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Demurrage (currency)
Demurrage is the cost associated with owning or holding currency over a given period. It is sometimes referred to as a carrying cost of money. For commodity money such as gold, demurrage is the cost of storing and securing the gold. For paper currency, it takes the form of a periodic tax, such as a stamp tax, on currency holdings. Demurrage is sometimes cited as economically advantageous, usually in the context of complementary currency systems.
== Theory ==
While demurrage is a natural feature of private commodity money, it has at various times been deliberately incorporated into currency systems as a disincentive to hoard money and to achieve other perceived benefits. In particular, for long-term investment financing, it affects the dynamics of net present value (NPV) calculations. Demurrage in a currency system reduces discount rates, and thus increases the present value of a long-term investment, and thus gives an incentive for such investments.〔Bernard Lietaer: Community Currencies: A New Tool for the 21st Century. (transaction.net )〕
Like inflation, demurrage gradually reduces the value of currency held: it is in effect a negative interest rate on currency in circulation. Both inflation and demurrage reduce the purchasing power of money held over time, but demurrage does so through fixed, regular fees while inflation does so through expansion of the money supply by a central monetary authority distributing newly issued currency or through endogenous money creation (such as fractional reserve banking). However, inflation, compared to fixed demurrage fees, is more variable, creates uncertainty, and is not usually uniform in its effect across the holders of the currency. Due to this uncertainty, rational economic action becomes more difficult under inflation than under demurrage. The non-uniform distribution of costs and benefits in inflation across the economy meanwhile undermines an aggregate analysis of its effects.
Gresham's law that "bad money drives out good" suggests that demurrage fees would mean that a currency would suffer more rapid circulation than competing forms of currency. This led some such as German-Argentine economist Silvio Gesell to propose demurrage as a means of increasing both the velocity of money and overall economic activity. On the other hand, influential British economist John Maynard Keynes contended that Gesell's proposed demurrage fees could be evaded by the use of more liquid competing forms of money and that therefore inflation was a preferable method to achieve economic stimulation.〔John Maynard Keynes: "The General Theory of Employment, Interest and Money". VI.23.vi. Reproduced in (marxists.org )〕
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