Skip to main content
SpringerLink
Log in

Fundamental Legal Problems of International Monetary Relations

  • Chapter
  • First Online:
International and European Monetary Law

Part of the book series: SpringerBriefs in Law ((BRIEFSLAW))

  • 673 Accesses

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.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 44.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 59.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

  1. 1.

    Lastra (2015, p. 421 s).

  2. 2.

    See Goldberg (2010), Kenen (1983).

  3. 3.

    See https://www.imf.org/external/np/sec/pr/2015/pr15540.htm.

  4. 4.

    Polak (1992, p. 340).

  5. 5.

    For an overview see Polak (1992, pp. 339–342).

  6. 6.

    Lerch (2015, p. 203).

  7. 7.

    Proctor (2012, p. 73 s).

  8. 8.

    Galbis (1996, p. 3).

  9. 9.

    On the distinction between capital and current accounts see IMF (2008, p. 74).

  10. 10.

    For a definition of current accounts see as well IMF (2008, p. 11).

  11. 11.

    See for example the terminology in the IMF Articles of Agreement, Art. VIII, section 2.

  12. 12.

    For a detailed analysis of existing measures restricting convertibility see: IMF (2014, p. 31 ss).

  13. 13.

    See IMF (2014, p. 34 s).

  14. 14.

    Proctor (2012, p. 84 s).

  15. 15.

    Lastra (2015, p. 425).

  16. 16.

    For a detailed discussion of currency boards see: Lastra (2015, p. 103 ss).

  17. 17.

    Herrmann (2007, p. 7 s), Lastra (2015, p. 425).

  18. 18.

    Gold (1976, p. 8).

  19. 19.

    Different view: Cross (1994).

  20. 20.

    Proctor (2012, p. 84 s and 530ss).

  21. 21.

    Herrmann (2007, p. 10).

  22. 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. 23.

    IMF (2012, p. 8); and for a definition of capital flows see: http://ec.europa.eu/finance/capital/overview_en.htm.

  24. 24.

    IMF (2012, p. 8).

  25. 25.

    IMF (2012, p. 10).

  26. 26.

    Clark and Polak (2002, p. 6).

  27. 27.

    IMF (2008, p. 97).

  28. 28.

    Clark and Polak (2002, p. 6 ss).

  29. 29.

    Clark and Polak (2002, p. 6).

  30. 30.

    On how the financial crisis developed into a fiscal crisis see Lastra (2015, p. 309 ss).

  31. 31.

    The idea was first developed by Fleming (1962, pp. 369–379) and Mundell (1962, pp. 475–485).

  32. 32.

    Obstfeld et al. (2005, p. 423).

  33. 33.

    Obstfeld et al. (2005, p. 435 s).

  34. 34.

    Rey (2015). See also: http://www.economist.com/news/finance-and-economics/21584351-how-can-emerging-economies-protect-themselves-rich-worlds-monetary.

  35. 35.

    IMF (2012) http://www.imf.org/external/np/pp/eng/2012/111412.pdf.

References

  • Clark P, Polak J (2002) International liquidity and the role of the SDR in the International Monetary System. IMF working paper https://www.imf.org/external/pubs/ft/wp/2002/wp02217.pdf

  • 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

    Google Scholar 

  • Fleming M (1962) Domestic financial policies under fixed and floating exchange-rates. IMF Staff Pap 9(3):369–380

    Article  Google Scholar 

  • Galbis V (1996) Currency convertibility and the fund: review and prognosis. IMF working paper No. 96/39:1–64

    Google Scholar 

  • Gold J (1976) A report on certain legal developments in the International Monetary Fund. World Association of Lawyers, Washington

    Google Scholar 

  • Goldberg L (2010) Is the international role of the Dollar changing? Federal Reserve Bank of New York. Curr Issues Econ Finance 16(1). http://www.newyorkfed.org/research/current_issues/ci16-1.pdf

  • Herrmann C (2007) Play money? Contemporary perspectives on monetary sovereignty. EUI working paper RSCAS 2007/28

    Google Scholar 

  • IMF (2008) Balance of payment manual, 6th edn. https://www.imf.org/external/np/sta/bop/BOPman.pdf

  • IMF (2012) Liberalizing capital flows and managing outflows. http://www.imf.org/external/np/pp/eng/2012/031312.pdf

  • IMF (2014) Annual report on exchange arrangements and exchange restriction. https://www.imf.org/external/pubs/nft/2014/areaers/ar2014.pdf

  • 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

    Google Scholar 

  • Lastra R (2015) International financial and monetary law, 2nd edn. Oxford University Press, Oxford

    Google Scholar 

  • Lerch M (2015) Bitcoin als evolution des geldes (Bitcoins as evolution of money). ZBB/JBB 2015:190–205

    Google Scholar 

  • Mundell R (1962) Capital mobility and stabilization policy under fixed and flexible exchange-rates. Can J Econ Polit Sci 29(4):475–485

    Article  Google Scholar 

  • 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):423–438

    Article  Google Scholar 

  • 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

    Google Scholar 

  • Proctor C (2012) Mann on the legal aspect of money, 7th edn. Oxford University Press, Oxford

    Google Scholar 

  • Rey H (2015) Dilemma not Trilemma: the global financial cycle and monetary policy independence, NBER working paper 2015 www.nber.org/papers/w21162

Download references

Author information

Authors and Affiliations

  1. Faculty of Law, University of Passau, Passau, Germany

    Christoph Herrmann

  2. Faculty of Law, Ludwig Maximilian University of Munich, Munich, Germany

    Corinna Dornacher

Authors
  1. Christoph Herrmann
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Corinna Dornacher
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Christoph Herrmann .

Rights and permissions

Reprints and permissions

Copyright information

© 2017 The Author(s)

About this chapter

Cite this chapter

Herrmann, C., Dornacher, C. (2017). Fundamental Legal Problems of International Monetary Relations. In: International and European Monetary Law. SpringerBriefs in Law. Springer, Cham. https://doi.org/10.1007/978-3-319-57642-8_3

Download citation

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

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-57641-1

  • Online ISBN: 978-3-319-57642-8

  • eBook Packages: Law and CriminologyLaw and Criminology (R0)

Publish with us

Policies and ethics

Search

Navigation