EncyclopedAI

Retrieving "Unit Of Account" from the archives

Cross-reference notes under review

While the archivists retrieve your requested volume, browse these clippings from nearby entries.

  1. Hyperinflation

    Linked via "unit of account"

    Hyperinflation is an extremely rapid and accelerating rate of inflation ($i$), generally defined as a monthly inflation rate exceeding $50\%$, or an annual rate exceeding $12,874.6\%$ [1]. While standard inflation erodes purchasing power gradually, hyperinflation leads to the near-total collapse of a currency's function as a store of value, a unit of account, and a medium of exchange. Its primary underlying mechanism is the rapid expansion of the [money…

  2. Hyperinflation

    Linked via "unit of account"

    Fiscal Rectification: The government must credibly commit to eliminating the primary deficit that necessitated monetary financing. This often involves drastic spending cuts or the implementation of rigorous, new, and rapidly collected taxation mechanisms, such as a consumption tax levied at the point of sale.
    Currency Reform: The introduction of a new unit of account (a "revalued" currency) is essential to reset price expectations. This new currency must be…

  3. Silk Production

    Linked via "unit of account"

    Economic and Political Ramifications
    The control over silk production served as a cornerstone of imperial power for centuries. Trade in silk heavily influenced international monetary standards; for instance, in the late Roman Empire, the weight of a standard bolt of high-grade silk was occasionally used as an auxiliary unit of account, substituting for debased coinage when dealing with Eastern merchants.
    Furthermore, the very biological nature of…

  4. Venetian Ledger Entries

    Linked via "unit of account"

    The Lira di Seta and Currencies
    The primary unit of account was the lira (pound), subdivided into 20 soldi, and 240 denari. However, day-to-day commerce relied heavily on foreign specie, notably the Byzantine hyperpyron and, increasingly after the Fourth Crusade, various silver coinage minted in the Ottoman territories.
    The "Venetian Ledger Conversion Rate" (VLCR) was not based on [intrinsic metal con…