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Monetary Issuance and the U.S. Municipal Budget Crisis

Ely Melchior Fair

American Review of Political Economy2024https://doi.org/10.38024/arpe.385article
ABDC C
Weight
0.30

What the paper says

The Covid-19 pandemic, once again laidbare the fiscal vulnerability of U.S. municipalities. Economic crises can becountered by expansionary fiscal policy, but only if the governmental unit hasthe authority to issue legal tender. Whether the challenge is as acute aswide-spread disease or as slow and grinding as failing water infrastructure,without the ability to place itself in a deficit position, the municipality isunable to mitigate falling financial wealth in the private sector.Despite the potential benefits of localcurrencies to municipal governments, they remain quite uncommon. This raritymay be attributed to the convoluted legal landscape surrounding non-federalcurrencies in the United States, as well as, a general failure to support localmoney through tax policy. The first issue accounts, in some part, for the slowproliferation of municipal currencies; while the second lends insight intotheir generally short life-spans. Through a close reading of the legal historysurrounding non-federal currencies and the application of monetary theorytowards local currency design, this paper aims to counter both of thesetendencies. 

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https://doi.org/https://doi.org/10.38024/arpe.385

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@article{ely2024,
  title        = {{Monetary Issuance and the U.S. Municipal Budget Crisis}},
  author       = {Ely Melchior Fair},
  journal      = {American Review of Political Economy},
  year         = {2024},
  doi          = {https://doi.org/https://doi.org/10.38024/arpe.385},
}

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Monetary Issuance and the U.S. Municipal Budget Crisis

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Evidence weight

0.30

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.00 × 0.4 = 0.00
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.