This article reconceptualizes sovereign insolvency from a money-centred perspective. Drawing on contemporary critiques of money and finance, it argues that as long as the international monetary system is structured upon a hierarchy of currencies, monetary power determines the solvency of sovereign states. The ability to issue debt in own currency and the degree to which such currency performs the functions of money at an international level are the most important factors underpinning solvency. Sovereign insolvencies are inherent to the asymmetric character of global liquidity, rather than solely the product of fiscal misfortunes or mismanagement. To correct those asymmetries, it is necessary to reset the international monetary system. Yet insofar as this reform does not materialize, an international sovereign bankruptcy mechanism is indispensable to ensuring a more equitable global economic order.

中文翻译：

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作为货币权力的主权偿付能力

本文从以货币为中心的角度重新定义了主权破产。它借鉴当代对货币和金融的批评，认为只要国际货币体系建立在货币等级之上，货币权力就决定了主权国家的偿付能力。以本国货币发行债务的能力以及这种货币在国际层面发挥货币功能的程度是支撑偿付能力的最重要因素。主权破产是全球流动性不对称特征所固有的，而不仅仅是财政不幸或管理不善的产物。为了纠正这些不对称，有必要重新设置国际货币体系。然而，只要这项改革没有实现，