State Responsibility and Currency Depreciation in Selected Developing Countries: A Comparative Constitutional Analysis

Currency depreciation in developing countries is commonly treated as a macroeconomic phenomenon; however, this study reconceptualizes it as a constitutional issue of economic governance involving state responsibility, institutional accountability, and socio-economic rights protection. This research examines how constitutional and legal systems regulate monetary stability obligations amid persistent currency depreciation. The study focuses on selected developing countries, namely Lebanon, Argentina, Iran, Indonesia, Laos, and Paraguay, which reflect diverse institutional arrangements and varying degrees of monetary instability shaped by fiscal structures, governance capacity, and external economic pressures. A normative juridical method is applied through statutory interpretation, doctrinal analysis, and comparative legal approaches to examine the relationship between constitutional law and monetary governance. The findings indicate that currency depreciation is not merely a technical economic issue but also reflects structural weaknesses in constitutional governance, particularly in fiscal–monetary coordination, institutional accountability, and enforcement of public welfare obligations. The study develops the Constitutional Monetary Responsibility Framework (CMRF), integrating monetary stability, state responsibility, constitutional accountability, and socio-economic rights protection into a unified model. This framework positions currency depreciation as a constitutional stress indicator affecting institutional legitimacy and economic rights realization. The study contributes to constitutional economic governance literature by offering a comparative legal perspective on monetary instability in developing countries and argues that effective responses require both macroeconomic adjustments and strengthened constitutional oversight. The research is limited by reliance on secondary legal sources and recommends future empirical socio-legal studies to validate the framework.