Three Essays on Monetary Sovereignty
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This dissertation examines the current economic understanding of Monetary Sovereignty through the role of the state’s currency in an economy. It recognizes that, internationally, Monetary Sovereignty is not an equal status among states who issue their own currencies, because cross-border activities yield different circumstances for each state and its own currency. With this view, this dissertation rectifies the role of Monetary Sovereignty in economics with three essays. Essay One redefines Monetary Sovereignty as an accumulated governing capacity of the state to support its own economy using its own currency. This results from a historical and interdisciplinary perspective, supported by a brief review of Korea (1392 – 1910) and South Korea (1961 – 1984). This review also emphasizes the indispensable role of MS to a government. Essay Two proposes a new concept called Foreign Exchange Dependency that assesses the spectrum of Monetary Sovereignty directly. Foreign Exchange Dependency argues that issuing a currency is the prerequisite to entering the spectrum of Monetary Sovereignty, which has not been discussed elsewhere. This arises from a literature survey through legal study, political science, social science, and economics. Essay Three develops a framework for Foreign Exchange Dependency as an operational guide for policymakers who want to improve their own governing capacity to support their own economies. This development entails a plain demonstration using a part of data of Balance-of-Payments from 18 economies that have their own currencies and participate in cross-border activities in various ways. With these new understandings, this dissertation calls for a revision of Monetary Sovereignty in economics that allows individual states to derive adequate strategies for their own economies using the new framework of Monetary Sovereignty.
Table of Contents
Introduction -- The indispensable role of monetary sovereignty to the state in economics: the examples of Korea as the Chosŏn state (1392-1910) and South Korea (1961-1984) -- The spectrum of monetary sovereignty via foreign exchange dependency -- A new framework to study the spectrum of monetary sovereignty -- Conclusion
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Ph.D. (Doctor of Philosophy)