Currency Baskets as International Units of Account
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 , Simmel ): 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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|Date of creation:||1996|
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