Two Concepts of Money, and the Future of Europe
Charles Goodhart
London School of Economics & Political Science (LSE) - Financial Markets Group
1997
Abstract:
There has been a continuing debate between those who argue that the use of currency was based essentially on the power of the issuing authority - i.e. that currency becomes money primarily because the coins are struck with the insignia of majesty, and not so much because they happen to be made of gold, silver and copper, - and those who argue that the value of currency depends primarily, or solely, on the intrinsic value of the backing of that currency.
JEL Classification: E40, F31
working papers series
Suggested Citation
Goodhart, Charles A.E., Two Concepts of Money, and the Future of Europe
(1997). Available at SSRN: http://ssrn.com/abstract=41726
