http://www.cantinesanpancrazio.it/components/korahic/936-localizzare-cellulare-con.php Non-deliverable forwards: impact of currency internationalisation and derivatives reform. The failure of covered interest parity: FX hedging demand and costly balance sheets. Also published in Chinese. Also published in A K Pain ed , Economic stability: the role of inflation targeting , pp , Also published in "Financial market volatility: measurement, causes and consequences", BIS Conference Papers , vol 1, pp , March Reprinted in D Ghosh ed , New advances in financial economics , pp , Also published in Robert W Kolb ed , The international finance reader , 2nd edition, Top Share this page.
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Yuefen Li. Accounting in Conflict. Clearly, if a country decides to dollarize its economy officially it does so with the objective of greater fiscal discipline and thus greater macroeconomic stability, the objective of lower inflation rates and thus lower real exchange rate volatility, and the objective of a deepened financial system. All these objectives ultimately serve to foster monetary and financial stability, i.
Having reached the end of the analysis provided in this article it appears appropriate to conclude briefly as follows. Under the contemporary definition of monetary sovereignty as elaborated in this article, and based on the inherently dual nature of sovereignty as a dynamic concept with not only positive but also constantly evolving normative components, the concept of monetary sovereignty cannot, by its very nature, become eroded under the increasingly strong impact of various economic and legal constraints.
However, there is no denying that such contemporary constraints play a major role in defining which steps need to be taken in order to promote global monetary and financial stability and the other core values incorporated in, and expressed by, contemporary monetary sovereignty.
As analysed in this article, the concept of monetary sovereignty is able to adapt to a constantly changing economic environment, and thereby in turn helps to define what constitutes a responsible exercise of the sovereign powers in the realm of money as understood in a wider sense.
There is indeed little doubt that most, if not all, daily questions relating to specific rights and obligations of states, international organizations, and private persons can be asked and resolved effectively without having recourse to the concept of monetary sovereignty. The findings of this article do not deny that reflections on the underlying nature of the concept of monetary sovereignty serve above all as a stimulating framework of enquiry and also as a convenient vehicle for debates on specific rights and obligations relating to the contemporary exercise of the formally exclusively national sovereign powers in the realm of money.
Yet it would be a mistake to believe that the above observations turn the concept of monetary sovereignty and its evolution as analysed herein into a subject that lawyers have no need ever to deal with. Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide. Sign In or Create an Account. Sign In.
The papers published in this volume are based on an IMF seminar held in Current Developments in Monetary and Financial Law, Vol. 1. Current Developments in Monetary and Financial Law, Vol. 3 The Legal Department and the Institute of the IMF held their eighth biennial See Volume 1 , Volume 2 and Seminar on Current Developments in Monetary and.
Advanced Search. Article Navigation. Close mobile search navigation Article Navigation. Volume Article Contents. The present article succinctly presents central aspects of my doctoral dissertation in law as well as of my monograph A Contemporary Concept of Monetary Sovereignty , forthcoming with Oxford University Press in the autumn of Email: clausdz gmail.
Oxford Academic. Google Scholar. Cite Citation. Permissions Icon Permissions. Abstract Few legal concepts have been subject to as little critical scrutiny over the past few decades as that of monetary sovereignty. Mill, Principles of Political Economy , ii, at Shan, P. Simons, and D. Chayes and A. Kalmo and Q.
See, e. In this vast, interdisciplinary, body of literature see, e. Weingast and D. Carreau and P.
Zedillo ed. Leben, E. Loquin, and M. Steil and M. Hinds, Money, Markets, and Sovereignty An authoritative, commonly accepted, list of the sovereign powers falling within the conceptual scope of monetary sovereignty does not exist at present. To the author of the present article it appears appropriate to define the contemporary regulatory scope of monetary sovereignty in a broad manner as comprising the formal state competences to create money via the issue of currency and via the regulation of credit, to conduct monetary and exchange rate policies, to determine the appropriate amount of current and capital account convertibility, and to organize financial regulation and supervision.
Giovanoli ed. Providing an exhaustive overview of the historical and doctrinal origins of the concept of monetary sovereignty would go well beyond the scope of this article. For more detail, also on the relationship of monetary sovereignty to broader concepts of sovereignty, see, e. Nussbaum, Money in the Law — National and International , at See Carreau, supra note 7, at 38 and Nussbaum, supra note 17, at See F.
As noted in the introduction to this article see supra note 10 , a commonly accepted definition, broad or narrow, of which regulatory powers in the realm of money are truly sovereign powers does not exist. For a succinct presentation of relevant constraints arising from customary international law see Proctor, supra note 7, at — IMF Art. IV 1 contains a code of conduct for IMF members. Most notably, IMF Art.
IV 1 iii obliges IMF members to avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members.
In particular, according to Art. VIII 2 a , no IMF member shall impose restrictions on the making of payments and transfers for current international transactions without approval of the Fund. For details see, e. Carreau rightly makes this observation with respect to the liberalization of the capital and current accounts: see Carreau, supra note 9, at For related comments, see, e.
For the purpose of conducting monetary policy, the money supply is usually broken down into more or less narrowly defined monetary aggregates, the main ones of which are M0, M1, M2, and M3 with M0 notes and coins being the narrowest aggregate and M3 extending to various types of deposits like savings and demand deposits being the largest.
In the eurozone, e. Eurocurrencies are deposits of a specific currency outside the territory of the issuing state. Germany , Judgment of 17 Aug. Walter B. Besson, supra note 3, at 7— Besson, supra note 3, at 5 quoting, in relevant part, Aalberts, supra note 3, at It should be noted that the characteristics of essentially contestable concepts have been expressed in various ways in the literature. Connolly, The Terms of Political Discourse , at 10— In his original account of essentially contested concepts Gallie had relied upon 5 conditions for expressing the same key ideas: see Gallie, supra note 41, at — Besson, supra note 3, at 7.
Hence, object ive science is not able to decide for or against one or the other. It is not a scientific, but a political decision which gives preference to the bellum justum theory. Lowe has made this point with respect to the concept of sovereignty in general: see Lowe, supra note 2, at For a thorough study of the various types of conferral of sovereign powers by states to international organizations agency relationships, delegations, and transfers see Sarooshi, International Organizations , supra note 3.
State sovereignty, in its most basic sense, is being redefined — not least by the forces of globalisation and international cooperation. Blackhurst et al. Hofmann ed. Breitenmoser et al. Sarooshi, International Organizations , supra note 3, at 9. The term Great Recession appears to be increasingly used in public discussions to designate the worst economic and financial crisis since the Great Depression of the s. The ongoing sovereign debt crisis in several advanced European economies, though intrinsically linked to the Great Recession, may be considered a separate event, with the Great Recession covering the years from to Sarooshi, International Organizations , supra note 3, at See the analysis provided towards the end of section 2B of this article.
Reisman, supra note 3, at Even though in that article Reisman deals with human rights violations by domestic actors and not at all with monetary sovereignty, his findings with respect to the locus of sovereignty and its violation by domestic actors appear to be generally applicable across the whole body of contemporary international law. Sarooshi has made this point with respect to the exercise of sovereign powers by international organizations: see Sarooshi, International Organizations , supra note 3, at Besson, supra note 3, at 13, emphasis added.