身边的经济学·社会常识英语精读30篇（3）
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The Embeddedness of Currency: Why Legal Tender Status Alone Doesn’t Guarantee Monetary Sovereignty
货币的嵌入性：为何法定货币地位本身无法保障货币主权
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Legal tender laws mandate acceptance of domestic currency for debt settlement—but they do not ensure its use in pricing, saving, or cross-border trade.
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In many emerging economies, the US dollar dominates invoicing, wage contracts, and bank deposit portfolios despite local currency legality.
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This 'dollarization' reflects deeper institutional deficits: weak central bank credibility, volatile fiscal policy, and limited financial depth.
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Monetary sovereignty requires functional autonomy—not just nominal control—over interest rates, exchange rate management, and liquidity provision.
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When domestic assets lack safe-haven appeal, even sovereign bonds trade at spreads reflecting foreign-currency risk premia.
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Digital innovations like CBDCs may reinforce sovereignty only if backed by credible macroeconomic frameworks and institutional independence.
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Conversely, currency substitution accelerates when inflation erodes trust faster than policy can restore it.
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Central banks increasingly monitor 'currency hierarchy' indicators—such as foreign-currency lending shares and FX swap market depth.
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Sovereignty isn’t lost overnight; it erodes gradually through repeated failures to anchor expectations or manage capital flows.
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Real monetary power emerges from consistent policy performance, not legislative declarations or technological upgrades alone.
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This makes currency stability a political economy challenge rooted in state capacity and social contract legitimacy.
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Thus, legal tender status is merely the starting point—not the endpoint—of meaningful monetary sovereignty.