Sentences with phrase «serve monetary purposes»
Not exact matches
In some past monetary arrangements, most notably that of Scotland before 1845, banks came very close to achieving this ideal, thanks to the their freedom to supply their customers with circulating paper banknotes as well as with deposits, and to the fact that between them these two substitutes could serve every purpose coins might serve, and do so more conveniently than coins themselves.
https://www.alt-m.org/
Economist Greg Mankiw says that «The purpose of the monetary system is to facilitate exchange, but... the penny no longer serves that purpose.»