More Than Money Literature Review

8/3/2019 More Than Money Literature Review

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MORE THAN MONEYLiterature review o the evidence baseon Reciprocal Exchange Systems

Julia Slay

DISCUSSION PAPER


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PART 1: THE CRISIS OF REFORM IN PUBLIC SERVICES 2CONTENTS 2

CONTENTS

Introduction 3

Part 1: Social, local: time banks and service credits 5

Part 2: Social, national: Reward points 10

Part 3: Local, economic: local economic exchange 13

Part 4: Economic, national: Backed currencies 16

Bibliography 17

Useul copleentary currency sites and sources 19

Endnotes 20


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This literature review brings together theexisting evidence o impact, outcomes andcost that exist across reciprocal exchange

systems. Time banks, complementary currenciesand peer-to-peer platorms or collaborative

consumption are all examples o these reciprocalexchange systems, and to structure this reviewwe have created a typology o dierent types osystems to organise the evidence.

The typology is designed with public services inmind, and is organised around objectives. Themain distinction drawn is between two dierentkinds o reciprocal exchange:

1. Social exchange: designed primarily tomotivate peoples behaviour, to meet socialobjectives (inormation unction dominant).

2. Econoic exchange: designed primarily tocirculate and to meet economic objectives(store o value unction dominant).

That gives a total o our types, which provide thestructure or the rest o this report as shown inthe table below.

The review has been structured to outline theevidence ound within each typology group.Within these groupings the ndings have beenstructured to describe:

An overall analysis o the evidence andliterature.

Common outcomes identied by the literature.

Where available, an outline o a ew in-depthstudies and evaluations.

Bullet pointed evidence specic to individualcase studies.

Any direct evidence o cost benets orsavings.

The scope o this review was international, andthe ocus was to gather evidence on outcomesand cost benets. The evidence has been largelygathered rom academic articles and evaluations,including sel-evaluations. A comprehensivereview o the major complementary currencywebsites and online libraries has been conducted

INTRODUCTION

INTRODUCTION 3

Local

National or

international

Social

Tie-based exchanges, e.g. Member-to-Member,

Skill Swap, Rushey Green, Spice, Care Banks.

Outcomes: co-production, building condence,skills and social networks, supporting people orpersonal change or recovery, building community.

Reward points, e.g. Nectar, Nu-spaapas, Blue

Dot, Young Scot, Wigan and Windsor, Time DollarYouth Court.

Outcomes: Nudging behaviour, reducingemissions, building loyalty, recognising eort.

Econoic

Local currencies, e.g. LETS, Brixton pound, Ithaca

hours, Stamp Scrip, Community Way, local barter.

Outcomes: rebuilding local economies andemployment, using local resources moreeectively, valuing local waste, tackling poverty.

Backed currencies, e.g. kWh money, Carbon

points, Liberty Dollar, Terra, WIR, LLP money,goCarShare, C3.

Outcomes: re-valuing local renewables, revaluingagricultural produce, providing reliable currency,paying people with sustainable value, supporting

SMEs.


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PART 1: INTRODUCTION 4

and we have contacted a number o expertsin complementary currencies to elicit greyliterature, such as unpublished PhDs and internalevaluations. A ull list o sources is attached in thebibliography.

This literature review was made possible withsupport rom NESTA (the National Endowmento Sciences, Technology and the Arts) whogenerously unded the research and have workedalongside ne to write a report on the potential oreciprocal exchange systems or public services,due or publication in late 2011.


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PART 1: SOCIAL, LOCAL: TIME BANKS AND SERVICE CREDITS 5

This section draws out the relevant materialrom evaluations and reports on time banksand credits to document:

Outcomes o time banks and service creditmodels.

Cost benets o time banks and service creditmodels.

These models o reciprocal exchange suerrom a real lack o evaluative material. Therehas not yet been any robust outcome or cost

evaluations o a time banks, although a SocialReturn On Investment (SROI) analysis o a timebank in Camden has quantied some o the socialoutcomes achieved by the time banking activity.Much o the literature ocuses on the processby which models work, with sel evaluation acommon methodology in those assessmentswhich have been conducted.

Outcoes

In this part o the paper, we have ocussedon seven dierent evaluations or modellingexercises that show how models o local andsocial reciprocal exchange have generated certainoutcomes or cost reductions.

We have identied below those outcomes whichare most commonly associated with this typology.

These outcomes are noted throughout theliterature and documented by time bank co-ordinators, participants and evaluators. Theyinclude:

Improved social networks.1

Improved intergenerational relations.

Improved psychological well-being.

Increased access to public services.

Improved employability.

Increased social inclusion or typicallymarginalised groups.

Improved condence and sel-esteem orindividuals.

Increased sense o belonging.

Greater community cohesion.2

Reduced stigma and discrimination.

PART 1:

SOCIAL, LOCAL: TImE BANkS

AND SERvICE CREDITS

Bacedcurrencies

For exaple:

kWh money, Carbonpoints, Liberty dollar,Terra, WIR, LLP money,

C3, Farm notes

Rewardpoints

For exaple:

Nectar, NuSpaapas,Young Scot, Wigan andWindsor, Washington

Youth Court, Karrots

Localcurrencies

For exaple:

LETS, Brixton Pound,Ithaca Hours, StampScrip, Community Way,

local barter, CommunityExchange, BerkShares

Tie bans andserice credits

For exaple:

member-to-member,

Skill Swap, RusheyGreen, Spice, CareBanks, Fureai Kippu,Holy Cross Centre Trust


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The example in Figure 1, taken rom a recent neweconomics oundation evaluation o the HolyCross Centre Trust, outlines how these outcomescan be mapped.

Health and well-being

Much o the evidence on time banking outcomesis linked to improvements in health and well-

being. Some o the larger time banks whichare hosted by GP surgeries have had specicmonitoring and evaluation exercises conducted.For example, an evaluation o the Rushey Greentime bank showed that it:

Improved social networks.

Increased tolerance and understandingo conditions such as depression throughmixing people.

Gave participants a sense o sel-worth.

Reduced the burden on traditional carers.

Avoided lengthy and costly reerrals by GPs.3

Similarly, a survey o 160 members o a hospital-aliated time bank in America showed:

Improvements to physical and mental health.

Signicant impact on the health, well-beingand sense o belonging o older and low-income individuals, and those who live alone.4

Some evaluations o specic time banks havepinpointed particular benets to public services,both within the health eld and in other spheres.These include:

At one American time bank, it was shown thatmore than 30 per cent o the activities oeredand requested were web design and otherIT skills. The ocus o this time bank on skillsdevelopment in areas which are highly valuedin the job market suggests that a relatively

large number o people are likely to return toemployment when compared to other timebanks.5

A hospital group in Richmond, Virginia,


Figure 1. Impact map o service users

Activities OutputsShort-termoutcomes

Long-termoutcomes

Co-production is also used

across different community

organisations in Camden.

The time bank enables

services users and other

members to share skills.

Service users are actively

involved in designing and

delivering activity sessions.

Getting out more with a focus

on activities being delivered

within the community.

Volunteers are given a range

of training including

accredited STR training.

Number of

organisations that

accept time credits.

Variety of individual

exchanges and skills

exchanges.

Have a broad range of

different activities now

some very specialist.

Number of

attendances at

community activities.

Number of service

users and volunteers

who have taken

accredited training.

Improved work related

skills, knowledge and

confidence.

Improved social

confidence and getting

to know people fromdifferent backgrounds.

Improved mental

health.

Users access

mainstream services

independently.

More diverse employer

and volunteer base.

Employability.

More social networks.

Autonomy and control

over mental health.

Reduced stigma

and discrimination.

Community cohesion.


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ound that using a time bank to provide peersupport or people with asthma reducedemergency admissions to hospital by 74 percent and saved $217,000 over two years.6

An evaluation o a time bank in Salord oundpositive several positive outcomes attributedto time bank members including improvedlevels o health, well-being and condence,and increased resilience. Time bank memberswere also more likely to be in ormalemployment.7

The Fair Shares time bank scheme inGloucestershire provides an element oatercare ollowing hospital discharge and islikely to reduce re-admissions or unnecessary

visits to GPs.8

Spice credits

Spice, a time credit organisation, has conductedevaluations which show persuasive evidence orimproving outcomes among participants. Theseinclude over 60 per cent o participants statingan improvement in condence.9 Indirectly, Spicecan improve health and well-being outcomes bychannelling credits towards healthy activities so rewards can be directly redeemed onhealthy activities. There is also limited evidencethat this model has been used to increase pro-environmental behaviours.

Spice credits have been used in this way inhousing projects in Cardi to increase use ohealth acilities, and specic projects have showna reduction in crime, particularly anti-socialbehaviour.10 In one project, based in Bettws, thepolice have reported a 17 per cent reduction incrime since the introduction o a time bank to theBoys and Girls Club.11

visiting Nurse Serice New York (vNSNY

Counity Connections Tie BankAn evaluation conducted by the University oMarylands Center on Ageing showed that timebanks were able to attract people who dontnormally volunteer, keep old people healthier andcut drop-out o volunteers.12 Specic results oresearch with older o the Visiting Nurse ServiceNew York (VNSNY) Community Connections TimeBank showed that:13

100 per cent o members reported that theyhave beneted rom becoming members.

Those with the lowest sel-reported annualincome (under $9,800) and those who tookthe survey in Spanish reported the highestlevel o positive impact rom membership.

48 per cent reported improvements in sel-rated physical health.

72 per cent reported improvements in sel-rated mental health.

67 per cent reported increased access tohealth and other community services.

90 per cent reported that the number oriends they have increased since joining.

79 per cent reported that membership givesthem support they need to be able to stay intheir homes and community as they get older.

85 per cent reported increase in sense o

belonging to their community.

82 per cent reported that the quality o theirlie increased since joining.

These ndings are consistent with the outcomesreported in other evaluations and broadly mapto social, physical, mental health and well-beingoutcomes.

Accessing inoral econoies

A number o reports on time banking also pointto its utility in engaging hard-to-reach groupsand using the time bank as a means o buildingup peoples access to goods and services.This outcome is closely linked to public sectorambitions to reduce inequalities, and combatpoverty and deprivation.

A ne SROI evaluation o the Holy CrossCentre Trust time bank ound that or thereugees and asylum seekers who used thetime bank outcomes were largely linked toaccessing the inormal economy, and beingable to improve a sense o community

belonging.14

Gill Seyangs report The Time o Our Livesstressed the role o time banks in acilitatingsocial networks and argued that they enabledpeople to improve their access to goods andservices through an inormal economy.15

Addressing social exclusion

Social inclusion and employability is highlightedas a recurrent outcome in the literature andevidence base or this typology. One study

showed that time banks attract disproportionatelyhigh number o members o socially excludedgroups: 72 per cent not in ormal employment, 54per cent receive income support, 58 per cent livein households with an income below 10,000, 42


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per cent are retired and 13 per cent are disabledor have a long-term illness.

Much o the eectiveness o time banks incombating social exclusion has to do with how

and where they are set-up. For example, i thetime bank is located in a hospital or GP surgerythey are more likely to connect with excludedgroups.16

The cost benefts o tie banking

Very little work has been done to capture thecosts and economic benets o reciprocalexchange systems which operate at the local,social level. Aside rom hypothetical projections,a ew disparate examples o cost savings, andan SROI analysis o the Holy Cross Centre Trust

time bank, the most important contributionto this eld came rom the London School oEconomics (LSE) PSSRU in 2010. A team at theLSE conducted a modelling exercise or timebanks which analysed the cost/benets or timebanking.

The approach used is called decision modellingand seeks to show the economic impact o a timebank, compared to what would happen in theabsence o one. The research was not based onprimary data, and the assumptions were based onexisting studies and on local experiences.

Martin Knapp and his colleagues argued thatthere is evidence to suggest long-term potentialsavings to both local and national governmentrom using community-based schemes, such astime banks, in the delivery o public services.17They identied a range o outcomes whichincluded: Positive physical and mental healthimpacts, improved employment prospects and

decreased reliance on alternative orms o paid

and unpaid support.which could be attributed totime bank support.18

The modelling exercise indicated that the cost oreach time bank participant would average under450 per year, but that the economic value to thestate alone could be over 1,300 per person.19 Twopoints to note are:

These estimates were conservative, so thegains could potentially be more.

They dont isolate the impact o specic orindividual models o time banks.

They indicate value created or government(local and national) only: considerableadditional value could be attributed to otherstakeholders (individuals, and the wider

community, or example) through othermethods, such as Social Return on Investmentor Well-Being methodologies.

An SROI analysis o tie-banking in ental

health

In 2010-2011, ne completed an SROI study on aconsortia o mental health services in Camdenwhich have a time bank as part o their service,and have embedded co-production into theservice. It showed that or every 1 invested in theservice by the local authority, over 5.75 in socialvalue is generated.20 Cost savings associated withthe mental health and employability outcomeso service users. The rest o the value is linked tooutcomes relating to social networks, stigma anddiscrimination, and community cohesion. Isolating

the value created to the state rom the investmento Camden gives an ROI o over 3.40 or every 1invested.21

The service relies on service users and time bankmembers investing their time and energy whichhave been valued at the London Living Wage tototal 137,119.22

It also ound that:

In our model, the ocus on equalities

outcomes generated savings or thecommissioning body in several ways. On

one level, encouraging and supporting

people to play a greater part in the design

o services increased the capacity o the

service and meant they can stay open outside

traditional service delivery hours. This saves

the council money and allows more to be

delivered with the same amount o unding.

Importantly, however, it gives people the

opportunity to contribute, to learn new skills,

and to improve their confdence which has

important positive impacts on their mental

health. The partnership approach and methodo delivering services in the community

encourages service users to rely less on their

service in the longer term, and also addresses

some o the wider inequalities issues, such as

stigma and discrimination, that can perpetuate

poor mental health and lack o social

cohesion.

As the SROI analysis shows, the value o the timebrought into the service through time bankingcan be quantied, and one US evaluation has

gone on to associate direct nancial savings withthis time. This US time bank started a serviceinvolving time bankers who earned credits takingpart in a telephone reassurance program tochildren with asthma, who collect inormation on



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whether children had had attacks and were takingtheir medication . They ound that it had savedstatutory services over $100,000 in unnecessaryvisits by home nurses alone.23

meber Organized Resource Exchange (mORE)

MORE is a program running in Grace Hill, StLouis, designed to engage local community inhelping neighbours, and running in over tenneighbourhoods within St Louis. Exchangesbetween and among neighbours are rewardedwith time dollars, which can be exchanged orservices with other residents, exchanged at GraceHill Neighbourhood Health Centres and used orcommercial goods including urniture, at MOREstores. An estimated 30,000 people took part inthe MORE programme in one year across a variety

o activities including shopping, visiting, homerepairs, support groups and sel-help courses.24

Since MORE was ully computerised in 1991,service activity by residents has generatedover 670,000 time dollars which, calculatedat minimum wage, would have an equivalentmonetary value o $3.5 million.25 Outcomes oMOREs activity are documented to include; well-being, condence, skills and employability.26


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This section draws out the relevant materialrom evaluations and reports on reciprocalexchange schemes that use loyalty points

or rewards, and which have benets to the publicsector.

Because the outcomes associated to thistypology are oten unique to the type o incentivebeing encouraged, it is dicult to map commonoutcomes across dierent models. The exampleshere cover criminal justice, education, poverty,environmental change and youth engagement.Instead o trying to draw a link with common

outcomes, we have documented examples romthe literature that show the impact o reciprocalexchange systems in achieving specic changes inoutcomes, and/or reductions in cost.

Some broad connections and hypotheses canbe drawn rom the literature, especially aroundvalue or money, given that most reward schemesare supplied through excess capacity or publiccost-savings. As well as more quantiablepublic outcomes rom a social or environmentalperspective, many schemes also deliver

psychological and social well-being outcomes.

This typology has more xed incentive andreward mechanisms than the local/social models or example, trading recycling with tax oset

schemes, or increasing child immunisationswith direct payment incentives to parents.Programmes and models in this typology otenhave much more clearly dened behaviouralgoals, such as increasing attendance at school, orincentivising people to recycle their own waste, incontrast to the broader social outcomes achievedthrough broader time credit schemes. While areward structure implies a rationalist incentive,many smaller schemes still rely on altruism.

The Washington Tie Dollar Youth Court (lower

recidiis)

The time dollar youth court engages youngpeople in the criminal justice system, rewardingthem with credits in return or their participationin peer juries.27 In 2009 alone, the court wasreerred over 1,000 young people, many owhom were reerred on to complete over 2,700hours o community service, and to services orcounselling, substance abuse, mentoring andtutoring.28 According to Burns, between a quarterand a hal o all rst-time young deendants inWashington were taken out o the court system,with obvious cost-savings.29

A survey run by the University o Columbia oundthat almost 100 per cent o parents reported thattheir child had stayed out o trouble ollowing areerral.30 Since starting to track recidivism rates

PART 2:

SOCIAL, NATIONAL:

REWARD POINTS

PART 2: SOCIAL, NATIONAL: REWARD POINTS 10

Bacedcurrencies

For exaple:


C3, Farm notes

Localcurrencies

For exaple:




For exaple:

member-to-member,Skill Swap, RusheyGreen, Spice, CareBanks, Fureai Kippu,Holy Cross Centre Trust

Rewardpoints

For exaple:

Nectar, NuSpaapas,

Young Scot, Wigan andWindsor, WashingtonYouth Court, Karrots


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in 2003, the youth court has ound that one yearater completing the programme the recidivismrate was 9 per cent, compared to over 25 per centas the state average.31

Cost benets could be calculated by measuringthe value o the additional capacity provided bytime court attendees, and through calculating thedirect savings to the state or the all in oending.

Faily support prograes in Latin Aerica

(poerty and inequality reduction)

Conditional cash transers (CCT) have provedan extremely eective way o enhancing socialoutcomes across Latin Americas pooresthouseholds. The programmes are broadlyaimed at achieving outcomes including poverty

reduction, inequality reduction, the building ohuman capital and to promote social inclusion.

Thorough evaluations have shown that BrazilsBolsa Familia has had multiple benets (describedin more detail below), but in particular havebeen eective in reducing poverty and incomeinequality.32 From 1995 to 2004, the Gini index which measures income inequality, ell by 4.7 percent with the Bolsa Familia being responsible or21 per cent o this all.33 In Mexico, Oportunidades another CCT had a similar impact, beingresponsible or 21 per cent o the 5 per centdecrease in the Mexican Gini Index between 1996and 2004.

The Bolsa Familia is the worlds largest conditionalcash transer programme, enorcing conditionssuch as childrens attendance at school and use ohealth services in return or cash incentives.

An impact evaluation conducted in 2005conducted a baseline analysis o data acrosseducation, work and household expenditure.34This, and other evaluations have included control

and comparison groups, and ound that as a resulto the programme:35

Childrens absenteeism at school has beenreduced rom 12 per cent to 8.7 per cent.

The number o people with 11 years educationor more increased rom 19 per cent to 26 percent.

Marginal (but visible) increases in the healthindicators including take up o medical

appointments, and the number o doctors anddentists.

Lie expectancy has risen by three years.

Child labour rate has decreased rom 16.6 to11.1 per cent.36

The IPC Evaluation also showed broader changesin outcomes, including a direct positive causal

link with educational attendance but not inachievement.37 There was no impact on childimmunisations despite it being directly linked asa condition, though similar programmes in LatinAmerica did see a positive increase, and theevaluation suggests there may have been supply-side barriers not considered within the evaluationramework.38

One study pulled together the ollowing impactevaluations rom Brazils Bolsa Familia andcompared them with similar CCTs across Latin

America.39

Education: children in the programme wereless likely to be absent (3.6 per cent), to dropout (1.6 per cent) and more likely to advanceto the next year (4 per cent) than those thatwerent enrolled. In Mexico, advancementincreased but overall grades dropped, perhapsbecause more under-achieving childrenattended school.

Health care iunisation and check-

ups: Bolsa Familia had no impact on childimmunisation despite direct conditionalitiesaround immunisation being attached tothe payments. However, in Colombia, theprogramme improved check-ups andimmunisation, while in Mexico and Chile ruralcoverage improved. The lack o improvementin Brazil may be due to supply-sideimpediments, in particular a lack o healthservices being available.

Nutrition: The programme had a signicantimpact on reducing the stunting o babies

between 6-11 months. However, it ailed toimpact children between 12-36 months, thecritical age in physiological development.Again, this could be down to lack o servicesto monitor children, as Oportunidades inMexico did have a signicant impact over thatage.

Labour orce: Participation o adults receivingthe Bolsa Familia was 2.6 per cent higher thanthose not part o the programme, despitethe criticism that it de-incentivises work.

However, there was a gender dierence, asthe percentage was almost double or women(4.3 per cent). Results o CCTS on labourparticipation vary across countries but overalldo not show a negative impact: Mexico and


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Colombia have shown no change in labourorce participation, while Chile showed apositive impact in rural areas.

Curitiba recycling credits (positieenironental behaiour)

Brazil has developed another national reciprocalexchange in Curitiba, where a reward schemehas catalysed recycling, provided livelihoods andalso maintained a clean living environment orthe citys poorest inhabitants. Within the spaceo a year, 11,000 tonnes o reuse was exchangedor one million bus tickets which can also beexchanged or groceries or school books and1,200 tonnes o ood.40 The model has seen the

average income in Curitiba rise to three times thato the Brazilian average.41

It has also been successul in incentivisingpreviously excluded individuals to participate inthe local economy or the rst time, rather thanjust recipients o aid, thereby building their sel-condence and breaking down social barriers.42The goods used or exchange were oten suppliedthrough spare capacity, and the local authorityis able to directly save on waste and sanitationcosts.

Cost benefts and saings

What evidence there is points to high levels opublic benet and behaviour change with costsborne primarily rom direct savings (reducedlandll, less need or court or sanitation services),surplus capacity, or budgets already earmarkedor a particular welare/environment purposes.Given the right support, schemes can be sel-nancing or even money-saving. Specicexamples o this include;

The Governments Connexions Card or 15-18

year olds, which relies on donations o surplussports equipment, tickets or other possiblerewards.

Brent and Lambeth have given cash rewardsor recycling (10 or recycling hal o the timeover six months), achieving a 34 per cent and27 per cent reduction in weight respectively.

Peckham Pulse allows young HourBankmembers into the sports centre in return orhelping out the community.

St Louis and Brixton provide training whichwould normally be ree or those who earntime credits, but have a higher up-take ratedue to a sense that it has been earned.


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PART 3: LOCAL, ECONOMIC: LOCAL ECONOMIC EXCHANGE 13

This section draws out the relevant materialrom evaluations and reports on reciprocalexchange schemes that involve local

currencies. A broad review o the literature showssome evidence or improved outcomes and costbenets, particularly with LETs schemes, butagain this model has suered rom a paucity ocomprehensive evaluation that would providemore robust and detailed indicators on outcomesand costs.

Outcoes

Local currencies appear to gain widespreadacceptance and provide positive economicoutcomes when they are responding to a ailurewithin the existing monetary system. But thereis currently little evidence to show they providethe claimed economic benets, either becauserigorous analysis has not yet been completed,or because what does exist has not conrmedthe benets. The literature also shows that localcurrencies have a social as well as economiceect, although this is oten based on qualitative

and anecdotal evidence.

Rebuilding econoies ater a crisis

Much o the literature points to the role o localcurrencies in re-building economic activity ater

a crisis. For example, post-depression Austriaexperienced great success with its alternativeWrgl Labour Certicates. The depreciatingcurrency was issued by the local parish, andthereore accepted also. A study that examined allcontemporary and recent analysis ound.43

Tax arrears that had risen rapidly between1926 and 1931 were substantially paid.

Local tax revenues rose by more than 61per cent, even being paid in advance due todemurrage (negative interest).

Local business climate and general prosperityalso improved

The local parish also proted romadministration ees and interest earned romthe banked currency.

The Argentine case

The literature shows that Argentina experiencedsimilar success with complementary currenciesollowing its own economic crash and devaluation

o the peso. The alternative crdito, traded byover 2.5 million participants in 4,700 marketsat its peak, created inormal employment andalleviated poverty as well as reviving localeconomies.44 Organisers claim Red de Trueque

PART 3:

LOCAL, ECONOmIC:

LOCAL ECONOmIC ExCHANgE

Bacedcurrencies

For exaple:


C3, Farm notes


For exaple:


Rewardpoints

For exaple:



Localcurrencies

For exaple:

LETS, Brixton Pound,

Ithaca Hours, StampScrip, Community Way,local barter, CommunityExchange, BerkShares


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(bartering network) members consumptionincreased by over $600 a month, more thandouble the minimum wage, while memberstraditionally had lower incomes, lower levels oeducation and more than double the normal

unemployment rate.45

The Red de Trueque (RT) accounted or between11 per cent and 25 per cent o a participantshousehold income and provided the equivalento minimum wage employment, taking a greatburden away rom the state. Colacelli andBlackburn also nd that the RT added 0.6 percent to Argentinas GDP.46

However, Powell notes that while it did provideincome, it had limited impacts as a bridge to

ormal employment. Work conducted with theRT considered strictly inormal.47 However, aswith LETS in the UK (see below), the RT provideda testing-bed or small businesses and micro-enterprises, seeing a high survival rate o thosestarted within it.48 The RT also led to positiveenvironmental outcomes as most goods soldthrough the markets were recycled, recovered orre-used.49

Ithaca hours

Ithaca hours in New York, probably the mostsuccessul local currency outside o a crisis,achieved 900 participants and a circulation o$100,000 in 2005.50 An economic analysis othe hours ound local paper currencies do notoer large economic benets during periodso economic and nancial stability, with smallevidence o a multiplier eect and no higher rateso growth than cities not using them.51

A survey o Ithaca hours users ound mixedeconomic outcomes but denite social onesthrough the creation o social and culturalcapital.52 While almost two thirds o users did

not see Ithaca Hours providing access to goodsthey would not otherwise have access to, almostthree quarters saw the scheme bringing themnew customers, and were involved primarily orbusiness reasons. Forty-three per cent per centagreed or strongly agreed that hours encouragedthem to develop new skills, while 84 per centagreed or strongly agreed that hours led to animprovement in their quality o lie.53

However, Ithaca hours suers rom a similarproblem to many LETS schemes in that

membership is very limited, with most users beinghighly educated, on a modest income and witha preerence or green politics.54 The ability toexpand and thereore be a real tool or economicregeneration is limited,55 contrasting against

crditos in Argentina and Palmas Brazil (seebelow) where widespread buy-in was linked toincome benets rather than value-systems.

Foento Fortaleza

Despite the multiplier eect not being apparentin Ithaca, an evaluation o the Fomento Fortalezaproject in Brazil ound the use o local currencyPalmas resulted in higher economic benetsto the local economy than using the nationalcurrency. The currency was also backed by astate-supported bank and public works schemeswere undertaken using the local currency aspartial payment.

Future analysis showed the income eect ousing Palmas was almost 15 per cent higher than

the national currency, the Reais.56 The projectalso succeeded in achieving other economic andcommunity-based outcomes, including:

An increase in links between local businesses.

Increased turnover or local businessesthrough an increase in local purchasingpower (previously, 46 per cent o all moneywas spent outside the community; now 100per cent o those interviewed said they hadchanged their consumption patterns towardslocal products).

More loans granted by Banco Palmas in localcurrency although there was a greaterwillingness rom enterprises to accept loans ia percentage was paid in national currency orexchange rates were lower.

Consumers saw those using the currencyas socially responsible and caring or thecommunity, and thereore had a greater bondwith those businesses.

Increased local production capacity due toincreased demand.

Increased visibility and credibility o theResidents Association (Associacao deMoradores do Conjunto Palmeira) and oBanco Palmas.

LETS (Local Econoic Trading Schees)

Theoretically, LETS have the potential toencourage economic development, environmentalimprovement and community development.

However, evaluations o LETS in the UK haveshown limited economic outcomes but verylarge social and community benets. They arealso mainly more than a decade old. A casestudy by Gill Seyang nds low levels o trading


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in the UK, with participants seeing LETS as amarginal economic activity.57 The creation o newopportunity was limited, as most purchases wereaordable or luxury, rather than necessity, whichwas reinorced by the absence o staple goods

within the system.

There are a ew examples, such as in Manchesterwhere members reported buying clothes andood through the scheme, but they are limited.58However, Seyang highlights that most memberssee membership as a social rather than economicactivity, building social capital. One study showedLETS as indirectly improving employabilitythrough skills and sel-condence building,showing that the dichotomy between economicand social outcomes is oten a alse one.59

LETS in the UK has provided a test-bed or newbusinesses, with 10.7 per cent o co-ordinatorssaying it helped them develop their own businessidea.60 Forty per cent were also given access tointerest-ree credit through LETs. However, whileit might provide new opportunities to sociallyexcluded groups (62 per cent o those registeredwere unemployed), the stance o the state can actas a barrier, as earnings through LETS jeopardisebenets payments.61

In the Netherlands and Flanders, the situation issimilar, with schemes attracting oten unemployedbut highly educated and politically alternativeindividuals.62 Outcomes are also tempered bylimited participation, with those in Flandersspending less than ve exchanges a year63 while inthe Netherlands, participants undertook less thanve exchanges a year.64

Local currencies have been particular prevalent inAsia, yet there remains little evaluative literatureand scant impact assessment.65 The reason orthis in Japan is, according to Hirota, because the

dierent schools o complementary currencysystems (CCS) are competing rather thancollaborating and thereore unwilling to sharendings, as well as earing their exploitation byprivate think tanks.66 Hirota also claims the lack oeconomic evaluation is linked to the purpose olocal economic exchange systems as social ratherthan economic, reusing to rame them as a drivero economic growth but rather a communitybuilding tool.67

Supporting this assertion, a mapping exercise o

Japans CCS by Izumi showed that 35 out o the44 who responded saw the systems primarily asa tool to rebuild the community.68 But there is acontradiction here; the systems attract peoplebecause they claim to have an economic role. I

this disappeared the social side might disappeartoo, just as making riends is easier via some otheractivity, rather than directly.

Regiogeld and transition oney

In Regiogeld programmes (in Germany,Switzerland, Austria and the Netherlands) andTransition currencies (in UK and the Netherlands),new local currencies are introduced. The aim othese programmes is to increase the velocityo money in a dened region and with denedbusinesses (usually SMEs) so as to increase thesize o the economy in that region, and thuscreate jobs, stimulate innovation and increaselocal and regional resilience. Citizens usuallybuy these currencies in to existence at anexchange rate, which is typically one-to-one at

the participating retailers. Retailers can exchangethe notes back into legal tender, sometimes withan exchange ee. The ee can be used to donateto charity or cover the operational costs o theprogramme.

Business case

Evaluation o the Chiemgauer programme inGermany demonstrated that the velocity oregional money is ve times higher than legaltender, equivalent to an increase in spendingo ve times with resultant positive eectson demand and employment.69ne (the neweconomics oundation) conducted a study in2002 which suggested only around 10-12 penceo every pound spent in supermarket chainsremained within the local economy, whilst a morerecent study o the West Michigan Economyin the USA concluded that i residents o thearea were to redirect 10 per cent o their totalspending rom chains to locally owned businesses,the result would be $140 million in new economicactivity or the region, including 1,600 new jobsand $53 million in additional payroll.70

One analysis o the Brixton pound shows somelocal economic benets along the same lines,based on money fows analysis using LM3. Theresearch ound that, or every one Brixton poundspent in the ollowing shop, it contributed anextra:71

35p to the local economy in Brixton Cycles.

84p in Brixton Cornercopia.

1.09 in Viva Ca.


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PART 4: ECONOMIC, NATIONAL: BACKED EXCHANGES 16

There is very limited evidence on the costbenets and outcomes achieved o backedcurrencies. What research there is exists

mainly in the orm o easibility studies. Thedevelopment in C3 in Uruguay on a huge scalewill undoubtedly provide some research in thenext ew years. It seems strange that this researchdoes not exist already, but STRO the Dutchconsultancy responsible or developing C3 assures us that it has not yet been done.

The same is true o WIR. It seems strange thatsuch a well-established system has not been

researched properly, but we have yet to trackdown evidence o this. Economists are rarelykeen to evaluate anything that looks like barter,and social researchers may not be attracted tosomething so well-established. That said, JamesStodders study o WIR in practice suggests thatit is highly counter-cyclical, supporting smallbusiness by providing them with better bankbalances during recessions.72

Either way, we need to know more about theeects o C3 and WIR, in particular:

Do they help small business?

Do they improve the velocity o money indisadvantaged areas?

Can they improve local economies?

I the answers to these turn out to be yes, then C3and WIR are both prime candidates to be pilotedin the UK.

PART 4:

ECONOmIC, NATIONAL:

BACkED CURRENCIES


For exaple:


Rewardpoints

For exaple:



Localcurrencies

For exaple:



Bacedcurrencies

For exaple:

kWh money, Carbon

points, Liberty dollar,Terra, WIR, LLP money,C3, Farm notes


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BIBLIOGRAPHY 17

Aldridge, T.J. and A. Patterson, A. (2002) LETSget real: constraints on the development o LocalExchange Trading Schemes. Area. Vol. 34(4),pp.370-81.

Boyle, D. (2005) Sustainability and SocialAssets: the potential o time banks and co-production. Grassroots Initiatives or SustainableDevelopment.

Burns, S. (2004) Exploring Co-production Anoverview o past, present and uture. London:new economics oundation.

Callison, S. (2003) All you need is love? Assessingtime banks as a tool or sustainable economicdevelopment. Local Economy. 18, 264-267.

Colacelli, M. and Blackburn, D.J.H. (2006)Secondary Currency: An Empirical Analysis.Manuscript, Barnard College. Available at: http://la-macro.vassar.edu/SecondaryCurrency.pd

Croall, J. (1997) LETS Act Locally. London:Calouste Gulbenkian Foundation.

Dela, H. (1994) Sixty years o the WIR economiccircle cooperative: origins and ideology o theWirtschatsring. WIRMagazin. (Translated romthe German by Thomas Greco.) Available at:

http://projects.exeter.ac.uk/RDavies/arian/wir.html

DeMeulenaere, S. (2009) Alternative EconomicSystems in Asia: Challenges o CommunityCurrency Systems. Asian Media Inormation andCommunication Centre.

Dentzer, S. (2002) Service Credit Banking. ToImprove Health and Health Care. Volume 5.

Garcia, I. (2002) Keeping the GP Away: Anevaluation o the Rushey Green Time Bank.

London: new economics oundation.

Gomez, G. (2008) Making Markets: TheInstitutional Rise and Decline o the ArgentineRed de Trueque. PhD thesis rom the International

Institute o Social Studies, The Hague.

Greco, T. H. (2002) Comment on the WrglExperiment with Community Currency andDemurrage. Complimentary Currency Resource

Centre. Available at: http://circ2.home.mindspring.com/TGWoerglCommentDistributed.htm

Hanes, H. (2010) Compensating with SotCurrencies. In Focus. Credit Suisse Newsletter28.09.2010. Available at: https://inocus.credit-suisse.com/app/article/index.cm?useaction=OpenArticle&aoid=290956&coid=120&lang=EN

Harris, T. and Craig, T. (2004) Evaluation o theRushey Green Time Bank. Final report to theKings Fund, Socio-Medical Research Group, StThomas Hospital, London.

Hirota, Y. (2004) Complementary Currenciesin Japan: Is this East-Asian country really a CClaboratory? Working paper.

Hoeben, C. (2003) LETS be a community Community in Local Exchange Trading Systems.Rijksuniversiteit, Groningen.

Jacob, J., Brinkerho, M., Jovic, M. and Wheatley,G. (2004) The Social and Cultural Capital oCommunity Currency: An Ithaca HOURS Case

Study Survey. International Journal o CommunityCurrency Research. Vol.8.

Knapp, Bauer, Perkins and Snell (2010) Buildingcommunity capacity: making an economic case.London: London School o Economics.

Krohn, G. A., and Snyder, A. M. (2008) AnEconomic Analysis o Contemporary LocalCurrencies in the United States. InternationalJournal o Community Currency Research. Vol. 12pp.53-68.

Lang, P. (1994) LETS Work: Rebuilding the LocalEconomy. Bath: Eco-Logic Books.

Lietaer, B. (2003) Complementary Currencies in

BIBLIOgRAPHY


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BIBLIOGRAPHY 18

Japan Today: History, originality and relevance.International Journal o Complementary CurrencyResearch. Vol 8.

Linton, M. (1994) The LETSystem Design Manual.

Landsman Community Services Paper No. 1.3Version No 1.3.

Metropolitan Jewish Health System (2003) AnEvaluation o Elderplans Time Dollar Model, NewYork.

new economics oundation (2002) RusheyGreen Time Bank evaluation report. London: neweconomics oundation.

new economics oundation (2011) Commissioning

or Equalities, Social Return on InvestmentAnalysis. London: new economics oundation.

Nilsen, J. (2002) Trade credit and the banklending channel. Journal o Money, Credit andBanking. 34, 226253.

Ouytsel, J. van and Vanderweyden, K. (2004) DoLETS work? Weighing up Local Exchange andTrading Systems and wage labour. Community,Work & Family. Vol. 7(1), pp.71-93.

Powell, J. (2002) Petty Capitalism, PerectingCapitalism or Post-Capitalism? Lessons romthe Argentinian Barter Network. Review oInternational Political Economy. 9, Vol. 4, 619649.

Primavera, H. (1999) The Social Currency romthe Global Barter Network in Argentina: Back toOld Times or New Tools or the Third Millennium?Paper presented at the International Seminaron the Globalisation o Financial Markets and itsEects on the Emerging Countries, InternationalInstitute Jacques Maritain.

Rushey Green Time Bank (2009) Rushey GreenTime Bank Annual Review April 2008-March2009. Available at: http://www.rgtb.org.uk/extras/anreview.pd.

Seyang, G. (2001) Working or the FenlandDollar: An Evaluation o Local Exchange TradingSchemes (LETS) as an Inormal EmploymentStrategy to Tackle Social Exclusion. Norwich:University o East Anglia.

Seyang, G. (2002) Tackling social exclusion with

community currencies: learning rom LETS toTime Banks. International Journal o CommunityCurrency Research. 6 (3).

Seyang, G. and Smith, K. (2002) The Time OOur Lives: Using time banking or neighbourhoodrenewal and community capacity-building.London: new economics oundation.

Seyang, G. (2007) Personal Carbon Trading:Lessons rom Complementary Currencies,CSERGE Working Paper ECM 07-01. Norwich:University o East Anglia

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pd

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Studer, T. (1998) WIR in Unserer volkwirtschat.Basel: WIR. Translation: Beard, P.H. (trans.) (2006)WIR and the Swiss National Economy. RohnertPark, CA: Sonoma State University. Available ase-book at: http://www.lulu.com/content/301348

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Van Kuik, M. (2009) Time or Each Other: Workingtowards a complementary currency model to

serve the anti-poverty policies o the municipalityo Landgraa, the Netherlands. InternationalJournal o Community Currency Research. Vol 13pp.3-18.

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USEFUL COMPLEMENTARY CURRENCY SITES AND SOURCES 19

Time Banking UK: http://www.timebanking.org/les-list-publications.asp

Community Currency Literature/Research database: http://www.cc-literature.de/2.principles/

http://www.complementarycurrency.org/ccDatabase/

http://www.complementarycurrency.org/

http://www.ces.org.za

http://www.ccmag.net/

http://www.complementarycurrency.org/materials.php

http://www.ijccr.net

http://money.socioeco.org/en/documents.php

http://conerences.ish-lyon.cnrs.r/index.php/cc-con/2011/

http://www.timebanking.org/resources.html

USEFUL COmPLEmENTARYCURRENCY SITES AND SOURCES


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ENDNOTES 20

1. This is consistent across most time credit evaluations and is themost common outcome.

2. A Spice report included survey data which showed that 72 per cento people surveyed had noticed an improved community. SpiceLooking Back. Available at: http://www.justaddspice.org/docs/Spice_Looking_Back.pd p.15.

3. Time Banking UK (2001) Rushey Green time bank evaluation reportApril 1999 May 2001.

4. Lasker, J. et al. (2011) Time Banking and Health: The Role o aCommunity Currency Organization in Enhancing Well-Being. HealthPromotion Practice. 12 (1): 102-115.

5. Knapp, M., Bauer, A., Perkins, M. and Snell, T. (2010)Buildingcommunity capacity: making an economic case. p.4. PSSRUDiscussion Paper 2772, 29 September 2010.

6. ne (2002) Keeping the GP away: A ne brieng about communityhealth and time banks.

7. The University o Salord (2009) The Salord Time BankingEvaluation. June 2009, pp.2324.

8. Agency or Health Enterprise and Development 2003.

9. Spice Looking Back. Available at: http://www.justaddspice.org/docs/Spice_Looking_Back.pd

10. Spice Looking Back. Available at: http://www.justaddspice.org/docs/Spice_Looking_Back.pd p. 6, 16.

11. Spice Sowing the Seeds. p. 8.

12. ne (2002) Keeping the GP away: a ne brieng about communityhealth and time banks.

13. Visiting Nurse Services o New York (2009) Impact o theTimeBank on its membership: research study results, December2009.

14. ne (2011) Commissioning or Equalities. Social Return onInvestment Analysis, March 2011.

15. Seyang, G. and Smith, K. (2002) The Time o Our Lives. UEA:ne.

16. Seyang, G. (2002) Tackling social exclusion with communitycurrencies: learning rom LETS to Time Banks. International Journal

o Community Currency Research. 6 (3).17. Knapp, M., Bauer, A., Perkins, M. and Snell, T. (2010)Building

community capacity: making an economic case. p.4.

18. Ibid.

19. Knapp, M., Bauer, A., Perkins, M. and Snell, T. (2010)Buildingcommunity capacity: making an economic case. p.5.

20. ne (2011) Commissioning or Equalities. Social Return onInvestment Analysis, March 2011.

21. Ibid.

22. Ibid.

23. Dentzer, Z. (2002) Service Credit Banking. To Improve Health andHealth Care: The Robert Wood Johnson Foundation. Vol.5, p.19.

24. See: http://www.aec.org/MajorInit iatives/MoreCaseyInitiatives/

ProgramProles/GraceHill/GraceHillTestimonial.aspx25. See: http://www.aec.org/MajorInitiatives/MoreCaseyInitiatives/

ProgramProles/GraceHill.aspx

26. Annie. E. Casey Foundation (2008) Grace Hills MORE; neighborshelping neighbors. p.8.

27. See www.tdyc.org

28. See: www.tdyc.org.

29. Burns, S. (2004) Exploring Co-production. An overview o past,present and uture. London: new economics oundation.

30. See: www.tdyc.org

31. See: www.tdyc.org

32. Soares, et al. (2007) Evaluating the Impacts o Brazils BolsaFamilia: Cash transer programmes in comparative perspective. IPCEvaluation Note. No. 1.

33. Soares, F. V., Soares, S.S., Sousa, M.M. and Osrio, R. G. (2006)Cash Transer Programmes in Brazil: Impacts on Inequality andPoverty. Working Paper 21, International Poverty Centre, Brasilia.

34. Seyan, G. (1994) The Local Exchange Trading System: Politicaleconomy and social audit. MSc thesis. Norwich: University o EastAnglia.

35. Evaluation ndings reported in a presentation by Romulo Paesde Sousa in October 2006. Bolsa Familiar programme eects onhealth and education services: catching unusual suspects.

36. Evaluation ndings reported in a presentation by Romulo Paesde Sousa in October 2006. Bolsa Familiar programme eects onhealth and education services: catching unusual suspects.

37. Ibid., p.6.

38. Ibid., p.5.

39. Oliveira, A.M.H., et al. (2007) Primeiros Resultados da Anlise daLinha de Base da Pesquisa de Avaliao de Impacto do ProgramaBolsa Famlia . In J. Vaitsman and R. Paes-Souza (eds.) Avaliaode Polticas de Programas do MDS Resultados. v. 2, SAGI/MDS,Braslia, pp.19-66.

40. Hanes, H. (2010) Compensating with Sot Currencies. In Focus.Credit Suisse Newsletter 28 September 2010. Available rom:https://inocus.credit-suisse.com/app/article/index.cm?useaction=OpenArticle&aoid=290956&coid=120&lang=EN

41. Ibid.

42. Ibid.

43. Greco Jr., T.H. (2002) Comment on the Wrgl Experiment with

Community Currency and Demurrage, Complimentary CurrencyResource Centre. Available rom: http://circ2.home.mindspring.com/TGWoerglCommentDistributed.htm

44. Powell, J. (2002) Petty Capitalism, Perecting Capitalism or Post-Capitalism? Lessons rom the Argentinian Barter Network. Reviewo International Political Economy. 9 (4): 619649.

45. Primavera, H. (1999) The Social Currency rom the Global BarterNetwork in Argentina: Back to Old Times or New Tools or the ThirdMillennium? Paper presented at the International Seminar on theGlobalisation o Financial Markets and its Eects on the EmergingCountries, International Institute Jacques Maritain and the ECLAC.

46. Colacelli, M. and D.J.H. Blackburn (2006) Secondary Currency: AnEmpirical Analysis. Manuscript, Barnard College. Available rom:http://la-macro.vassar.edu/SecondaryCurrency.pd

47. Powell, J. (2002) Petty Capitalism, Perecting Capitalism or Post-Capitalism? Lessons rom the Argentinian Barter Network. Review

o International Political Economy. 9 (4): 619649.

48. Gomez, G. (2008) Making Markets: The Institutional Rise andDecline o the Argentine Red de Trueque. PhD thesis rom theInternational Institute o Social Studies. The Hague, Netherlands:ISS.

49. Ibid.

ENDNOTES


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ENDNOTES 21

50. Krohn, G.A. and Snyder, A.M. (2008) An Economic Analysis oContemporary Local Currencies in the United States. InternationalJournal o Community Currency Research. Vol. 12 pp.53-68.

51. Ibid.

52. Jacob, J., Brinkerho, M., Jovic, M. and Wheatley, G. (2004) TheSocial and Cultural Capital o Community Currency: An Ithaca

HOURS Case Study Survey. International Journal o CommunityCurrency Research. Vol. 8.

53. Ibid.

54. Ibid.

55. Van Kuik, M. (2009) Time or Each Other: Working towards acomplementary currency model to serve the anti-poverty policieso the municipality o Landgraa, the Netherlands. InternationalJournal o Community Currency Research. Vol. 13 pp.3-18.

56. Fisher, I. (2003) Project Fomento Fortaleza, Final Report, annex1: The multiplier eect o a Fomento project in comparison with asimilar project in national currency. Utrecht: STRO Foundation.

57. Seyang, G. (1997) Examining Local Currency Systems: A SocialAudit Approach. International Journal o Community CurrencyResearch. Vol. 1.

58. Williams, C.C. (1996) Local exchange and trading systems: anew source o work and credit or the poor and unemployed?Environment and Planning. Vol. 28(8), pp.1395-1415.

59. Ibid.

60. Ibid.

61. Seyang, G. (2001) Working or the Fenland Dollar: An Evaluationo Local Exchange Trading Schemes (LETS) as an InormalEmployment Strategy to Tackle Social Exclusion.

62. Van Kuik, M. (2009) Time or Each Other: Working towards acomplementary currency model to serve the anti-poverty policieso the municipality o Landgraa, the Netherlands. InternationalJournal o Community Currency Research. Vol. 13 pp.3-18.

63. Van Ouytsel, J. and Vanderweyden, K. (2004) Do LETS work?Weighing up Local Exchange and Trading Systems and wagelabour. Community, Work & Family. Vol. 7(1), pp.71-93.

64. Hoeben, C. (2003) LETS be a community Community in LocalExchange Trading Systems. Groningen: Rijksuniversiteit.

65. DeMeulenaere, S. (2009) Alternative Economic Systems inAsia: Challenges o Community Currency Systems. Asian MediaInormation and Communication Centre.

66. Hirota, Y. (2004) Complementary Currencies in Japan: Is this East-Asian country really a CC laboratory? Working paper, July 2004.

67. Hirota, Y. (2004) Complementary Currencies in Japan: Is this East-Asian country really a CC laboratory? Working paper, July 2004.

68. Izumi, R. (2002) Current Trends in Japanese Community CurrenciesViewed in a Map. Sel-Government Research Monthly. Vol. 44:47-56.

69. See: Galleri, C. (2009) Chiemgauer Regiomoney: Theory andPractice o a Local Currency. International Journal o CommunityCurrency Research. Vol. 13 (2009) pp.61-75.

70. Sacks, J. (2002) The Money Trail. London: ne (the new economicsoundation; see also: www.pluggingtheleaks.org The San FranciscoRetail Diversity Study. Civic Economics. May 2007. Available at:http://www.civiceconomics.com/SF [accessed 16 April 2009].

71. Brixton Pound CIC, Supply Chain Mapping Project, October 2010.

72. Stodder, J. (2010) The Macro-Stability o Swiss WIR-BankSpending: Balance versus Velocity Eects. Hartord, CT: RensselaerPolytechnic Institute.


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