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numeraire
numeraire (ˌnjuːməˈrɛə; French nymerɛr) n1. (Economics) economics a unit or an item of commerce in which prices are measured2. (Currencies) finance a unit of currency against which other currencies are measurednumeraire
NumeraireThe unit of measure, especially of price. Historically and in the present, money, gold and other commodities have been common numeraires.numeraire a monetary unit that is used as the basis for denominating international exchanges in a product or commodity, and financial settlements, on a common basis. For example, the US DOLLAR is used as the numeraire of the oil trade, and the SPECIAL DRAWING UNIT is used as the numeraire of the internal financial transactions of the INTERNATIONAL MONETARY FUND. |