The process of monetary changes

Volume 11, Issue 3, June 2026     |     PP. 114-131      |     PDF (241 K)    |     Pub. Date: October 30, 2026
DOI: 10.54647/economics790549    14 Downloads     76 Views  

Author(s)

Antoni Chrzonstowski, Centrum Usług Ekonomiczno-Finansowych “Gradient” Sp. z o.o., Akademia Nauk Społecznych i Medycznych w Lublinie, Lublin, Poland

Abstract
The article presents a short review of monetary phenomena in the economic history of mainly the Western world (Western civilization), starting from antiquity to the present day. A certain terminology has been proposed to describe the phenomena of monetary transformations. As a result of a short historical introspection and using the partial induction method and the proposed terminology, three basic phases of monetary changes were identified. These are phases taking place against the background of time and creating a specific cycle of irregular length: monetary innovation, monetary restructuring, monetary reform. Although the cycle of monetary changes is associated with changes in the real economy, we can talk about the autonomy of both cycles – the process of monetary changes and the economic cycle.

Keywords
monetary innovation, monetary restructuring, monetary reform.

Cite this paper
Antoni Chrzonstowski, The process of monetary changes , SCIREA Journal of Economics. Volume 11, Issue 3, June 2026 | PP. 114-131. 10.54647/economics790549

References

[ 1 ] Aghion P., Blanchard O.J., Carlin W. (1997), The economics of enterprise restructuring in Central and Eastern Europe. In Property Relations, Incentives and Welfare: Proceedings of a Conference held in Barcelona, Spain, by the International Economic Association (pp. 271-325). Palgrave Macmillan UK.
[ 2 ] Backus D.K., Kehoe P.J., Kydland F.E. (1992). International real business cycles. Journal of political Economy, 100(4), 745-775.
[ 3 ] Boudeguer R.M., 2015, The first central bank in history and its banknote printing machine, Monthly Strategy Report, Banca March, 1-3.
[ 4 ] Braudel F. (2002), Grammaire des civilisations, Flammarion, Paris. Polish edition of the book (2006): Gramatyka cywilizacji, Oficyna Naukowa, Warszawa.
[ 5 ] Carlin W., Mayer C. (1992), Restructuring enterprises in Eastern Europe, Economic Policy, Volume 7, Issue 15, 1 October, Pages 311–352, https://doi.org/10.2307/1344545.
[ 6 ] Chancellor E. (2000), Devil Take the Hindmost: A History of Financial Speculation, Plume Books. Polish edition of the book (2001): Historia spekulacji finansowych, Wydawnictwo Muza S.A., Warszawa.
[ 7 ] Colonna M., Hagemann H. (1995). Money and Business Cycles. Edward Elgar Publishing. . Money and Business Cycles. Edward Elgar Publishing.
[ 8 ] Djankov S., Murrell P. (2002), Enterprise restructuring in transition: A quantitative survey. Journal of economic literature, 40(3), 739-792.
[ 9 ] Faure A.P. (2013). Money creation: Genesis 2: Goldsmith-bankers and bank notes. Available at SSRN 2244977 – papers.ssrn.com.
[ 10 ] Gallarotti G.M. (1995). The anatomy of an international monetary regime: the classical gold standard, 1880-1914. Oxford University Press, USA.
[ 11 ] Glasner D. (1989). Free banking and monetary reform. Cambridge University Press.
[ 12 ] Griffin G. Edward (2018), The Creature from Jekyll Island: A Second Loo at the Federal Reserve. Dauphin Publications Inc.
[ 13 ] Hongbing S. (2010): Wojna o pieniądz. Prawdziwe źródła kryzysów finansowych, Wydawnictwo „Wektory”, Wrocław.
[ 14 ] Hongbing S. (2011), Currency War 2. Money world, Read CN Book. Polish edition of the book: Wojna o pieniądz 2. Świat władzy pieniądza, Wydawnictwo „Wektory”, Wrocław.
[ 15 ] Hongbing S. (2016), Wojna o pieniądz 3. Epoka walczących królestw, Wydawnictwo „Wektory”, Wrocław.
[ 16 ] Högberg S. (1961). Sweden's first bank-notes. Scandinavian Economic History Review, 9(2), 206-208.
[ 17 ] Huntington S.P. (1993), The Clash of Civilizations?, Foreign Affairs, 72 (3), pp. 22–49.
[ 18 ] Jones E.M. (2014), Barren Metal: A History of Capitalism as the Conflict between Labor and Usury, Fidelity Press. Polish edition (2015): Jałowy pieniądz: historia kapitalizmu jako konfliktu między pracą a lichwą, t. I, t. II, t. III, Wydawnictwo „Wektory”, Wrocław.
[ 19 ] Kaiser R., Maravall A. (2012). Measuring business cycles in economic time series (Vol. 154). Springer Science and Business Media.
[ 20 ] Kawalec S., Pytlatczyk E. (2016), Paradoks Euro. Jak wyjść z pułapki wspólnej waluty?, Poltext sp. z o.o., Warszawa.
[ 21 ] Kindleberger C.P. (2015). A financial history of Western Europe. Routledge.
[ 22 ] Klecha-Tylec K. (2013), Przeobrażenia wspólnego międzynarodowego systemu walutowego, w: Międzynarodowe stosunki gospodarcze, Oziewicz E., Michałowski T. (red.), Polskie Wydawnictwo Ekonomiczne, Warszawa.
[ 23 ] Laidler D.E., Stadler G.W. (1998), Monetary Explanations of the Weimar Republic’s Hyperinflation: Some Neglected Contributions in Contemporary German Literature, Journal of Money, Credit and Banking, vol. 30. No. 4 (Nov.), pp. 816-831.
[ 24 ] Lendzioszek P. (2015), The monetary reform of Władysław Grabski and its influence on the economic situation of interwar Poland, Doctoral dissertation, Zakład Filozofii Nauki, Socjologii i Podstaw Techniki. Baza Wiedzy Politechniki Warszawskiej.
[ 25 ] Long R.C. (1924), Hjalmar Schacht's Reforms: A Letter from Berlin. Fortnightly, 116(692), 158-169.
[ 26 ] Long Jr J.B., Plosser, C. I. (1983). Real business cycles. Journal of political Economy, 91(1), 39-69.
[ 27 ] Mankiw N.G. (1995). Real business cycles: A new Keynesian perspective. In Essential Readings in Economics (pp. 328-341). Palgrave, London.
[ 28 ] Manteuffel T. (2021), Historia powszechna. Średniowiecze, Wydawnictwo Naukowe PWN, Warszawa.
[ 29 ] Michałowski T. (2008), Międzynarodowy Fundusz Walutowy. Działalność i propozycje reformy, Wydawnictwo Uniwersytetu Gdańskiego, Gdańsk.
[ 30 ] Mises von L. (1953), The Theory of Money and Credit, Yale University Press. Polish edition of the book (2016): Teoria pieniadza i kredytu, Fijorr Publishing, Warszawa.
[ 31 ] Mundell R. (1998), Uses and Abuses of Gresham’s Law in the History of Money, Zagreb Journal of Economics, volume 2, No. 2; www.usagold.com/cpmforum/greshamslaw – mundell/
[ 32 ] Peretti J. (2018), The deals that Made the World, Hodder & Stoughton. Polish edition of the book: Zakulisowe umowy, które zmieniły świat, Dom Wydwniczy REBIS, Poznań 2019.
[ 33 ] Plosser C.I. (1989). Understanding real business cycles. Journal of Economic Perspectives, 3(3), 51-77.
[ 34 ] Quinn S.F. (1994). Banking before the bank: London's unregulated goldsmith-bankers, 1660-1694. University of Illinois at Urbana-Champaign.
[ 35 ] Rickards J. (2014), The Death of money: The Coming Collapse of the International Monetary System. Polish edition of the book: Śmierć pieniądza. Nadchodzący upadek międzynarodowego systemu walutowego, Wydawnictwo HELION, Gliwice 2015.
[ 36 ] Rose A.K. (2001), Common currency areas in practice, Revisiting the Case for Flexible Exchange Rates. Bank of Canada.
[ 37 ] Siklos P.L. (1994). Varieties of monetary reforms (pp. 1-21). Springer US.
[ 38 ] Stadler G.W. (1994). Real business cycles. Journal of Economic Literature, 32(4), 1750-1783.
[ 39 ] Togo S.E. (1999), Roman Coins and Public Life under the Empire, Ann Arbor, Michigan: The University of Michigan Press.
[ 40 ] Williamson J. (1985), On the system in Bretton Woods. The American Economic Review, 75(2), 74-79.