Monetary Unit


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Monetary Unit

 

the weighed quantity of pure monetized metal that is established as the unit of currency on which the monetary system of a given country is based. Divided into its multiples, the monetary unit converts into a standard of value. Most countries employ the decimal system for such multiples (1 : 10 : 100), but in some countries a quartile system is used (1:2 : 4).

In Russia from 1897 to 1914 the gold ruble contained 0.77423 g of pure gold; a decimal system (1 ruble, 10 kopeks, 1 kopek) was combined with a quartile system (1 ruble, 50 kopeks, 25 kopeks). The gold content of the Soviet ruble since Jan. 1, 1961, has been fixed at 0.987412 g of pure gold.

References in periodicals archive ?
This framework role for government also was considered to include the establishment of a monetary standard, and in such fashion as to insure predictability in the value of the designated monetary unit.
It is this feature of the monetary unit that permits the isolation of time preference to be expressed in inter-temporal trade.
25 grains of fine silver, as this country's monetary unit, along with United States gold coins valued in "dollars" according to the free market's exchange rate between the two metals, and foreign coins regulated in "dollar"-values according to their contents in silver and gold.
The higher the quality of money is, the more buyers and sellers of money value the monetary unit in relation to other goods and services.
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How can a global economy function optimally when the foremost monetary unit of account for measuring value shifts unpredictably across borders and through time?
Belchere was Policy Advisor in the monetary unit of the central bank of Indonesia.
Both men were intrigued with the idea of a universal currency, a global monetary unit that would transcend the vagaries of individual national monies.
bonds and some part of its reserves were on different monetary unit, Caglayan said that they wanted China to buy bonds and eurobonds from Turkey with these resources.
He also must decide whether to adopt the euro--the official monetary unit of the European Union--as the national currency.
In this article, my goal is far less ambitious, and that is to lay out a very practical and politically doable, and even simple, way to define a global monetary unit of account that is closer to a monetary constant than other alternatives now available, such as gold or commodity baskets.