Synthetic money |
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| Affiliation: | 1. Department of International Economics & Trade, Nanjing University, 22 Hankou Road, Nanjing, 210093, PR China;2. School of International Trade and Economics, Central University of Finance and Economics, 39 South College Road, Haidian District, Beijing, 100081, PR China;1. Department of Economics, Florida State University, Tallahassee, FL 32306, USA;2. Research Department, Federal Reserve Bank of San Francisco, San Francisco, CA, USA;3. Department of Labor, Thailand;1. Department of Economics, Finance and Legal Studies, Culverhouse College of Commerce & Business Administration, University of Alabama, Tuscaloosa, AL 35487-0024, United States;2. Department of Economics, Mammel Hall 332S, University of Nebraska at Omaha, Omaha, NE 68182-0286, United States |
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| Abstract: | ![]()
This paper provides a methodology for constructing synthetic money, which is defined as an optimal currency basket that mimics a single currency. Empirical evidence is provided by constructing a synthetic dollar from a currency basket comprised of six currencies that excludes the U.S. dollar. We believe that synthetic money has a number of practical applications, including currency pegging operations by nations, denomination of global bond issues by large firms and countries, and analyses of currency movements over time by interested parties. |
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