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Playing Monopoly with the DevilDollarization and Domestic Currencies in Developing Countries$
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Manuel Hinds

Print publication date: 2006

Print ISBN-13: 9780300113303

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300113303.001.0001

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The Standard of Value and the Reversed Liquidity Trap

The Standard of Value and the Reversed Liquidity Trap

(p.3) Chapter 1 The Standard of Value and the Reversed Liquidity Trap
Playing Monopoly with the Devil

Manuel Hinds

Yale University Press

This chapter discusses how money became the standard of value over time. Money started its long career in history as a means of exchange—the currency that everyone accepts in payment—but over time evolved into something much broader than this. It became the standard of value for the population and, through this, the abstract indicator giving meaning to the economic obligations established in the main mechanism that society has to control economic activity: contracts. The chapter argues that by becoming the standard of value, money became central to the operation of all economic activity, independently of whether the financial system is involved or not. It discusses how, although this dimension of money is essential, its impact on the economy overspills the realm of financial operations, and far exceeds what we can measure through the monetary and financial statistics.

Keywords:   abstract indicator, money, financial system, financial operations, financial statistics

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