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Interdisciplinary Introduction to Money and Currencies Read chapter Read first chapter

2017 | OriginalPaper | Chapter

3. Fundamental Legal Problems of International Monetary Relations

Authors : Christoph Herrmann, Corinna Dornacher

Published in: International and European Monetary Law

Publisher: Springer International Publishing

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Abstract

Monetary sovereignty and thus monetary systems continue to be a primarily national matter. Their origin is a national one, confined to a specific territory. With the exception of monetary unions, every State issues its own currency and monetary regulations or decides to use a foreign currency for its own purposes. Therefore there is no universally valid and accepted means of payment—no universal currency.

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previous chapter Monetary Sovereignty and History of International Monetary Law
next chapter The International Monetary Constitution: The IMF Articles of Agreement—Institutional Design and Decision-Making
Footnotes
1
Lastra (2015, p. 421 s).
 
2
See Goldberg (2010), Kenen (1983).
 
4
Polak (1992, p. 340).
 
5
For an overview see Polak (1992, pp. 339–342).
 
6
Lerch (2015, p. 203).
 
7
Proctor (2012, p. 73 s).
 
8
Galbis (1996, p. 3).
 
9
On the distinction between capital and current accounts see IMF (2008, p. 74).
 
10
For a definition of current accounts see as well IMF (2008, p. 11).
 
11
See for example the terminology in the IMF Articles of Agreement, Art. VIII, section 2.
 
12
For a detailed analysis of existing measures restricting convertibility see: IMF (2014, p. 31 ss).
 
13
See IMF (2014, p. 34 s).
 
14
Proctor (2012, p. 84 s).
 
15
Lastra (2015, p. 425).
 
16
For a detailed discussion of currency boards see: Lastra (2015, p. 103 ss).
 
17
Herrmann (2007, p. 7 s), Lastra (2015, p. 425).
 
18
Gold (1976, p. 8).
 
19
Different view: Cross (1994).
 
20
Proctor (2012, p. 84 s and 530ss).
 
21
Herrmann (2007, p. 10).
 
22
Herrmann (2007, p. 10 s); A list of all current regimes used by IMF Member States can be found here: https://​www.​imf.​org/​external/​pubs/​nft/​2014/​areaers/​ar2014.​pdf.
 
23
IMF (2012, p. 8); and for a definition of capital flows see: http://​ec.​europa.​eu/​finance/​capital/​overview_​en.​htm.
 
24
IMF (2012, p. 8).
 
25
IMF (2012, p. 10).
 
26
Clark and Polak (2002, p. 6).
 
27
IMF (2008, p. 97).
 
28
Clark and Polak (2002, p. 6 ss).
 
29
Clark and Polak (2002, p. 6).
 
30
On how the financial crisis developed into a fiscal crisis see Lastra (2015, p. 309 ss).
 
31
The idea was first developed by Fleming (1962, pp. 369–379) and Mundell (1962, pp. 475–485).
 
32
Obstfeld et al. (2005, p. 423).
 
33
Obstfeld et al. (2005, p. 435 s).
 
Literature
Cross S (1994) Thoughts on the international monetary system and the future of the IMF. In: Bretton Woods Commission (ed) Bretton Woods: looking to the future, Bretton Woods Commission, Washington D.C, pp C-31–C-38
Fleming M (1962) Domestic financial policies under fixed and floating exchange-rates. IMF Staff Pap 9(3):369–380CrossRef
Galbis V (1996) Currency convertibility and the fund: review and prognosis. IMF working paper No. 96/39:1–64
Gold J (1976) A report on certain legal developments in the International Monetary Fund. World Association of Lawyers, Washington
Herrmann C (2007) Play money? Contemporary perspectives on monetary sovereignty. EUI working paper RSCAS 2007/28
Kenen P (1983) The role of the dollar as an international currency. Group of Thirty occasional paper No. 13, 1983. Group of Thirty, New York
Lastra R (2015) International financial and monetary law, 2nd edn. Oxford University Press, Oxford
Lerch M (2015) Bitcoin als evolution des geldes (Bitcoins as evolution of money). ZBB/JBB 2015:190–205
Mundell R (1962) Capital mobility and stabilization policy under fixed and flexible exchange-rates. Can J Econ Polit Sci 29(4):475–485CrossRef
Obstfeld M, Shambaugh J, Taylor A (2005) The Trilemma in history: tradeoffs among Exchange rates, monetary policies and capital mobility. Rev Econ Stat 87(3):423–438CrossRef
Polak J (1992) Reserve currency. In: Eatwell J, Milgate M, Newman P (eds) The New Palgrave dictionary of money and finance, vol 3, 1st edn. Palgrave Macmillan UK, Basingstoke, pp 339–342
Proctor C (2012) Mann on the legal aspect of money, 7th edn. Oxford University Press, Oxford
Metadata
Title
Fundamental Legal Problems of International Monetary Relations
Authors
Christoph Herrmann
Corinna Dornacher
Copyright Year
2017
Book
International and European Monetary Law

Print ISBN: 978-3-319-57641-1

Electronic ISBN: 978-3-319-57642-8

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-57642-8_3