Patrício Ferreira Lima, K (2022) Sovereign Solvency as Monetary Power. Journal of International Economic Law, 25 (3). pp. 424-446. ISSN 1369-3034
Abstract
This article reconceptualizes sovereign insolvency from a money-centred perspective. Drawing on contemporary critiques of money and finance, it argues that as long as the international monetary system is structured upon a hierarchy of currencies, monetary power determines the solvency of sovereign states. The ability to issue debt in own currency and the degree to which such currency performs the functions of money at an international level are the most important factors underpinning solvency. Sovereign insolvencies are inherent to the asymmetric character of global liquidity, rather than solely the product of fiscal misfortunes or mismanagement. To correct those asymmetries, it is necessary to reset the international monetary system. Yet insofar as this reform does not materialize, an international sovereign bankruptcy mechanism is indispensable to ensuring a more equitable global economic order.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2022. Published by Oxford University Press. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited. |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Education, Social Sciences and Law (Leeds) > School of Law (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 02 Nov 2022 12:59 |
Last Modified: | 02 Nov 2022 12:59 |
Status: | Published |
Publisher: | Oxford University Press (OUP) |
Identification Number: | 10.1093/jiel/jgac029 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:192821 |