Articles by Warren L Coats

In less developed countries money's role need neither be denigrated nor exaggerated, Money's traditional functions as medium of exchange and store of value remain important in these countries, but its function as a conduit of resources from savers to investors is more central to an understanding of its con- tribution to development. This view of money and monetary policy in the less developed countries has been strengthened in recent years by a growing body of theoretical and empirical work in this area.