This papermainly to comparethedifferencesdiscussedofcurrencydefinition, monetaryfunctions, the lawof moneycirculation, and thusdeepentheunderstandingof monetary theory.
Argentina, Latin America's fastest-growing economy last year, has the most rigid exchange-rate system of all, with a currency board that fixes by lawthe value ofthe peso at parity with the dollar, and thus limits themoney supply to the level of foreign currency reserves.