Money as a legally enforceable debt

Rahmatian, A. (2018) Money as a legally enforceable debt. European Business Law Review, (Accepted for Publication)

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Abstract

Money is usually regarded as a subject in the domain of economists, but it is really a fundamentally legal notion. In fact, it is a creation of the law. Money is a special object of property, and at the same time a form of debt, enforceable by law which ultimately confers on it the quality of money. The concept of dematerialised property assists in describing the concept of money accurately. The article discusses the different types of money, and the creation of money through central banks and through commercial banks by giving credit. It explores the possible legal foundation of this money creation process. The discussion also looks at the legal regulation of money creation in Germany and presents findings from an interview with a practising commercial lawyer in Germany which confirm the author’s thesis that money is a legally enforceable debt.

Item Type:Articles
Status:Accepted for Publication
Refereed:Yes
Glasgow Author(s) Enlighten ID:Rahmatian, Professor Andreas
Authors: Rahmatian, A.
College/School:College of Social Sciences > School of Law
Journal Name:European Business Law Review
Publisher:Kluwer Law International
ISSN:0959-6941
ISSN (Online):0959-6941

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