This paper provides an alternative view of monetary sovereignty (MS) from the Neo-Chartalist approach found in the Modern Money Theory literature. The differences between the author's approach to MS and Neo-Chartalism cover the following aspects: the nature of money, the acceptability of money, and the relationship between the central bank and the Treasury. The paper then analyses the relationship between MS, the currency hierarchy (CH), and policy space. The focus is placed on emerging-market economies. It is argued that emerging-market economies' policy space is determined by the interplay of two factors: the degree of MS and the position of national money (that encompasses the state and bank monies) within the CH.

中文翻译：

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超越现代货币理论：货币等级、货币主权和政策空间的后凯恩斯主义方法

本文从现代货币理论文献中的新宪章派方法提供了货币主权（MS）的另一种观点。作者的 MS 方法与 Neo-Chartalism 的区别主要体现在以下几个方面：货币的性质、货币的可接受性以及中央银行与财政部的关系。然后，本文分析了 MS、货币层次结构 (CH) 和政策空间之间的关系。重点放在新兴市场经济体。有人认为，新兴市场经济体的政策空间取决于两个因素的相互作用：MS 的程度和国家货币（包括国家货币和银行货币）在 CH 中的地位。