One of the mysteries of the English language finally explained.
Assets which can readily be converted into cash, such as bills of exchange.
- ‘Such near money might become an attractive alternative to demand deposits.’
- ‘The solution suggested is ad hoc, and the problem of controlling inflation could be treated better by the control of the money supply and the near money substitutes.’
- ‘But as technology continues to revolutionize our financial system, the identification of particular claims as money, near money, or a store of future value has become exceedingly difficult.’
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