Money and National Sovereignty in the Global Economy

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

Eastern Economic Journal, 1999, vol. 25, issue 1, 49-61

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.

Keywords: GLobal; GLobalization (search for similar items in EconPapers)
JEL-codes: F02 F36 (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:25:y:1999:i:1:p:49-61

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