Monetary systems based on paper money are standard in most parts of the world today. Yet despite its prevalence, economic theory has not succeeded in providing an explanation for the emergence and continued acceptance of paper money.

While the existence of paper money, credit money, and fiat money systems have not been at the center of modern economic research, there is a long history of prominent thinkers who carefully theorized the emergence and dynamics of such monetary systems. In Europe, thinkers like John Law, Richard Cantillon, David Hume, and Henry Thornton developed elaborate theoretical frameworks, while in the American colonies, Benjamin Franklin famously explored the use of paper money. In addition to the western tradition of using and thinking about paper money, the Chinese economy was based on paper money for many centuries.

The fact that paper money existed in so many different economies and political systems, suggests that a comparative approach to the theory and practice of paper money might be advantageous.

By exploring the common features of various paper money systems, the aim of this conference is to provide a deeper understanding of the nature, function, and dynamics of fiduciary coins, paper money, credit money, and fiat money.