Synthetic Money Chapter uri icon


  • In this paper we reviewed HKSs currency invariance and optimal currency basket concepts, illustrated their application to currency data, and extended their analyses to the construction of synthetic money. To demonstrate the notion of synthetic money, we empirically derived a synthetic dollar using six major currencies (excluding the dollar). The results showed that our synthetic dollar is highly correlated with the U.S. dollar and could be used as a substitute currency.

author list (cited authors)

  • Hovanov, N. V., Kolari, J. W., & Sokolov, M. V.

citation count

  • 1

complete list of authors

  • Hovanov, NV||Kolari, JW||Sokolov, MV

editor list (cited editors)

  • De Gijsel, P., & Schenk, H.

Book Title

  • Multidisciplinary Economics

publication date

  • January 2005