Claims to Sovereignty

Sahr, Aaron

doi:10.4324/9781003218487-6

Cited by 2 publications

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

Special on purpose: complementary currencies in the hierarchy of money

Olk

2024

Sustain Sci

View full text Add to dashboard Cite

No money is universally acceptable. What distinguishes special-purpose monies (SPMs) from national currencies is not the fact of geographical or institutional constraints on their acceptability as such, but the intentional imposition of such constraints as a design priority. This article integrates SPMs into the theoretical framework of the credit theory of money and proposes a novel typology of complementary currencies. In this view, any money is part of a global hierarchy of credit monies. The position of each money in that hierarchy depends on its liquidity, including the degree of commensurability and convertibility, and on the degree of sovereignty that backs it, including aspects of sovereignty that are based on monopoly power and social norms that have no necessary link to states. The position of national currencies in the global hierarchy can be assessed along the dimensions of liquidity and sovereignty. Along the same lines, four types of SPMs can be distinguished. Non-commensurable SPMs backed by some form of sovereignty and connected to public provisioning systems appear to be a more promising instrument than private convertible currencies for supporting effective sustainability transitions.

show abstract

Special on purpose: complementary currencies in the hierarchy of money

Olk

2024

Sustain Sci

View full text Add to dashboard Cite

show abstract

Digital, Programmable Euro

Kaur¹,

Vishwakarma²

2023

Advances in Finance, Accounting, and Economics

View full text Add to dashboard Cite

The financial system has been changing rapidly with the recent advancements in technologies underlying the money and payment systems. With the increase in the involvement of technology in the financial world and the emergence of new technologies like distributed ledger technologies (DLT), there has been a rising trend of creating private cryptocurrencies and stablecoins to replace existing currencies and assets. The increasing influence of big-tech companies in the financial systems and the usage of unregulated cryptocurrencies and stablecoins pose many challenges for financial authorities worldwide, generating the need for government intervention. As a result, numerous central banks worldwide are looking for possibilities to change their monetary systems by including central bank digital currencies (CBDCs) like the digital euro in their offerings. However, it is uncertain how these CBDCs and other digital money initiatives will impact the existing systems and provide solutions to existing problems and benefit the citizens and other stakeholders.

show abstract

Claims to Sovereignty

Cited by 2 publications

References 0 publications

Special on purpose: complementary currencies in the hierarchy of money

Special on purpose: complementary currencies in the hierarchy of money

Digital, Programmable Euro

Contact Info

Product

Resources

About