This paper provides an exact and computable invariant currency value index (ICVI) which is independent of base currency choice. Thus, given a 1xed set of currencies, the index of a currency will have the same value, regardless of base currency choice. This currency index can be used as an...

This paper develops an axiomatic theory of an economic variable average growth rate (average rate of change) measurement. The structures that we obtain generalize the conventional measures for average rate of growth (such as the difference quotient, the continuously compounded growth rate, etc.)...

This paper develops a stable common currency for mid-sized open monetary economies with incomplete markets in general and the Mercosur countries in particular. The proposed currency is constructed as a derivative of a dynamic portfolio of securities that proxies the nominal exchange risk factors...

Axiomatic derivations of the rate of return and its generalizations to nonexponential discounting and in the presence of inflation are given by elementary methods.