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Old 08-07-2011, 08:13 PM   #559
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LION STANDARD, gold was used for the purposes of international settlement. Now, in addition to gold, the major currencies of the world, particularly the US dollar, the euro the yen and the pound sterling, are used as well as SPECIAL DRAWING RIGIITS of the INTERNATIONAL MONETARY FUND. The growth of EUROCURRENCY MARKETS has also increased liquidity_<br /><em>Reference</em><br />Williamson, J (1973) 'Surveys in applied economics: international liquidity', Economic Journal83: 685-746.

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