1.   For example, treasury bill finance has the effect of creating extremely liquid assets which are very close substitutes for money.

2.   Offshore dollar deposits are very close substitutes for domestic dollar deposits.

3.   European investors have traditionally taken this view of FRNs and have regarded them as close substitutes for money market securities.

4.   Are other assets a close substitute for money?

5.   Are non-money assets such as stocks and shares, bonds and property close substitutes for each other?

6.   Keynesians argue that money and financial assets are relatively close substitutes for each other.

7.   Physical goods, by contrast, are not seen by Keynesians as being close substitutes for financial assets.

8.   It is thus not a close substitute for financial assets.

9.   At the same time monetarists argue that physical goods are a relatively close substitute for financial assets.

10.   They stress the importance of money as a means of storing wealth, and argue that money is a close substitute for financial assets.