Complementary currencies have a wide variety of currency designs. In practice the goals of a community are in the foreground. The form follows not only the function but also the people and the environment. In the light of objectives currency designs can vary. A "pure model" in the beginning, through socio-economic innovation, evolves into a mix of models to find the best matching for capacities and needs based on available resources. When we have a look into established currency schemes like

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... Chiemgauer in Bavaria, we discover a strong relationship between the economic, social and cultural situation in a country and the development of a complementary currency. We take a deeper look at statistics and also examine pro-and countercyclical effects of the Chiemgauer based on econometric models. Significant impacts on a local level can be assigned. At the next stage, therefore, pilot projects in cooperation with state institutions seem useful, which can contribute as institutional experiments to the democratisation of the monetary system. INTERNATIONAL JOURNAL OF COMMUNITY CURRENCY RESEARCH VOLUME 25 (ISSUE 1) 75-95 GELLERI ET AL 76 KEYWORDS Complementary Currencies, Chiemgauer, Quantity Theory, Vector Error Correction Models (VECM), Countercyclical Effects INTERNATIONAL JOURNAL OF COMMUNITY CURRENCY RESEARCH VOLUME 25 (ISSUE 1) 75-95 GELLERI ET AL 75