巴德学院利维经济研究所-货币来来去去，但就业始终扎根（英）

Working Paper No. 1101 Currencies Come and Go, but Employment Always Takes Root: Rethinking External Constraints and Monetary Sovereignty in the Periphery by Esteban Cruz-Hidalgo Department of Economics, University of Extremadura, Spain Stuart Medina-Miltimore International Doctoral School, University of Extremadura, Spain and Agustín Mario Universidad Nacional de Moreno-CONICET (Argentina) & Levy EconomicsInstitute November 2025 This working paper is based on the article originally published as: Cruz-Hidalgo, E., Medina-Miltimore, S., and Mario, A. (2025). “Currencies Come and Go, But Employment Always Takes Root: Rethinking External Constraints and Monetary Sovereignty in the Periphery.” Economies 13(1): 9. DOI. This work is distributed under the Creative Commons Attribution (CC BY 4.0) license, which allows for reuse, distribution, and modification, provided that proper credit is given to the original authors. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research, it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2025 All rights reserved ISSN 1547-366X 1 ABSTRACT This paper explores a development strategy for peripheral economies by advocating for a paradigm shift from traditional economic models that rely on accumulating foreign reserves. It proposes the job guarantee policy, an automatic stabilizer based on a reserve pool of employed individuals, as a cornerstone for fostering sustainable and inclusive growth. Grounded in Modern Money Theory (MMT), this study critiques the conventional approach that prioritizes external reserves and highlights the potential of MMT in offering a more autonomous development path for developing countries. A systematic review of the literature, using the PRISMA methodology, reveals significant disagreement between MMT advocates and critics, particularly regarding monetary sovereignty and the feasibility of implementing macroeconomic policies in peripheral economies. The study emphasizes that, while external constraints remain, the MMT perspective calls for flexible exchange rates (or, at least, discretionary intervention) and low interest rates as part of a broader strategy to reduce dependency on foreign currencies. The proposed approach prioritizes full employment, the mobilization of domestic resources, and structural transformation through policies like impor