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Classifying Non-banking Monetary Systems using Web Data

Ariane Tichit (), Clément Mathonnat () and Diego Sébastien Landivar ()

No 201530, Working Papers from CERDI

Abstract: This paper develops a new classification of non-banking currencies projects based on a lexical analysis from web data. The advantage of this method is to derive an endogenous typology of monetary projects, based on how currencies are depicted on the internet. Therefore, it allows to by-pass issues face for now in the literature to uncover a clear classification of non-banking currencies projects from exogenous elements. Our textual corpus consists in 320 web pages, corresponding to 1210 text pages. We first applied to our data a downward hierarchical clustering, which enables us to endogenously derive five different classes, allowing us to operate distinctions not only between non-banking currencies projects, but also between these latter and the standard monetary system. Then, we resorted to a similarity analysis and according to our results; all non-banking currencies projects define themselves in relation to the standard monetary system, with the exception of Local Exchange Trading Systems (LETs).

Keywords: Non-banking money; Text mining; Web data; Downward hierarchical clustering; Similarity analysis (search for similar items in EconPapers)
JEL-codes: C38 E42 O35 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ict
Date: 2015-11
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