LOCAL CURRENCIES AS A TOOL OF LOCAL ANTI-CRISIS POLICY

Shiryaeva Lubov Andreevna, postgraduate student, Dubna State University

Abstract

In crisis conditions many economic entities that jointly operate in separate geographically localized markets may lose confidence in the traditional currencies used due to inflationary effects, reduced money supply turnover, high exchange rate volatility, etc. Such processes worsen the market position of many economic entities (both small and large businesses), reduce their financial stability and thus undermine the overall state of local markets. As one of the preventive measures to neutralize and overcome these difficulties local authorities, the business community and the population themselves can introduce their own monetary unit in the form of alternative currencies (AC), geographically identified as local and regional currencies (LC, RC).

KEYWORDS: alternative currency, local currency, local economy, regional economic crisis, alternative payment system, monetary system.

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