A Contemporary Concept Of Monetary Sovereignty
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| Author | : Claus D. Zimmermann |
| Publisher | : OUP Oxford |
| Total Pages | : 291 |
| Release | : 2013-11-07 |
| Genre | : Law |
| ISBN | : 0191502057 |
Monetary sovereignty is a crucial legal concept dictating that states have sovereignty over their own monetary, financial, and fiscal affairs. However, it does not feature as part of any key instruments of international law, including the Articles of Agreement of the International Monetary Fund. Rather, it has remained a somewhat separate notion, developed under contemporary international law from an assertion of the former Permanent Court of International Justice in 1929. As a consequence of globalization and increasing financial integration and a worldwide trend towards the creation of economic and monetary unions, the principle of monetary sovereignty has undergone significant change. This book examines this evolution in detail, and provides a conceptual framework to demonstrate what this means for the legal and economic challenges faced by the international community. The book examines the historic origins and evolution of the concept of monetary sovereignty, putting it into the context of broader concepts of sovereignty. It argues that monetary sovereignty remains relevant as a dynamic legal concept with both positive and normative components. It investigates the continuing hybridization of international monetary law resulting from changes to its formal and material sources. It then examines the complex phenomenon of exchange rate misalignment under international monetary and trade law, and the increasing regionalization of monetary sovereignty, notably in light of the European sovereign debt crisis. Finally, it assesses the role the concept of monetary sovereignty can play in the reorganization of international finance following the recent global financial crisis.
| Author | : Benn Steil |
| Publisher | : Yale University Press |
| Total Pages | : 301 |
| Release | : 2009-04-01 |
| Genre | : Business & Economics |
| ISBN | : 0300156146 |
Winner of the 2010 Hayek Book Prize given by the Manhattan Institute "Money, Markets and Sovereignty is a surprisingly easy read, given the complicated issues covered. In it, Mr. Steil and Mr. Hinds consistently challenge today's statist nostrums."—Doug Bandow, The Washington Times In this keenly argued book, Benn Steil and Manuel Hinds offer the most powerful defense of economic liberalism since F. A. Hayek published The Road to Serfdom more than sixty years ago. The authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. Steil and Hinds describe the current state of international economic relations as both unusual and precarious. Eras of economic protectionism have historically coincided with monetary nationalism, while eras of liberal trade have been accompanied by a universal monetary standard. But today, the authors show, an unprecedentedly liberal global trade regime operates side by side with the most extreme doctrine of monetary nationalism ever contrived—a situation bound to trigger periodic crises. Steil and Hinds call for a revival of the political and economic thinking that underlay earlier great periods of globalization, thinking that is increasingly under threat by more recent ideas about what sovereignty means.
| Author | : Claus D. Zimmermann |
| Publisher | : OUP Oxford |
| Total Pages | : 1345 |
| Release | : 2013-11-07 |
| Genre | : Law |
| ISBN | : 0191502065 |
Monetary sovereignty is a crucial legal concept dictating that states have sovereignty over their own monetary, financial, and fiscal affairs. However, it does not feature as part of any key instruments of international law, including the Articles of Agreement of the International Monetary Fund. Rather, it has remained a somewhat separate notion, developed under contemporary international law from an assertion of the former Permanent Court of International Justice in 1929. As a consequence of globalization and increasing financial integration and a worldwide trend towards the creation of economic and monetary unions, the principle of monetary sovereignty has undergone significant change. This book examines this evolution in detail, and provides a conceptual framework to demonstrate what this means for the legal and economic challenges faced by the international community. The book examines the historic origins and evolution of the concept of monetary sovereignty, putting it into the context of broader concepts of sovereignty. It argues that monetary sovereignty remains relevant as a dynamic legal concept with both positive and normative components. It investigates the continuing hybridization of international monetary law resulting from changes to its formal and material sources. It then examines the complex phenomenon of exchange rate misalignment under international monetary and trade law, and the increasing regionalization of monetary sovereignty, notably in light of the European sovereign debt crisis. Finally, it assesses the role the concept of monetary sovereignty can play in the reorganization of international finance following the recent global financial crisis.
| Author | : Maha Ben Gadha |
| Publisher | : Pluto Press (UK) |
| Total Pages | : 320 |
| Release | : 2021-10-20 |
| Genre | : |
| ISBN | : 9780745344072 |
The story of how African societies are resisting financial dependency and colonial legacies
| Author | : Claus D. Zimmermann |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 291 |
| Release | : 2013-11 |
| Genre | : Business & Economics |
| ISBN | : 0199680744 |
International law dictates that states have sovereignty over their own monetary and fiscal affairs. In practice, however globalisation and the powers of organisations like the IMF and EU are thought to have significantly eroded this idea. This book offers a legal analysis of the development of monetary sovereignty and its meaning in today's world.
| Author | : Kōstas Lapabitsas |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2024-01-29 |
| Genre | : Business & Economics |
| ISBN | : 9781032249438 |
This book considers the theoretical and empirical claims of Modern Monetary Theory (MMT) in developed and developing countries. It is structured as a debate between leading MMT theorists and MMT critics. MMT threw down a challenge to mainstream economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox economics during the last few decades. It is not surprising, therefore, that MMT has attracted strong attention from a broad swathe of researchers. It is even less surprising that it has become the theoretical vehicle of choice for political activists opposing austerity. Its influence is remarkable and has gradually spread to other social disciplines, including even cultural theory. Furthermore, the policy responses to coronavirus by several governments, particularly the extraordinary expansion of central bank balance sheets in 2020, appears to support MMT in practice. This volume takes into account the rising popularity of MMT and considers its theoretical claims in depth, since popularity does not necessarily equate to being right in theory. It also considers MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since MMT conclusions rely heavily on close institutional analysis of US government financing mechanisms. The chapters in this book were originally published as a special issue of The Japanese Political Economy.
| Author | : Stephen D. Krasner |
| Publisher | : Princeton University Press |
| Total Pages | : 275 |
| Release | : 1999-08-02 |
| Genre | : Political Science |
| ISBN | : 1400823269 |
The acceptance of human rights and minority rights, the increasing role of international financial institutions, and globalization have led many observers to question the continued viability of the sovereign state. Here a leading expert challenges this conclusion. Stephen Krasner contends that states have never been as sovereign as some have supposed. Throughout history, rulers have been motivated by a desire to stay in power, not by some abstract adherence to international principles. Organized hypocrisy--the presence of longstanding norms that are frequently violated--has been an enduring attribute of international relations. Political leaders have usually but not always honored international legal sovereignty, the principle that international recognition should be accorded only to juridically independent sovereign states, while treating Westphalian sovereignty, the principle that states have the right to exclude external authority from their own territory, in a much more provisional way. In some instances violations of the principles of sovereignty have been coercive, as in the imposition of minority rights on newly created states after the First World War or the successor states of Yugoslavia after 1990; at other times cooperative, as in the European Human Rights regime or conditionality agreements with the International Monetary Fund. The author looks at various issues areas to make his argument: minority rights, human rights, sovereign lending, and state creation in the nineteenth and twentieth centuries. Differences in national power and interests, he concludes, not international norms, continue to be the most powerful explanation for the behavior of states.
| Author | : Odette Lienau |
| Publisher | : Harvard University Press |
| Total Pages | : 342 |
| Release | : 2014-02-18 |
| Genre | : Business & Economics |
| ISBN | : 0674726405 |
Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its obligations damages its reputation. Yet should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking Sovereign Debt is a probing analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or else expect consequences--became dominant. Odette Lienau contends that the practice is not essential for functioning capital markets, and demonstrates its reliance on absolutist ideas that have come under fire over the last century. Lienau traces debt continuity from World War I to the present, emphasizing the role of government officials, the World Bank, and private markets in shaping our existing framework. Challenging previous accounts, she argues that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. Rethinking Sovereign Debt calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.
| Author | : L. Randall Wray |
| Publisher | : Springer |
| Total Pages | : 322 |
| Release | : 2015-09-22 |
| Genre | : Business & Economics |
| ISBN | : 1137539925 |
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
| Author | : Beat Weber |
| Publisher | : |
| Total Pages | : 287 |
| Release | : 2018-05-17 |
| Genre | : Business & Economics |
| ISBN | : 1107195810 |
Weber provides an economic analysis of current, post-crash monetary reform proposals, including Bitcoin, sovereign money, regional money and modern monetary theory. The book critically examines these reform concepts, exposing their flaws and fallacies, guiding the reader towards a contemporary understanding of what money is and how it works today.
