The future of sterling as an international currency /

Includes index

Includes bibliographical references.

The author begins by distinguishing six separate roles of international money-a fully international currency should act as an intervention, transaction, reserve, asset, unit-of-account, and quotation currency. He believes that only the dollar performs all these roles on a global scale, though other currencies including sterling act as international moneys within specific regions. Most currencies, which play any part at all in international transactions, are only partial moneys in that they perform only some but not all of these roles. This classification of roles is important because it is possible to attribute at least some of the benefits and costs of an international currency to particular roles, and this enables the net cost of any new arrangements
for sterling to be evaluated.

usc 10/08/18

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