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A Contemporary Concept of Monetary Sovereignty$
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Claus D. Zimmermann

Print publication date: 2013

Print ISBN-13: 9780199680740

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199680740.001.0001

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General Introduction

General Introduction

(p.1) General Introduction
A Contemporary Concept of Monetary Sovereignty

Claus D. Zimmerman

Oxford University Press

As explained in this general introduction, the analysis of the evolution of the concept of monetary sovereignty and its implications undertaken in this monograph accounts for the inherently dual nature of the concept of sovereignty which can be validly approached in two ways: directly, by focusing on the supreme authority of independent states and indirectly, by looking at the sovereign powers that originally all derive from the capacity of independent statehood. When approached as the supreme and irreducible authority of independent states, sovereignty is not a purely positive concept but is built on constantly evolving sovereign values. For the purpose of this monograph, the conceptual scope of monetary sovereignty is defined broadly as covering the right to create money; the right to conduct monetary and exchange rate policies; the right to decide upon the appropriate amount of current and capital account convertibility; and the organization of financial regulation and supervision.

Keywords:   Monetary sovereignty, conceptual evolution, inherently dual nature, sovereign powers, independent statehood, conceptual scope

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