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Imaginary moneys as international units of account

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  • Holger Wolf

Abstract

The choice of unit of account in longer term unhedged contracts involving parties from multiple countries influences the size and distribution of currency risk. Contracts currently predominantly use the same unit as means of payment and as unit of account. The relative performance of such single currency units of account are contrasted with basket units of account (“imaginary monies” (Einaudi, 1953)) without associated payments function.

Suggested Citation

  • Holger Wolf, 2002. "Imaginary moneys as international units of account," Applied Financial Economics, Taylor & Francis Journals, vol. 12(1), pages 1-8.
    • Handle: RePEc:taf:apfiec:v:12:y:2002:i:1:p:1-8
    DOI: 10.1080/09603100110087978
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    References listed on IDEAS

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    1. McCallum, Bennett T., 1985. "Bank deregulation, accounting systems of exchange, and the unit of account: A critical review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 23(1), pages 13-45, January.
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    Cited by:

    1. Choi, Hyung Sun & Kwon, Ohik & Lee, Manjong, 2016. "Inflation, credit, and indexed unit of account," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 144-154.

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