國(guó)際商法-rayaugust著學(xué)習(xí)

國(guó)際商法——rayaugust著學(xué)習(xí)第1頁(yè)/共61頁(yè)CHAPTER6

MONEYANDBANKINGTopicsforthischapter:MoneyTheInternationalMonetaryFund(IMF)CurrencyExchangeCurrencySupportDevelopmentBanksTheBankforInternationalSettlementsRegionalMonetarySystemsNationalMonetarySystems第2頁(yè)/共61頁(yè)MoneyMoneyisanythingcustomarilyusedasamediumofexchangeandameasureofvalue.Moneymaybe:Private–stock,raremetals(goldandsilver),commoditiesOfficial–unitofexchangeissuedbyagovernment(coinsandcurrency)第3頁(yè)/共61頁(yè)TheValueofMoneyThevalueofmoneyisnominallyconstant.Theprinciplethatanobligationtopayaparticularsumofmoneyisfixedanddoesnotchangeevenifthepurchasingpowerorforeignexchangerateofthemoneydoesisknownasnominalism.Somenationalgovernments(e.g.,Germany,Belgium,Argentina)allowmoneytoberevaluedifthecurrencyhasalmosttotallycollapsed.England,theUS,andItalydonotallowrevaluation.

第4頁(yè)/共61頁(yè)TheChoiceofMoneyLocalcurrencyisusedfordomestictransactions.Ininternationaltransactions,thepartiesmustdesignatetwomoniesandtheplaceofpayment:Themoneyof

accountisthemoneyusedtodefinetheamountoftheobligation.Themoneyofpaymentisthemoneyusedtopayoffanobligation.Paymentismadeinlocalcurrencyattheforeignexchangerateonthedatepaymentisdue.Iftheplaceofpaymentisnotselected,courtsmayusetheplaceofdeliveryordesignatesomeotherplace.

第5頁(yè)/共61頁(yè)Case6-1

RepublicofArgentinaetal.v.Weltover,Inc.etal.ArgentinaissuedbondsthatweretobepaidinU.S.dollarsattheplaceselectedbythebondholders.TheplaintiffsselectedNY,andArgentinamadeinterestpaymentsthere.Argentinaunilaterallytriedtoreschedulethebondpaymentsandplaintiffsdemandedpaymentinfull,objectingtothereschedulingandspecifyingNYastheplaceofpayment.U.S.SupremeCourtheldthatArgentina’sreschedulingofthematuritydateshadadirecteffectintheUnitedStates.第6頁(yè)/共61頁(yè)Case6-1

RepublicofArgentinaetal.v.Weltover,Inc.etal.ArgentinapossessedminimumcontactsbyissuingbondsdenominatedinU.S.dollarsandpayableinNYandbyappointingfinancialagentinNY.IftheplaceofperformanceisintheUS,therearedirecteffectsintheUSandcourtstherehavepersonaljurisdiction.

第7頁(yè)/共61頁(yè)MaintainingMonetaryValueHowdothepartiesensurethattheamountpaidonasalewillbefairwheninflationishigh?Thepartiescanincludeamaintenanceofvalueclause.Thisprovisionsaysthatthepricewillbeadjustedaccordingtotheinflationrate.Thepartiescanavoidinflationproblemsbychoosingamoneyofaccountthatisstable,suchastheU.S.dollar,EUeuro,orJapaneseyen.Useofacurrencybasketcanhelpavoidproblemswithcurrencyfluctuations.Thisisaselectedgroupofcurrencieswhoseweightedaverageisusedtodefinetheamountofanobligation.

第8頁(yè)/共61頁(yè)TheInternationalMonetary

Fund(IMF)Thesetofrulesandproceduresbywhichdifferentnationalcurrenciesareexchangedforeachotherinworldtradeisknownastheinternationalmonetarysystem.Thegoldstandardwasamonetarysystemthatprovidedforthefreecirculationbetweenstatesofgoldcoinsofstandardspecification.Thegoldstandardwasreplacedbythegoldbullionstandard,amonetarysystemthatrequiredstatestobuyandsellgoldbullionwithpapercurrencyatafixedprice.

第9頁(yè)/共61頁(yè)TheIMF’sSpecial

DrawingRight(SDR)第10頁(yè)/共61頁(yè)TheIMFAnintergovernmentalorganizationheadquarteredinWashington,D.C.Usingfundscontributedbyitsmembers,itwillpurchaseacurrencyontheapplicationofamembertohelpthememberdischargeitsinternationalindebtednessandstabilizeitscurrencyexchangerates.

InternationalMonetaryFund第11頁(yè)/共61頁(yè)MajorFunctionsoftheIMF

CurrencyexchangeCurrencysupportSurveillanceYearlyin-depthappraisalsofeachmembers’economicsituationTechnicalassistancethroughstaffmissionsSurveillance:

Purpose:Topromoteglobaleconomicstabilitythroughmultilateralcooperation.

IMFmandatedto:OverseetheinternationalmonetarysystemandMonitortheeconomicandfinancialpoliciesofthe185members.Thisactivityisknownassurveillance.

第12頁(yè)/共61頁(yè)IMFQuotasAstatemustcontributeacertainsumofmoneycalledaquotasubscriptionbeforeitcanbecomeamemberoftheIMF.Quotaisbaseduponsizeofstate’seconomy.Thequotaservesthesepurposes:Members’quotasmakeuppooloffundsthatcanbelenttomemberhavingfinancialdifficulties.Determineshowmuchamembercanborrow.Quotasdetermineamember’svotingpower.第13頁(yè)/共61頁(yè)OrganizationoftheIMFBoardofGovernorscomprisingagovernorandalternategovernorfromeachmember.Meetonceayearandvotebymailatothertimes.GovernorsdelegatepowerstoanExecutiveBoardcomprising24directorsandmanagingdirectorwhomeetthreetimesperweek.Actsbyconsensusinsteadofformalvoting.ManagingdirectoristraditionallyEuropean.Directorsandstaffactforthememberstatesasawhole.

第14頁(yè)/共61頁(yè)IMFOperationsMembersoftheIMFobserveacodeofconduct.Thiscoderequiresmembersto:Keepothermembersinformedofitsarrangementsfordeterminingthevalueofitsmoneyrelativetothemoneyofotherstates,Refrainfromplacingrestrictionsontheexchangeofitsmoney,andPursueeconomicpoliciesthatwillincreaseitswealthandthewealthandthatofallIMFmemberstates.Observationofthiscodeisvoluntary.第15頁(yè)/共61頁(yè)IMFResponsibilitiesModernly,theFundisresponsiblefor:Supervisingasystemofcurrencyexchange,Lendingmoneytomembersinordertosupporttheircurrenciesandtheireconomies,Providingauxiliaryservicestoassistmembersinestablishingandcarryingouttheirexternaldebtandotherfinancialpolicies.TheExecutiveBoardoftheInternationalMonetaryFund,Washington,D.C.(April19,1999)

(PublicdomainphotocourtesyofIMF)

第16頁(yè)/共61頁(yè)CurrencyExchangeThecurrencyexchangesystemestablishedin1945bytheIMFwastheparvaluesystem.Itrequiredallmemberstodeclareavalueatwhichtheircurrenciescouldbeconvertedintogold.Remainedineffectuntil1973whentheUSdevaluedthedollar.ReplacedbytheSecondAmendmentsystemin1978thatallowsmemberstodefinethevalueoftheircurrencybyanymeansotherthanbyreferencetothevalueofgold.

第17頁(yè)/共61頁(yè)EnforcementofExchangeControlRegulationsofIMFMemberStatesExchangecontractsthatviolatetheexchangecontrolregulationsundertheArticlesofAgreementoftheIMFareunenforceableintheterritoryofanymember.Thepurposeofthisprovisionisto:PreventoneIMFmemberfromfrustratingthelegitimateexchangecontrolsofanothermember,andTodeterprivatepersonsfromviolatingexchangecontrolregulations.第18頁(yè)/共61頁(yè)ExchangeContractsTheIMFdirectorshavenotinterpretedthetermexchangecontracts.CourtsinEuropeinterpretittomeananycontractthatinanywayaffectsthecurrencyexchangeresourcesofacountry.AmericanandBritishcourtsinterpretittomeanacontracthavingasitsimmediateobjecttheinternationalexchangeofmediumsofpayment.Thisexcludessecuritiescontracts,salescontracts,andinterpretationloans.第19頁(yè)/共61頁(yè)Case6-2

Wilson,Smithett&Cope,Ltdv.TerruzziFacts:Terruzziwasacommoditiesspeculatorwhoenteredintocontractstosellzincshortthoughtheplaintiff’scommoditieshouseinLondon.Whenthepriceofzincsoared,Terruzzirefusedtopaytheplaintiffs.ThecontractsviolatedItalianlaw.Terruzzidefendedonthegroundthatthecontractswereexchangecontracts.第20頁(yè)/共61頁(yè)Case6-2

Wilson,Smithett&Cope,Ltdv.TerruzziHeld:Exchangecontractsdonotincludecontractsforthesaleofgoodsorcommodities.TheIMF’sArticleVIII(2)(b)istobenarrowlyinterpretedtoonlycovercontractstoexchangethecurrencyofonecountryforthecurrencyofanother.第21頁(yè)/共61頁(yè)EnforcementofExchangeControlLawsInTheAbsenceofIMFMembershipTheprovisionsofArticleVIII,Section2(b)oftheIMF’sArticlesofAgreementareinconflictwiththechoiceoflawrulethatholdsthatstatesdonotenforcetherevenuelawsofotherstates.Therationaleforthisruleisthattheenforcementofforeignrevenuelawsinfringesonthesovereignrightsoftheforumstate.Section2(b)overridesthisnonenforcementruleinmostcases.However,notallcountriesaremembersoftheIMF.

第22頁(yè)/共61頁(yè)Case6-3

Menendezv.SaksandCompanyImportersofCubancigarsmadetheirpaymentstomanufacturersthroughNYbanks.WhenCubangovernmentnationalizedtheoperationsofthefiveleadingmanufacturers,theownersofthecompaniesfledtotheUSandbroughtactionstocollectthesumsdueforthecigarspreviouslyshipped.第23頁(yè)/共61頁(yè)Case6-3

Menendezv.SaksandCompanyTheU.S.courtrefusedtoenforcetherevenuelawsofCubaandsinceCubanolongerhadanyagreementswiththeUS,theformerownerswereallowedtocollectthemoney.第24頁(yè)/共61頁(yè)EnforcementofOtherIMFMembersStateCurrencyExchangeObligationsSection2(a)ofArticleVIIIoftheIMFArticlesofAgreementforbidsmemberstatesfromimposingrestrictionsonthepaymentsortransfersinvolvingcurrentinternationaltransactions.Acurrentinternationaltransactionisanycurrencytransactionotherthanthetransferofcapital.IMFheadquartersinWashington,D.C.(PublicdomainphotocourtesyofIMF)第25頁(yè)/共61頁(yè)EnforcementofOtherIMFMembersStateCurrencyExchangeObligationsTherecanbenorestrictionsontransfersinvolving:Allpaymentsdueinconnectionwithforeigntrade,currentbusiness,short-termbanking,andcreditfacilities.Paymentsdueasinterestonloansandasnetincome.Paymentsforamortizationofloansorfordepreciationofdirectinvestments.Moderateremittancesforfamilylivingexpenses.第26頁(yè)/共61頁(yè)EnforcementofOtherIMFMembersStateCurrencyExchangeObligationsSection3ofArticleVIII–forbidsamemberfromengaginginanydiscriminatorycurrencyarrangementsormultiplecurrencypractices.Section4–requiresamembertobuyitsowncurrencyfromothermemberswhohaveacquireditasaresultofcurrenttransactions.第27頁(yè)/共61頁(yè)EnforcementofOtherIMFMembersStateCurrencyExchangeObligationsSections5,6.and7ofArticleVIIIrequiremembersto:

furnishinformationtotheIMF,consultwithothermemberswhenadoptingspecialortemporarycurrencyexchangerestrictions,collaborateinpromotinginternationalliquidity,andworkwithothermemberstomakethespecialdrawingrighttheprinciplereserveassetintheinternationalmonetarysystem.第28頁(yè)/共61頁(yè)CurrencySupportIMFservesasashort-termsourceoffundsformemberstateshavingdifficultymeetingtheirbalance-of-paymentobligations.Thesefundsaredrawnprincipallyfromthequotasubscriptionspaidbymembers,thoughtheIMFalsoborrowsfromcommercialbanks.第29頁(yè)/共61頁(yè)CurrencySupport:

IMFFacilitiesIMFfinancialresourcesaremadeavailabletomembersthroughavarietyoffacilities,orprograms.Thefacilitiesarefundedfrom:TheGeneralResourcesAccountTheSpecialDisbursementAccountTheEnhancedStructuralAdjustmentFacilityTrustFund

第30頁(yè)/共61頁(yè)IMFFacilities:Regular,Concessional,andSpecialRegularIMFFacilities:ReserveTranche–apercentageofanIMFmember’squotathatitmaywithdrawtostabilizeitscurrencyortomeetbalance-of-paymentobligations.ItdoesnotconstitutetheuseofanIMFcredit.CreditTranche–memberentitledtofourcredittranches,eachequivalentto25%ofitsquota.ExtendedFundFacility–upto140%ofquotaforovercomingbalance-of-paymentproblems.StandbyArrangements–addressshort-termbalance-of-paymentproblems.第31頁(yè)/共61頁(yè)IMFFacilities:Regular,Concessional,andSpecialConcessionalIMFFacility–designedtohelplow-incomecountrieswithprotractedbalance-of-paymentproblems.Itprovidesloansatconcessionalratesof0.5percentperannum.In2006,78countrieswereeligibleforthisassistance.SpecialIMFFacilitiesCompensatoryFinancingFacility–helpsacountrydealwithdepletionofitsforeignexchangereserves.SupplementalReserveFacility–short-termassistanceforexceptionalbalance-of-paymentsdifficulties.第32頁(yè)/共61頁(yè)IMFConditionalityPrinciplethatamember’srighttotheuseofcredittranchesandcreditfacilitieswilldependonitsprogressinregularizingitsbalance-of-paymentobligationsanddevelopingsustainedeconomicgrowth.

AnIMFteammeetswithseniorofficialandhisstaffinAfghanistan.(PublicdomainphotocourtesyofIMF.)

第33頁(yè)/共61頁(yè)DevelopmentBanksInternationalBankforReconstructionandDevelopment

(IBRD)–“WorldBank”Intergovernmentalorganizationthatprovidesdevelopmentfundingforitsmembers.InternationalDevelopmentAgency

(IDA)–subsidiaryofWorldBankthatprovidesconcessionaldevelopmentfinancingtolessdevelopedcountries.InternationalFinanceCorporation

(IFC)–subsidiarythatprovidesdevelopmentfinancingtoprivateenterprises.

第34頁(yè)/共61頁(yè)DevelopmentBanksWorldBankalsomanagestheTrustfundoftheGlobalEnvironmentFacility

(GEF).GEFprovidesgrantsandconcessionalfundingtodevelopingcountriestodealwithfourproblems:ClimatechangeBiologicaldiversityInternationalwatersOzonelayerdepletionInternationalFundforAgriculturalDevelopment(IFAD)–providesfinancingforprojectstoimprovefoodproductionsystems.Photo:NASA12/7/72第35頁(yè)/共61頁(yè)Exhibit6-3

RegionalDevelopmentOrganizations第36頁(yè)/共61頁(yè)ControversiesattheWorldBankCorruptionmayhavecausedthelossof$100billionovertheyears.Itisnotclearwhatthe$20billioninloanseachyearisaccomplishing.Aidseemstobemakinglittleornodifferenceinpoorcountries.Officialsinmembercountriesoftentakekickbacks.Oversightisalmostnon-existent.第37頁(yè)/共61頁(yè)Exhibit6-4

Compared:TheIMFandtheWorldBank第38頁(yè)/共61頁(yè)TheBankforInternationalSettlementsTheBankforInternationalSettlements(BIS)isanintergovernmentalorganization,headquarteredinBasel,Switzerland.Ithasthreemainpurposes:Toactasabankfortheworld’scentralbanks,Topromoteinternationalmoneycooperation,andToactasanagentforinternationalsettlements.Allofitssharesareownedbycentralbanks.第39頁(yè)/共61頁(yè)TheBankforInternationalSettlementsTheBISboardofdirectorsismadeupof

ThegovernorsofthecentralbanksofBelgium,France,Germany,Italy,UnitedKingdom,andthechairmanoftheU.S.FederalReserve,Foreachofthesegovernors,aseconddirectorofthesamenationality,andUptonineadditionaldirectorselectedbytheboardfromthegovernorsofthecentralbanksoftheothermemberstates.Theboardmeets10timesperyear.Presidentchosenfromitsboardmembers.

第40頁(yè)/共61頁(yè)BISFunctionsServesasabankfortheworld’scentralbanks.Helpsthesebanksmanageandinvesttheirmonetaryreserves.Makesliquidresourcesavailabletocentralbanksthoughfacilities.Facilitiesincludeswapsofcurrencyforgold,creditsadvancedagainstapledgeofgold,ormarketableshort-termsecurities.Alsocarriesonexchangetransactionsinforeigncurrencyandgold.Providesshort-termbridgingloanstodevelopingcountriestohelpwithbalance-of-payments.第41頁(yè)/共61頁(yè)BIS–PromoterofInternationalMonetaryCooperationHostsmeetingofworld’sfinanceministers,centralbankgovernors,andbankingexperts.Staffsthepermanentsecretariatsofthe:CommitteeofGovernorsoftheEU’scentralbanksBoardofGovernorsoftheEuropeanMonetaryCooperationFundCommitteeonBankingRegulationsandSupervisoryPracticesoftheGroupofTen.Thesesecretariatscollectdata,identifyproblemareas,andsuggestmeasuresforsafeguardingbanksolvencyandliquidity.第42頁(yè)/共61頁(yè)RegionalMonetarySystemsSetupbygroupsofcountries.VaryinfunctionfromemulatingtheIMFinpromotingcurrencyexchangeandfinancialsupportforbalance-of-paymentobligationstoestablishingacompletemonetaryunion.OrganizationsthatemulatetheIMFincludetheCentralAmericanMonetaryUnionandtheArabMonetaryFund.MonetaryunionsincludetheWestAfricanEconomicandMonetaryUnionandtheEuropeanMonetaryUnion(EMU)establishedbytheEU.第43頁(yè)/共61頁(yè)NationalMonetarySystemsThreetypesoforganizationsthatoperatetoimplementnationalmonetarypolicies:PolicyagenciessuchasMinistryofFinanceorTreasuryDepartment.Centralbank–Astate’sbankthatisresponsibleforissuingthestate’scurrency,regulatingthequantityofmoneyincirculation,maintainingcurrencyreserves,andactingasalenderoflastresort.Commercialbanks–acceptandmanagedeposits,makeloans,andoffertrustservices.第44頁(yè)/共61頁(yè)BankDepositsMoneyheldbyabank.Thebankmayfreelyusethemoneyasitseesfit.Adepositoronlyhasaclaimagainstthebankasageneralcreditor.Accounts,suchaschecking,drawagainsttheclaimthedepositorhasagainstthebank.Bankscommonlypayinterestonmoniestheyholdondeposit,exceptbanksthatfollowIslamiclaw,whichforbidsinterestpayments.

第45頁(yè)/共61頁(yè)EurocurrencyDepositsAccountsindomesticbanksthataremaintainedandpaidinaforeigncurrencyareknownasEurocurrencydeposits.AmericandollarsarethemostcommonEurocurrency.However,Britishpounds,Canadiandollars,EUeuros,Japaneseyen,andSwissfrancsarealsoused.第46頁(yè)/共61頁(yè)TheInterbankDepositMarketInthe1950s,banksbegantoborrowfromotherbanksandcorporationswithshort-termsurpluses.Theinterbankmarketwentinternationalinthe1970s.Tradesaremadealldaylongthroughouttheworldarevirtuallyunregulated.Themostcommoninstrumenttradedisthecertificateofdeposit.

第47頁(yè)/共61頁(yè)TheForeignExchangeMarketManyinternationaltransactionsrequireaforeignexchange.Ifabuyer’slocalbankdoesnothavethetypeofcurrencyneededtomakeapurchase,thebankwillseektobuythecurrencyontheworld’sforeignexchangemarket.Theforeignexchangemarketisaninformalnetworkofbanks,foreignexchangebrokers,andforeignexchangedealerswhofacilitatetheexchangeofcurrencies.第48頁(yè)/共61頁(yè)ForeignExchangesThetwomainplayersinforeignexchangesarenormallycommercialandcentralbanks.Commercialbanksactbothasintermediariesforimporters,exporters,andmultinationalcorporations,andascorrespondentbanksintheinterbankmarketplace.Centralbanksactaslendersoflastresortandasregulatorsofcurrencyexchangerates.Theysometimespurchaseweakercurrenciestohelpmaintainorderlytradingconditions.第49頁(yè)/共61頁(yè)ForeignExchangeContractsForeignexchangecontractsmaybemadeas:spot,future,forward,oroptioncontracts.Aspotcontractisacontractfortheimmediatesaleanddeliveryofacommodity,suchascurrency.Afuturecontractisapromisetobuyorsellacommodityforaspecifiedprice,withbothdeliveryandpaymenttobemadeataspecifiedfuturedate.第50頁(yè)/共61頁(yè)ForeignExchangeContractsAforwardcontractisacontractinwhichacommodityispresentlysoldandthepricepresentlypaidbutdeliveryis,byagreement,delayedtoalaterdate.Anoptioncontractisacontractthatcreatestheright--butnottheobligation--tobuyorsellaspecificamountofacommodityatafixedpricewithinanagreed-uponperiodoftime.Case6-4dealswithafuturecontract.第51頁(yè)/共61頁(yè)Case6-4

Huntetal.v.AllianceNorthAmericanGovernmentIncomeTrust,Inc.etal.Plaintiffshadinvestedinthedefendantmutualfundthatstateditwouldusehedgingtechniquestoreducecurrencyriskwheninvestingingovernmentsecurities.Thefundwasnotabletousehedgingdevicesandthismisledinvestors.Thehedgingdeviceswereunavailablebecausetheyweretooexpensiveandthefundmanagersknewthis.第52頁(yè)/共61頁(yè)ArbitrageArbitrageisthenearlysimultaneouspurchaseofcurrenciesorothercommoditiesinonemarketandtheirresaleinanotherinordertoprofitfromthepricedifferential.

第53頁(yè)/共61頁(yè)TheTransferofMoneyAbanktransfersmoneyinternationallybysettingupcorrespondentbankrelationshipwithforeignbank.Itdepositsfundsintoitsownaccountinforeignbank.Whenatransferofmoneyisrequestedoverseas,thebankacceptscustomer’smoneyatitsdomesticoffice,andthenarrangesforthecorrespondentbanktodisbursefunds.Thiscanbedoneby:Instruction–anordertoabanktodisbursefundstoaparticularperson.Billofexchange–Athree-partyinstrumentonwhichthedrawermakesanunconditionalordertoadraweetopayanamedpayee.第54頁(yè)/共61頁(yè)BranchBankingInternationalbanksprefertooperateinhostcountriesthroughbranches.Hostcountriesimposefewregulationslimitingtheoperationsofforeignbanks.Foreignbanksdonothavetomaintainreservestocoverpotentiallosses.Conflictariseswhenhostcountryseeksinformation