Adventures of Huckleberry Finn.
Widely used in the theatre and especially on television, local color is often used derisively when a device becomes a cliché.
localcolor.info   (1273 words)

 LETS: The Economic System of Giving   (Site not responding. Last check: 2007-09-07)
They can continue trading as long as their word is good, thus allowing the local economy to keep moving even when hardly any cash is available.
You are a new member of a local LETS group and you decide to buy a bag of apples from another member using LETS units.
She had been able to get all sorts of work done around the house during the recession there in return for cooking home-made frozen lasagna for the local community.
www.glasswings.com.au /utopia/lets.html   (1315 words)

 People's Daily Online -- Latin America boosts local currency-denominated debt issuance
Brazil, Mexico, Chile, Colombia and Uruguay are among the countries that have issued external debt in their own currencies.
If external debt is denominated in hard currencies such as U.S. dollars, euros, British pounds or yen and a devaluation occurs, debt service costs will rise sharply, increasing job losses and hitting production capacity, the report said.
International investors have 4 percent of government bonds issued locally, but 70 percent of Mexican government bonds with 20 years or longer maturities are owned by international buyers, said the report.
english.peopledaily.com.cn /200512/24/eng20051224_230505.html   (207 words)

 Paul Glover - Grassroots Economics
Ithaca's printed currency honors local features we respect, like native flowers, powerful waterfalls, crafts, farms, and our children.
And over $4,000 of local currency has been donated to 22 community organizations so far by our wide-open governing body.
Here are some resources to get you started on local currency and other aspects of community economics.
www.context.org /ICLIB/IC41/Glover.htm   (1403 words)

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