Weights of Money, Credibility and Sphere of the Money Circuit: Observations Through a Monetary Evolution in West Africa
Discussion Paper Series No.44, Faculty of Economics and Management, Kanazawa University
Posted: 12 Sep 2018
Date Written: August 28, 2018
This paper focuses on the monetary evolution in West Africa. However, the purpose of this paper is not to present the peculiarities of the West African monetary system, but to reconsider why multiple monetary circuits coexist in an economic sphere. West Africa is one of the few regions in the world to accept different types of currencies over the last century, including commodities, colonial, national and common to digital currencies, and the monetary spheres are also transforming along with the monies. Through this monetary evolution, this paper especially focuses on two factors to determine the dimensions of the money circuit: the physical weight and the credibility of money. From this monetary evolution, we also easily understand that human beings are always seeking more appropriate currencies for their purpose. This also causes the phenomenon of multiple monies.
Keywords: Weight of money, Credibility, Multiple monies, Economic sphere, West Africa
JEL Classification: E40, N27
Suggested Citation: Suggested Citation