There is some evidence of this sort of effect in a research report Making a Difference for Newham People, available in the rightsnet policy resources area
Also, you might want to look at The Money Trail which "aimed to build out from an existing programme of work by New Economics Foundation that explored how money flows through a neighbourhood and how communities can increase the circulation of existing money through developing their own initiatives.", again available in the rightnset policy resources area.
If anyone knows of any other research or evaluation reports of this nature, please could you send me a copy so that I can add it to the policy resources area of rightsnet.
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