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Currency Baskets as International Units of Account

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  • Wolf, H.C.
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    Abstract

    Monetary textbooks customarily define money by its three properties as a means of transaction, as a unit of account and as a store of value. It is vast preponderance of domestic exchanges, a single unit-the legal tender serves to fullfill the first two functions: the prices are quoted in units of the local currency and transactions are consummated using concrete or electronic tokens denominated in units of the same curency. The use of a single unit for both objectives primarily reflects evoilutionary convenience (Menger [1882], Simmel [1907]): the additional computational cost translating prices quoted in a separate unit of account into units of the means of exchange strongly suggestes the use of a single uit for expressing prices and undertaking transactions.

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    Bibliographic Info

    Paper provided by New York University, Leonard N. Stern School of Business, Department of Economics in its series Working Papers with number 96-04.

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    Length: 23 pages
    Date of creation: 1996
    Date of revision:
    Handle: RePEc:ste:nystbu:96-04

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    Postal: New York University, Leonard N. Stern School of Business, Department of Economics, 44 West 4th Street, New York, NY 10012-1126
    Phone: (212) 998-0860
    Fax: (212) 995-4218
    Web page: http://w4.stern.nyu.edu/economics/
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    Keywords: CURRENCIES; INFLATION; MONETARY POLICY;

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