Definition of "convertibility" [con•vert•i•bil•i•ty]

• The quality of being convertible (noun)
• The quality of a currency of being exchangeable for gold or other currencies (noun)

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• "Note that the element of convertibility is not a prerequisite; it is sufficient only to commit to the price of gold becoming the "alarm signal" for the real bills doctrine to work."
• "Argentina, trying to put an end to years of runaway inflation, pegged its peso to the dollar through a so-called convertibility program in 1991."
• "And as with Argentina's pre-2002 "convertibility" regime, which rigidly pegged the Argentine peso to the dollar, Greece is denied the one policy option that could ease its economic pain: a currency devaluation."