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Currencies are Commodities in Chicago

  • Brendan Brown

Abstract

The nature of money has been debated with as much fervour by economists as has the nature of God by theologians. Both concepts are abstract. Everyone can identify commodities such as copper, silver, gold, platinum, coffee, cocoa and sugar. We can visualise them in physical form. But what about a US dollar bank deposit? Its possession gives the owner the right to acquire goods. Without the back-up of a legal contract between the depositor and his bank the deposit would be worth no more than the paper on which his account statement is rendered.

Keywords

Interest Rate Real Exchange Rate Canadian Dollar Swiss Franc Forward Market 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Brendan Brown 1978

Authors and Affiliations

  • Brendan Brown

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