The Determinants of Establishing and Launching the Palestinian Digital Pound

الموضوعات

اقتصاد

الملخص

Palestine faces an exceptionally difficult monetary reality that has no parallel in the contemporary international experience, where its financial systemoperates in the absence ofa sovereign national currency and isconstrained and hinderedby a number oflegal and political restrictionsthatare established bythe Paris Protocol signed in 1994. One of the main consequences of this reality is the resulting economic dependency on the Israeli Shekel (ILS), which has, in its capacity, limited the Palestinian Monetary Authority's (PMA) ability and adaptability to design and implement an independent monetary policythat responds to the needs of the Palestinian national economy and its market and development needs. Therefore, in light of these conditions and the existing structural challengesin this context, as well as amid growing interest in Central Bank Digital Currencies (CBDCs), this thesis proposes issuing aPalestinian CBDC denominated in what is suggested to be called a “Palestinian Digital Pound”,as a strategic instrument to enhance monetary sovereignty and financial efficiency.Accordingly. this thesis examines the feasibility of launchinga Palestinian CBDC and to also establish the relevant institutional and operational foundations needed. The study, in order to achieve this objective, identifies and analyzesthe keylegal, economic, and institutional determinants that shape and even governrealizing thisproject, and it also assesses the applicability of it under the current conditions and challenges that the Palestinian context is facing. The study uses a qualitative research design by combining and integrating a document analysis of the Paris Protocol and PMA regulations with primary data from semi-structured interviews viwith sevenexperts, who include former Prime Minister, two former PMA governors, Undersecretary of Ministry of Economic and Trade/economic advisor,a PhD legal expert,aPhDeconomistandExecutive Manager at Research and Development Department at PMA. The Data was analyzed using a hybrid Thematic and Framework analysis approach.The findings have concluded that the primary obstacles to a Palestinian CBDC are mainly political, not technical, where by applying the lens of Disaggregated Sovereignty,the legal analysis showsthat while high-level political perspectives argue the Paris Protocol is obsolete, the physical reality of the Seven Tools of Control, supported by a group of unilateral Israeli levers, such as control over infrastructure(the Digital Kill Switch), banking access, and international legitimacy, where they create a sovereignty ceiling. Therefore, the idea of a “digital loophole”is dismissed as unviable.From an economic perspective, the research identifies and confirms a core-periphery dependency on the Israeli economy and a significant loss of seigniorage revenues, and therefore reaches out that a CBDC, on its own, cannot reduce this dependency, as the key prerequisite is the “ability to protect the currency”with enough sovereign reserves, which is a capacity Palestine currently lacks due to various reasons. In addition, the study finds that the existing multi-currency system, in contradiction to what isexpected, serves as a protective shield for public wealth against regional monetary volatility. On the other hand, from an institutional perspective, while the PMA is a capable institutional bricoleur that has built advanced payment infrastructure, however it remains limited and hindered by the viisovereignty ceiling, making it unable to secure launching Palestinian CBDC without Israeli political consent.This thesis argues that a Palestinian CBDC is unfeasible under current conditions, where sovereignty emerges as a prerequisite for a national currency, not a byproduct or outcome of it. Theoretically, the study extends debates on Disaggregated Sovereignty to include Infrastructural Sovereigntyand legal pluralism into the digital currency era, applies Dependency Theory to CBDCs in constrained and controlled states, and reframes CBDC planning under occupation as a form of institutional capacity-building rather than a purely technical project. Furthermore, thestudy recommends policy makers to follow a Sovereignty-First strategy, recommending focusingon resolving and addressing the foundational political and legal constraints before dedicating resources to a monetary instrument that cannot, by itself, overcome said constraints

روابط وملفات

التعريف والنوع

رقم الوثيقة

00bdc0c2-9391-4236-8bbd-f46ec175d326

رقم العقد

0

نوع الوسائط

Crawler

نوع المحتوى

الرسائل العلمية

صيغة المصدر

رسائل ماجيستير

نوع الملف

pdf text

أسماء الملفات

1084016_1.pdf

بيانات النشر

ترجمة العنوان

محددات إنشاء وإطلاق العملة الرقمية الفلسطينية

ألقاب المؤلفين

[{"name_ar":"أشرف إبراهيم","title_ar":"اعداد","title_en":"Preparation"},{"name_ar":"دياما أبو لبن","title_ar":"اشراف","title_en":"Supervision"},{"name_ar":"طارق عاشور","title_ar":"اشراف","title_en":"Supervision"}]

اللغة

English

المصدر والدورية

اسم المصدر

The Determinants of Establishing and Launching the Palestinian Digital Pound

المحتوى والصفحات

عدد الصفحات

0

كلمات الباحثين

Palestinian Digital Pound, Central Bank Digital Currency (CBDC), Palestinian Monetary Authority, Paris Protocol, Monetary Sovereignty, Palestinian Economy

إشراف وإعداد

الإشراف

دياما أبو لبن, طارق عاشور

الإعداد

أشرف إبراهيم

الاقتباسات الببليوغرافية