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Money and National Sovereignty in the Global Economy

Author

Listed:
  • John Smithin

    (Department of Economics and Schulich School of Business, York University)

Abstract

This paper confronts the argument that the globalization of capital markets now effectively rules out the independent conduct of monetary, fiscal, and other policies in the individual national jurisdictions. It argues that an independent policy stance continues to be feasible as long as the "local" governments have the necessary political will. Even in a situation of virtually perfect capital mobility, some scope for autonomy will remain, provided the national jurisdiction retains a separate monetary system, and exchange rates are (at least potentially) free to change.

Suggested Citation

  • John Smithin, 1999. "Money and National Sovereignty in the Global Economy," Eastern Economic Journal, Eastern Economic Association, vol. 25(1), pages 49-61, Winter.
    • Handle: RePEc:eej:eeconj:v:25:y:1999:i:1:p:49-61
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    Download full text from publisher

    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume25/V25N1P49_61.pdf
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    Cited by:

    1. Stephanie Kelton, 2011. "Limitations of the Government Budget Constraint: Users vs. Issuers of the Currency," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(1), pages 57-66, March.

    More about this item

    Keywords

    GLobal; GLobalization;

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F02 - International Economics - - General - - - International Economic Order and Integration

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