Banking on Yap: Old and New

Hollie, Pamela G. (1981-03-14). "Banking on Yap: Old and New". The New York Times. New York, NY: The New York Times Company. ISSN 0362-4331.

• Has attachment: File:T7WRFS9T.pdf

Abstract: This article examines the introduction of modern banking systems to Yap, highlighting the interaction between traditional forms of wealth and contemporary financial institutions. It describes the establishment of a Bank of Hawaii branch in a society where stone money and shell valuables continue to function as culturally embedded mediums of exchange. The article explores the challenges of introducing concepts such as deposits, loans, and checking accounts in a subsistence-based economy, including issues related to social hierarchy, kin obligations, and differing conceptions of value. It situates banking development within the broader context of American-administered economic structures and dependency on government funding, illustrating how global financial systems intersect with deeply rooted local practices.