國際商法-rayaugust著學習

國際商法——rayaugust著學習第1頁/共61頁CHAPTER6

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

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

accountisthemoneyusedtodefinetheamountoftheobligation.Themoneyofpaymentisthemoneyusedtopayoffanobligation.Paymentismadeinlocalcurrencyattheforeignexchangerateonthedatepaymentisdue.Iftheplaceofpaymentisnotselected,courtsmayusetheplaceofdeliveryordesignatesomeotherplace.

第5頁/共61頁Case6-1

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

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

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

第8頁/共61頁TheInternationalMonetary

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

第9頁/共61頁TheIMF’sSpecial

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

InternationalMonetaryFund第11頁/共61頁MajorFunctionsoftheIMF

CurrencyexchangeCurrencysupportSurveillanceYearlyin-depthappraisalsofeachmembers’economicsituationTechnicalassistancethroughstaffmissionsSurveillance:

Purpose:Topromoteglobaleconomicstabilitythroughmultilateralcooperation.

IMFmandatedto:OverseetheinternationalmonetarysystemandMonitortheeconomicandfinancialpoliciesofthe185members.Thisactivityisknownassurveillance.

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

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

(PublicdomainphotocourtesyofIMF)

第16頁/共61頁CurrencyExchangeThecurrencyexchangesystemestablishedin1945bytheIMFwastheparvaluesystem.Itrequiredallmemberstodeclareavalueatwhichtheircurrenciescouldbeconvertedintogold.Remainedineffectuntil1973whentheUSdevaluedthedollar.ReplacedbytheSecondAmendmentsystemin1978thatallowsmemberstodefinethevalueoftheircurrencybyanymeansotherthanbyreferencetothevalueofgold.

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

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

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

第22頁/共61頁Case6-3

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

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

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

IMFFacilitiesIMFfinancialresourcesaremadeavailabletomembersthroughavarietyoffacilities,orprograms.Thefacilitiesarefundedfrom:TheGeneralResourcesAccountTheSpecialDisbursementAccountTheEnhancedStructuralAdjustmentFacilityTrustFund

第30頁/共61頁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/共61頁IMFFacilities:Regular,Concessional,andSpecialConcessionalIMFFacility–designedtohelplow-incomecountrieswithprotractedbalance-of-paymentproblems.Itprovidesloansatconcessionalratesof0.5percentperannum.In2006,78countrieswereeligibleforthisassistance.SpecialIMFFacilitiesCompensatoryFinancingFacility–helpsacountrydealwithdepletionofitsforeignexchangereserves.SupplementalReserveFacility–short-termassistanceforexceptionalbalance-of-paymentsdifficulties.第32頁/共61頁IMFConditionalityPrinciplethatamember’srighttotheuseofcredittranchesandcreditfacilitieswilldependonitsprogressinregularizingitsbalance-of-paymentobligationsanddevelopingsustainedeconomicgrowth.

AnIMFteammeetswithseniorofficialandhisstaffinAfghanistan.(PublicdomainphotocourtesyofIMF.)

第33頁/共61頁DevelopmentBanksInternationalBankforReconstructionandDevelopment

(IBRD)–“WorldBank”Intergovernmentalorganizationthatprovidesdevelopmentfundingforitsmembers.InternationalDevelopmentAgency

(IDA)–subsidiaryofWorldBankthatprovidesconcessionaldevelopmentfinancingtolessdevelopedcountries.InternationalFinanceCorporation

(IFC)–subsidiarythatprovidesdevelopmentfinancingtoprivateenterprises.

第34頁/共61頁DevelopmentBanksWorldBankalsomanagestheTrustfundoftheGlobalEnvironmentFacility

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

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

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

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

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

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

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

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

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