Community currencies are a popular way localities around the world pursue a sustainable economy. However, no studies look at the economic impact of community currencies using modern causal inference methods. We use the synthetic control method to examine the short and long-term effects of the popular community currency BerkShares on the number of businesses, unemployment rate, and per capita income in the county in which it circulates. The results suggest that BerkShares has not had a discernible impact either directly on businesses or indirectly on local economic conditions. Additionally, BerkShares has not impacted business dynamics in a measurable way. Results from the synthetic control method suggest that establishment births, deaths, expansions, and contractions figures following BerkShares are no different than what they would have been without the currency. Given its lack of discernible impact, the results serve as a caution for localities considering community currencies as an economic development strategy.

社区货币是世界各地追求可持续经济的流行方式。然而，没有研究使用现代因果推理方法研究社区货币的经济影响。我们使用综合控制方法来检验流行的社区货币 BerkShares 对其流通所在县的企业数量、失业率和人均收入的短期和长期影响。结果表明 BerkShares 没有直接对企业或间接对当地经济状况产生明显影响。此外，BerkShares 并未以可衡量的方式影响业务动态。综合控制方法的结果表明，基层单位的出生、死亡、扩张、BerkShares 之后的收缩数字与没有该货币的情况没有什么不同。鉴于其缺乏明显的影响，结果对于将社区货币作为经济发展战略的地方来说是一种警示。