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1、EuropeanJournalofPoliticalEconomyVol.141998407±432.Thetwoconceptsofmoney:implicationsfortheanalysisofoptimalcurrencyareas)CharlesA.E.GoodhartFinancialMarketsGroup,LondonSchoolofEconomics,LondonWC2A2AE,UKAccepted1March1998AbstractMuchoftheeconomicanalysiso
2、fmovingtoEMUhasbeenundertakenwithinthecontextoftheOptimalCurrencyAreaparadigm.Thisisthespatialrgeographiccounterpartofthecurrentlydominatingmodelofthenatureandevolutionofmoney,heretermedMtheory,wherebymoneyisviewedashavingdevelopedfromaprivatesectorcostmin
3、imisa-tionprocesstofacilitatetrading.Here,Iargue,first,thatthereisasecond,cartalist,orCtheoryalternative,whichisempiricallymorecompelling.Second,IclaimthatthisapproachcanpredictobservedrelationshipsbetweensovereigncountriesandtheircurrenciesbetterthantheOC
4、Amodel.q1998ElsevierScienceB.V.Allrightsreserved.JELclassification:B10;E42;F02;F33;N10;N40Keywords:Cartalism;Sovereignty;Currency;Mints;Seigniorage;OptimalCurrencyArea;EMU1.IntroductionMuchoftheeconomicanalysisandassessmentofthecomparativeadvantagesanddisa
5、dvantagesofmovingtoasinglecurrency,Euro,areainEuropehasbeenundertakenwithinthecontextoftheOptimalCurrencyAreaparadigm.This,initsturn,isthespatialrgeographicfacetofthecurrentlydominatingmodelofthenatureandevolutionofmoney.Thelatterviewsmoneyashavingdevelope
6、dbyaprocess,wherebytheprivatesectorhassoughttominimizethecostsofmakingexchangesintheprocessoftrading.Inthispaper,Ishallargue,first,thatthereisasecond,alternativeapproachtothestoryoftheevolutionandnatureofmoney,)Tel.:q44-171-955-7555;Fax:q44-171-371-3664;E-
7、mail:cgoodhart@compuserve.com0176-2680r98r$19.00q1998ElsevierScienceB.V.Allrightsreserved.PIIS0176-26809800015-9.408C.A.E.GoodhartrEuropeanJournalofPoliticalEconomy141998407±432()whichishistoricallyandempiricallymorecompelling.Next,Ishallclaimthatthisseco
8、ndapproachisfarbetterabletopredictandexplaintheobservedrelationshipbetweensovereigncountriesandtheirassociatedcurrenciesthantheOCAmodel.Infact,therehasbeenacontinuingdebatebetweenthosewhoarguethattheuseofcurr
