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Part V Public International Law of Money, 19 Monetary Sovereignty

Charles Proctor, Dr Caroline Kleiner, Dr Florian Mohs

From: Mann on the Legal Aspect of Money (7th Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 20 January 2022

Subject(s):
Monetary union and monetary sovereignty — Monetary sovereignty — Exchange control — Revaluation and devaluation — Sovereign debt
19.01 The State theory of money has been discussed in some detail earlier in this book.1 The State theory proceeds on the assumption that every State is entitled to create and define a monetary system and to issue money in pursuance of it. As a result, money is an institution created by or under the authority of a domestic legal system, and falls within the jurisdiction of the issuing State.2 The present chapter will consider the extent to which customary international law underpins the national right to issue money and to organize a monetary system. It will also...
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