外汇储备:幻觉、偏好与陷阱

发展中国家由于长期受制于外汇短缺,因而特别注重外汇储备的累积,过分看重外汇储备的作用,从而形成了"外汇储备幻觉"和"外汇储备偏好",进而落入"外汇储备陷阱".中国在这一方面的问题尤其突出,这需要从国内和国外两种渠道寻求有效的途径来加以解决.     

Foreign exchange legislation transformation and enterprise demography in India

This article evaluates the extent to which the legislative changes relating to foreign exchange that have taken place in India within the last few decades, and in particular after 1991, have made an impact on the presence of foreign firms in the economy. The data cover the period 1957–1958 to 2001–2002, and include the entire population of India’s corporate sector. In the period after reforms commenced in 1991, the number of foreign firms in India has increased very substantially. The transformation of the foreign exchange regulation act (FERA) to the foreign exchange management act (FEMA) in 1999 has had a positive effect in inducing foreign firms to India. The FEMA legislation simplifies the maze of controls, procedures and bureaucratic minutiae that have to be observed by all those undertaking to set up and operate a business in India. The changes in the legislative regimes make India attractive as an investment destination for foreign firms.

我国外汇储备的规模与风险规避

本文通过分析国家外汇管理局年报中外汇管理形势以及我国外汇储备的规模,指出了在当前全球经济金融形势下我国巨额外汇储备面临的风险,提出应从改善我国内部经济发展模式着手,通过人民币国际化等途径进行风险规避的建议。     

Unification of Dual Foreign Exchange Markets

In this paper I investigate the impact of overnight floating of the official rate and easing foreign exchange restrictions on post-unification domestic inflation rate. After analysing the behaviour of an economy under dual foreign exchange markets, an official market with a crawling foreign exchange rate and a free illegal parallel market. The paper also shows that maintaining a unified free exchange rate depends on the degree of foreign exchange restrictions under dual foreign exchange system and on the level of the official reserve that prompts foreign exchange liberalisation policy.     

On Sanctions for Illegal Operations with Foreign Valuta and Documents of Payment

The Presidium of the USSR Supreme Soviet decrees:

1. To establish that illegal purchase, sale, exchange, or utilization of small amounts of foreign exchange, documents of payment in foreign exchange or bank payment documents in rubles acquired for foreign exchange with the right of reconversion into such exchange, when engaged in as a means of payment, shall be subject to a fine of up to fifty rubles plus confiscation of the foreign exchange and documents of payment.     

WTO外汇争端管辖安排:模糊性及其现实理性

《WTO协定》在外汇争端管辖安排方面的规定存在着相当程度的模糊性,这种模糊性并非立法疏漏或失误,而是寓含着深刻的现实理性。现行WTO关于外汇争端管辖安排的框架,为今后WTO扩张其外汇争端管辖权留下充分法律空间。透过这种制度安排以及目前汇率争端解决的政治化困境,我们可以预设未来WTO将不断扩张其外汇争端管辖权的发展趋势。     

中美汇率之争的国际法问题与解决之道

中美之间关于汇率操纵的争议涉及IMF和WTO关于汇率措施的管辖权、相关汇率措施在IMF和WTO项下的合法性以及IMF或WTO相关决议或裁决的执行等三个重要的国际法问题。IMF对汇率措施拥有无可置疑的管辖权,但其作出以及执行决议的能力受到IMF垂直监督体制的严格限制。WTO对汇率措施拥有有限管辖权,但中美汇率之争超出了WTO贸易争端解决机制的能力限度。对于此类无能为力之案,解决之道在于双边磋商。     

Exchange Rate Adjustment in Partially Liberalized Economy

This paper develops a model of exchange rate determination in partially liberalized post-socialist economy that operates under soft budget constraints in nontradable sectors. The model captures the factors that determine the evolution of a country's external balance during the initial phase of economic liberalization. Three types of disturbances are the center of analysis: liberalization of trade and foreign exchange regime, devaluation, and price liberalization. We show that the real exchange rate appreciation may either improve or worsen the trade balance depending on the sources of this appreciation. Thus, we argue that the real exchange rate cannot reflect true country's competitiveness unless all sectors are equally exposed to hard budget constraints. The model implications are further analyzed through the empirical evidence on the relationship between the real exchange rate and trade balance in three selected East European countries.     

Managed Floating as a Monetary Policy Strategy

Although there seems to be a broad consensus among economists that purely floating or completely fixed exchange rates (the so-called corner solutions) are the only viable alternatives of exchange rate management, many countries do not behave according to this paradigm and adopt a strategy within the broad spectrum of exchange rate regimes that is limited by the two corner solutions. Many of these intermediate regimes are characterized by significant foreign exchange market interventions and a certain degree of exchange rate flexibility with non-preannounced exchange rate targets. While academic research in this area usually concentrates on some specific aspects of intermediate regimes (such as the effectiveness of interventions or institutional aspects), managed floating has rarely been analyzed as a comprehensive monetary policy strategy. In this paper, we present a monetary policy framework in which central banks simultaneously use the exchange rate and the interest rate as operating targets of monetary policy. We explain the mechanics of foreign exchange market interventions and sterilization and we explain why a central bank has an interest of controlling simultaneously the two operating targets. We derive the monetary policy rules for the two operating targets from a simple open economy macro model in which the uncovered interest parity condition and the monetary conditions index play a central role.     

我国外汇保证金交易法律制度构建初探

外汇保证金产品属于金融衍生品,国际上外汇保证金交易是非常普遍的交易形式。因投资者风险较大、法律法规缺失、监管缺位,2008年6月我国外汇保证金交易第二次紧急叫停,但境外交易经纪商在我国境内设立的分支机构仍然从事着外汇保证金＂经纪业务＂,国内投资者的风险有增无减。首要的法律问题是界定外汇保证金产品与证券、期货、外汇的异同,辨析外汇保证金的法律属性。风险隔离机制主要应考虑资金安全和破产风险。在监管体系方面,我国应加快金融统一监管体系的构建。     

Waiver of the two-year home country physical presence requirement for certain foreign medical graduates--INS. Interim rule with request for comments

This rule amends the Immigration and Naturalization Service (Service) regulations by allowing certain foreign medical graduates who entered the United States in J-1 status, or who acquired J-1 status after arrival in the United States, to obtain a waiver of the 2-year home country residence and physical presence requirement under section 212(e)(iii) of the Immigration and Nationality Act (Act) pursuant to a request by a State Department of Public Health, or its equivalent. The waiver is intended to permit these foreign medical graduates to work at a health care facility in an area designated by the Secretary, Health and Human Services (HHS), as having a shortage of health care professionals ("HHS-designated shortage area"). This interim rule also contains provisions which will permit these foreign medical graduates to change their nonimmigrant status in the United States from J-1 exchange visitor to H-1B specialty occupation worker.     

Why are countries reluctant to exchange information on interest income? Participation in and effectiveness of the EU Savings Tax Directive

Since 1.7.2005 the EU Savings Tax Directive has ensured a minimum of taxation on foreign interest income by offering participating countries the opportunity either to apply a withholding tax or to exchange information on cross-border interest income. The aim of the paper is to examine why countries do not exchange information on interest income. The results suggest that the incentive to exchange information is weakened if the financial sector in a country is very profitable. A high profitability of the financial sector enables countries to maximize revenues from the corporation tax. A second reason for discouraging information exchange is related to the spillover effects on the domestic labor market. An inflow of financial capital is indirectly associated with the creation of employment and well-paid jobs. In its current form the savings tax directive enables individuals to avoid taxation, either by placing their income in non-participating countries or by investing in assets which are not part of the directive. Using German revenue data for 2005 and 2006 the paper shows that Germany receives significantly less revenue from countries applying a withholding tax. This result indirectly indicates that investors can take advantage of the directive's loopholes.     

试论地方高校外事工作的新定位

随着高等院校国际交流的不断深入,地方高校的外事工作面临着新的机遇和挑战。外事管理部门应科学探究工作的新定位,积极探索工作的新思路,大力推出工作的新举措。基于科学合理的定位,围绕高校外事工作的大环境,根据学校的规划发展,人才培养和学科建设需要确定工作目标,通过国际交流与合作促进学校整体办学水平的提升。     

论外商证券投资法律制度

外商对华证券投资包括投资于境外证券市场与境内证券市场的外资股与债券,其主流则为境内上市外资股(B股)与QFII投资普通股(A股)。外商证券投资的法律制度由投资者本国的法律监管与东道国法律监管两部分构成。前者监管主要针对证券发行数量、税收和利率的限制,后者监管主要集中在证券入市审批和证券交易管理,两者中应以东道国法律监管为主。我国对外商证券投资实行较为严格的监管制度,集中体现为证券市场开放中实行的QFII制度。法律监管的范围涉及市场准入审批、证券发行、证券交易、资产管理和外汇管理等方面。     

China's Exchange Rate Reform and Exports

The paper argues that exchange rate reform is a vital supply-side factor in China's export growth. It contributes to China's export expansion by affording a realistic exchange rate and allowing freer access to foreign exchange, thereby leading to the reduction of anti-export bias and strong supply response. In an imperfect substitutes model, China's long-run export supply and demand functions are estimated in a system context. Evidence is found that the exchange rate reform is one of the most influential factors in China's long-run export expansion, inducing significant response of exports supply. In the short-run, the exchange rate reform and the export volume are also cross-linked through the error-correction process. China's exchange rate policy adjusts speedily to ensure the long-run equilibrium of the supply-side relationship and is likely to have played a dominant role in the adjustment. The study confirms, thanks to the exchange rate reform, China's exchange rate policy has benefited China's remarkable growth of exports before 1994.     

RECOGNITION AND ENFORCEMENT OF JUDGMENTS BETWEEN CHINA,JAPAN AND SOUTH KOREA IN THE NEW ERA: SOUTH KOREAN LAW PERSPECTIVE

This article discusses the rules for recognition and enforcement of foreign judgments in the Republic of Korea (hereinafter referred to as “South Korea” or “Korea”). Articles 217 and 217-2 of the Civil Procedure Act of Korea and Articles 26 and 27 of the Civil Enforcement Act of Korea provide for the recognition and enforcement of foreign judgments respectively. Korea has not entered into any bilateral or multilateral treaties regarding the recognition and enforcement of foreign judgments and is not a party to the Convention on Choice of Court Agreements. The article also considers the current undesirable status of recognition and enforcement of judgments in the region consisting of China, Japan and South Korea (hereinafter referred to as “Region”) and suggests a course of action to be taken to improve the situation. The author believes that the experts of the Region should embark upon a project to improve the current situation and that the first step should be to exchange and gather information on the current legal regime of the countries in the Region on the recognition and enforcement of judgments. The author looks forward to future cooperation among the experts in the Region on this topic and is confident that the reciprocity requirement, which currently is a major obstacle to the mutual recognition and enforcement of foreign judgments in the Region, will be overcome in the near future.     

析外币债务判决中的Miliangos规则

法院地货币/违约日规则曾经被认为是英美法系外币债务判决中的基本原则,并且对很多大陆法系国家产生重要影响,这种状况一直持续到1975年英国上议院的Miliangos案才发生改变。Miliangos案以后的一系列案件将外币债务判决的Miliangos规则发展成为:法院可以用外国货币作出判决,或者按照实际支付日的汇率,折算成本国货币判决。在对Miliangos规则的确立、完善及其发展变化进行详尽阐述的基础上,可以对该规则进行有意义的评价和分析。     

人民币汇率问题的国际法分析

人民币汇率问题近年来在国际上备受关注。本文以国际法为视角封汇率问题进行分析,阐述了人民币汇率形成机制改革的原则和内容,国际货币基金组织与世界贸易组织在解决相关国际争议上的管辖范围与相互关系,指出中国的汇率政策完全符合国际货币基金组织的相关规定,依法履行了相关国际条约义务。国家货币主权完全属于一国内政,国家有权独立自主地行使本国的货币主权。人民币汇率改革应坚持三个原则,即主动性、可控性和渐进性。     

论WTO后过渡期中国对外贸易法律制度的梳理和完善

论述主要分为三部分:一是分析我国加入WTO,在"后过渡期"内,我国在对外贸易领域的发展特征,该部分主要着眼于国内的角度;二是论述在国际贸易中,诸多因素的冲突、互动及对我国的影响,该部分主要着眼于国际视野;三是阐述在面临国内外新形式下,我国对外贸易法律制度需要进一步梳理和完善,以有利于我国对外贸易的进一步发展.     

Old Habits Are Hard to Change: A Case Study of Israeli Real Estate Contracts

This article presents a case study on the persistent dollarization norm in the Israeli real estate market. For many years Israeli real estate contracts have been denominated in American dollars. This contracting norm has remained surprisingly stable despite tremendous changes in the structure of the Israeli foreign currency market that severed the connection between the dollar and local inflation and added significant risks to exchange rates. Using an array of theoretical tools, I explain this puzzling phenomenon and demonstrate the centrality of social norms to the design of high‐stakes contracts. Finally, I explore the interaction between social norms and the law and highlight the potential obstacles to regulating contracting norms.