The ECU - An Imaginary or Embryonic Form of Money: What Can We Learn from History?
Michael D. Bordo|Anna J. Schwartz
We present historical examples of new forms money that can be com- pared with the ECU. first define ECU in its official role before turning to developments private market for ECUs. then examine antecedents three attributes ECUs: a unit account; basket currencies; basis monetary integration. discuss which features if any ECUs are unique, and contribution analysis assessing future ask whether governments or markets have been dominant emergence money. Whatever emerges as an economy becomes general means payment. Prices commodities, services, bonds expressed units Buyers use purchase goods sellers receive is exchange bonds. conclude that, at this stage history, best embryonic form money, closer imaginary monies than existing currencies world has known.
RePEc: Research Papers in Economics