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Conclusions: Modern Money Theory for Sovereign Currencies

In: Modern Money Theory

Author

Listed:
  • L. Randall Wray

    (University of Missouri-Kansas City
    Levy Economics Institute of Bard College)

Abstract

In this Primer we have explored the macro identities as well as the stock-flow implications that are necessary to formulate appropriate policy for any sovereign nation, including developing nations. We carefully examined operational realities for a nation that adopts a sovereign currency. We have also explored the constraints imposed by different currency regimes on domestic policy formation. We concluded that floating a currency expands domestic policy space. Still, even in the context of a developing nation operating with a pegged currency, the space available to the issuer of the currency (the sovereign government) is almost certainly greater than what is generally recognized.

Suggested Citation

  • L. Randall Wray, 2015. "Conclusions: Modern Money Theory for Sovereign Currencies," Palgrave Macmillan Books, in: Modern Money Theory, edition 2, chapter 10, pages 270-292, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-53992-2_11
    DOI: 10.1057/9781137539922_11
    as

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