On Money as an Institution

ICER Working Paper No. 12/2009

19 Pages Posted: 22 Jul 2009

Date Written: July 21, 2009


In this paper I am going to explore some of the major theoretical concepts and ideas in Luca Fantacci’s work devoted to the history of money. As a historical check on Fantacci’s theory I will present various moments in Russian monetary history interpreted in the light of the ideas of the La moneta: storia di un’instituzione mancata. I will compare Fantacci’s theory of division between the unit of account and the medium of exchange with those of Walther Eucken and the Austrian School as well as of some other contemporary authors. A new institutional reading of the evolution of money “money as an institutional compound” is proposed.

Keywords: institution, money, monetary history

JEL Classification: B52, E42, N10

Suggested Citation

Nenovsky, Nikolay, On Money as an Institution (July 21, 2009). ICER Working Paper No. 12/2009 , Available at SSRN: https://ssrn.com/abstract=1436890 or http://dx.doi.org/10.2139/ssrn.1436890

Nikolay Nenovsky (Contact Author)

Bulgarian National Bank ( email )

str "St. Sofia" 5
Sofia, 1040
+ 359 2 9145 1239 (Phone)
+ 359 2 980 24 25 (Fax)

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