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Lecture Two: The Accounting Framework and Extensions

In: Open-Economy Monetary Economics

Author

Listed:
  • M. L. Burstein

    (York University)

Abstract

The foreign-exchange nexus is much more ambiguous in innovated than in conventional settings. For example, on an innovated financial network foreign-exchange-rate changes may not have trade effects: the controlling value standard may be tabular; or the standard of value may be based on an ECU-like measure. (Under a tabular standard, the accounting unit is based on tiny fragments of many goods, perhaps including foreign currencies. A debt valued at one new pound is then discharged by tender of, say, British currency exchanging for a unit quantum of the complex imaginary substance.)

Suggested Citation

  • M. L. Burstein, 1989. "Lecture Two: The Accounting Framework and Extensions," Palgrave Macmillan Books, in: Open-Economy Monetary Economics, chapter 2, pages 17-41, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10963-0_2
    DOI: 10.1007/978-1-349-10963-0_2
    as

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