Money Shortages and Complementary Currencies in Small Local Economies
研究了小型地方经济中官方货币短缺时补充货币的采用，以哥伦比亚古柯种植村为例，发现补充货币将地方贸易提高了约三分之一。
ABSTRACT This paper rationalizes the adoption of a complementary currency (CC) in a small, local economy. A local money shortage occurs when the supply of official currency, determined endogenously by trade with a larger economy, falls short of the liquidity needed for first‐best activity. A CC then supplements liquidity and boosts local trade at the expense of external trade; the welfare‐maximizing CC supply is strictly positive. A calibration to coca‐growing villages in Colombia, where coca‐base circulates as a local CC, suggests its liquidity role raises local trade by roughly a third.