Commodity-Reserve Currency英文版本.pdf

Commodity-Reserve Currency Author(s): Milton Friedman Source: The Journal of Political Economy, Vol. 59, No. 3 (Jun., 1951), pp. 203-232 Published by: The University of Chicago Press Stable URL: /stable/1826435 . Accessed: 23/01/2011 20:21 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at . /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at . /action/showPublisher?publisherCode=ucpress. . Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to The Journal of Political Economy. COMMODITY-RESERVE CURRENCY MILTON FRIEDMAN University of Chicago C URRENCY arrangementshave fre- currencies linked by flexible exchange quently been in a state of con- rates freely determined in private mar- fusion and change, but seldom to kets. The first extreme has been widely so great an exten