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Measures of Money in the UK

In: UK Monetary Policy

Author

Listed:
  • Paul Temperton

Abstract

There is a wide range of financial assets in the UK which possess, in varying degrees, the characteristics of money. The three functions of money are that it is a unit of account, a store of value and a means of payment. While all financial assets generally considered to be money satisfy the first two criteria, the extent to which they can be used as a means of payment varies. Notes and coin can be used for payment for many, although certainly not all, goods; for larger transactions payment by cheque may be required by the seller. Credit cards have become an increasingly common means of payment, although as they eventually entail the use of some other form of payment (typically a cheque drawn on a bank or building society deposit) their use is not explicitly regarded as a form of money.

Suggested Citation

  • Paul Temperton, 1991. "Measures of Money in the UK," Palgrave Macmillan Books, in: UK Monetary Policy, chapter 2, pages 23-35, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-11836-6_2
    DOI: 10.1007/978-1-349-11836-6_2
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