货币来来去去，但就业总是扎根：重新思考外围地区的外部约束和货币主权（英文版）

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 (JG) policy, an automatic stabilizer based on a reserve pool of employed individuals, as a cornerstone for fostering sustainable and inclusive growth. Grounded in modern monetary theory (MMT), this study critiques the conventional approach that prioritizes external reserves and highlig