Imaginary moneys as international units of account

Holger Wolf

Applied Financial Economics, 2002, vol. 12, issue 1, 1-8

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.

Date: 2002
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DOI: 10.1080/09603100110087978

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