论数字货币的概念与法律性质

数字货币是以区块链技术为支撑并以电子化方式记录的,不代表实质商品或货物,发行者亦没有兑现实物义务的通货.按照数字货币是否由有权机关发行可以将数字货币分为法定数字货币和非法定数字货币.法定数字货币的法律属性为货币,非法定数字货币通常简称为数字货币,其虽然可以在功能上满足货币的交易媒介要求,但在法律属性上不构成法定货币.按...     

Export diversification and the S-curve effect in a resource-rich state: evidence from Azerbaijan

Resource-rich states often miss out on diversified export-led growth opportunities due to their overreliance on resource-generated revenues. One strategy to boost non-resource exportation is to temporarily devalue the domestic currency and to provide exporters with some price competitiveness. This paper applies the notion of currency devaluation to the issue of export diversification via the S-curve principle. A comprehensive analysis of aggregate, bilateral, and industry-level trade is employed for Azerbaijan—a country-model for resource-abundant states with underdeveloped non-oil sectors. Consistent and strong evidence in favor of the S-curve effect is found in all stages of our analysis. In particular, a depreciative shock to the exchange rate correlates positively with the balance of trade on the aggregate and bilateral levels, as well as in 16 of the 20 industries examined. Results confirm previous literature findings. Azerbaijan’s non-oil exportation responds to a depreciated Manat in a systematically positive way, which adds further value to the argument of using currency devaluations for export diversification in resource-rich economies.     

Iterative pricing for planning foreign trade

In many industrialized countries there exist large idle production capacities. Conceivably, these might be used for increased economic aid to developing countries and for the stimulation of trade with incompletely convertible currency territories. Concurrently, a stimulation of the economic development of the industrialized countries might be achieved. In developing countries, there may be need for using available export resources in an efficient way to obtain required imports. In the Soviet sphere of influence, there is the problem of how the state foreign trade monopolies should allocate available export quantities and scarce convertible currencies, so as to obtain required import quantities. Related problems were encountered by Western boards of trade after the war in allocating import and export licences. This paper deals with the problem how to attain efficient allocations in foreign trade with the help of modern electronic computational technique. The computational system may be developed to account for inter-industry relations and industrial investments in order to achieve a high rate of economic growth.     

Rulemaking Amidst Growing Diversity: A Club-of-Clubs Approach to WTO Reform and New Issue Selection

The diverse nature of World Trade Organization (WTO) membershipmakes it highly unlikely that members will all be willing andable to sign on to the full range of agreements that many membersmight find desirable. The paper proposes an approach in whichthe WTO would supplement its core agreements with additional‘clubs’ to which only some members would subscribe.The approach is a compromise in which diversity can co-existwith a more extensive set of commitments for willing members.The paper provides suggestions for how the clubs would be selectedand how they would operate. Clubs would be chosen where theycould help promote the WTO’s central missions: loweringbarriers to trade, reducing the discriminatory effects of domesticpolicies, and enhancing economic development through trade.All WTO members would participate in negotiating club rules,but members would be free not to join. Clubs would use the DisputeSettlement Understanding (DSU) to deal with disputes, but suspensionof concessions in the event of violations would be confinedto the provisions of the same club in which the violation occurred.     

China's central bank digital currency and its impacts on monetary policy and payment competition: Game changer or regulatory toolkit?

After carrying out some preparatory work for several years, China is likely to issue central bank digital currency (CBDC). Built upon the relevant experience and research in other countries, China has been carefully designing its own version of digital currency and issuance mechanism with a purpose of not disrupting financial intermediation. Nevertheless, it still leaves some residual issues unanswered, in particular, the narrow bank concern and application scenarios. While this article proposes to use interest rates as a policy solution to mitigate the narrow bank concern, the ultimate success of CBDC still depends on market competition. China's CBDC, while initially being used as a regulatory toolkit to compete with other digital currencies, has potential to become a game changer once used in a large scale.     

清末中英在西藏的货币之争

19世纪末20世纪初，边陲西藏已成为各帝国倾力争夺的热点，特别是英国对西藏广袤的市场觊觎已久，为打开西藏对外通商的大门，英国先后发支了两次侵藏战争，用武力攫取了对藏通商的特权，并进一步发动一场金融侵略战，在东印度公司制造了一种印度卢比大量运往西藏，以此控制西藏的金融命脉，从而独占对西藏贸易的广大市场，面对主权丧尽利权外的局面，清政府的明智人士能够正视外国货币与金融的挑战，坚决进行有力回击，不但发行四川藏元与印度卢比争夺市场，还从完善从地金融，加强对藏贸易等根本途径，驱逐印度卢比对西藏的影响和控制，维护了晚清在西藏的主权利益，这在当时历史背景下堪称世纪的进步。     

“Monetary” rules for a linked system of offset credits

Three dominant issues have historically plagued climate negotiations: How to bypass issues of sovereignty, generate sufficient climate finance, and establish an agreement that is inclusive of the current major polluters. These issues are prevalent within the Clean Development Mechanism (CDM) under the Kyoto Protocol, and the CDM has provided policy makers with a useful starting point to understanding how offset credits can be utilised within a post-Kyoto framework. The primary aim of this research is to investigate how project-based offset credits generated by states would interact within a linked framework using monetary rules and exchange rates. The examination of a linked system, specifically, was owing to the structure of the proposed agreement to be finalised in Paris at COP 21 where nationally determined contributions would be submitted by each state, allowing for the possibility of linked domestic carbon market mechanisms. The certified emission reduction credits of the CDM were used as a model to investigate the trade of offset credits within a linked system which act as a unique climate currency of each domestic offset credit mechanism. These offset credits could be earned through the implementation of domestic projects or projects hosted in other states. From this research, we conclude that fixed exchange rates are more stable than flexible exchange rates in a climate currency framework. Fixed exchange rates reduce losses of capital (owing to uncertainty in the markets) and the prominence of asymmetric spatial price transmission associated with fiat offset credit prices. To encourage co-operation between developing and developed countries, it is recommended that a combination of currency area theory and trade blocs be implemented as opposed to a currency union. Currency areas are the most viable option as they maintain that the domestic offset credit mechanism is under the control of the state and retains a level of stability as individual state offset credit prices are fixed to the same price. Even though this research forms the basis for a new climate policy architecture, the overall effectiveness of the policy will be determined by the selection of appropriate discount schemes, increased participation and agreement by states, and most significantly, political will.     

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。     

Bad but Stable

Russia's fiscal system was destabilized in 2015 because of the fall in national oil revenues. The budget crisis resulted in a sustained fall in personal income, which in turn led to a fall in consumption. This in turn resulted in a decline in trade and investment. These trends were present in the majority of Russia's regions. Russia's industrial slump, on the other hand, was relatively small and did not last long, in large part due to continued investment and growth in the defense industry. The sustained industrial production, combined with the buffer of a substantial pool of foreign migrant labor, allowed for stable employment figures. Overall, the Russian economy was better able to adapt to the deterioration in conditions than most expected.     

Free trade agreements for the environment? Regional economic integration and environmental cooperation in East Asia

Traditionally, it has been argued that increased economic competition through free trade agreements would bring about environmental degradation. This study, however, argues that recent international free trade agreements have tended to enhance environmental cooperation among participating countries. This study has examined the process by which East Asian countries have developed mechanisms for the extant level of regional environmental cooperation, particularly highlighting the reasons for commonalities and differences in regional environmental cooperation between ASEAN and the dominant economies in the region. It finds that three factors particularly matter for developing regional environmental cooperative mechanisms: networks of intergovernmental organizations, the strong willingness of political leaders which is often embodied in national strategies for regionalism and the establishment, and the institutionalized linkage—particularly through FTAs—between trade and the environment. Tracing the process of policy evolution within three groups of countries sheds light on the political conditions under which the four entities involved (the ASEAN, Japan, China, and the Republic of Korea) have produced and strengthened cooperative environmental mechanisms among them along with free trade agreements. Focusing especially on the environmental policy changes in Japan, China, and the ROK associated with the creation of its FTAs with ASEAN, the study concludes that each of free trade agreements has incrementally developed environmental cooperation, especially when integrated into a vision for regional integration.     

TRADE‐OFFS IN FORMULATING A CONSISTENT NATIONAL POLICY ON ADOPTION*

Just as the courts must consider the trade‐off between the best interest of the child and parental rights in involuntary termination of parental rights, policy on international adoption must consider the trade‐offs between the best interest of the child and the long‐term interests of the nation. We argue that countries that suspend international adoptions do not maximize social welfare. A consistent national policy to maximize the well‐being of the children and society at large would be to devote resources today to the oversight of international adoption in accord with child protections under the Hague Convention, while at the same time developing a domestic system of care that provides for the physical and developmental needs of orphaned children in the context of permanent families.     

National Solidarity,Global Impartiality,and the Performance of Philosophical Theory. The Example of Migration Policy

This paper explores the issue of whether an international system of nation-states can be defended from a global perspective of impartiality. At present, it seems as if the nation-state were the only suitable institutional location for the realization of effective systems of social justice. Provided that national politics is indeed disposed to promote the freedom and well-being of its citizens, a decentralized system of nation-states is likely to produce beneficial effects. Experience, however, teaches that national politics has in many instances had decidedly negative effects. For that reason, the existing system of nation-states cannot be defended from a global point of view. Hence, the question turns on whether a system of nation-states could conceivably find the support of rational persons if it incorporated substantive restrictions on national politics. This paper discusses the liberty to migrate as one of the many options potentially available for the correction of the existing international regime. As the closer inspection of the underlying philosophical question reveals, the problem can only be resolved with reference to a normatively relevant understanding of the kind of persons we take ourselves to be. From the conclusion that the freedom to migrate is to be understood as a fundamental liberty, the discussion then turns to the legitimate limitations that might be imposed by national immigration policies. It is argued that—in order to accommodate what is demanded by both global impartiality and national solidarity—open admission policies must not in effect place at a disadvantage those who are already relatively worse off under a present distribution, for this would violate basic conditions for the development and confirmation of socially acquired self-esteem     

Exchange Rate Variability and Labor Market Performance in the Visegrád Countries

According to the traditional ‘optimum currency area’ approach, not much will be lost from a very hard peg to a currency union if there has been little reason for variations in the exchange rate. This paper takes a different approach and highlights the fact that high exchange rate volatility may as well signal high costs for labor markets. Based on the paper by Belke (2003), the impact of exchange rate volatility on labor markets in the four Visegrád Economies (Czech Republic, Hungary, Poland, and the Slovak Republic) is analyzed, finding that volatility vis-à-vis the euro significantly increases unemployment. Hence, the elimination of exchange rate volatility could be considered as a substitute for a removal of employment protection legislation.     

Bacterial Cross‐contamination Potential Associated with Contaminated Currency

Previous studies have shown a significant amount of contaminants on paper currencies. It is important to study the transfer of microorganisms between paper currencies to determine whether it meets the level of a human health threat. This cross‐contamination potential was analyzed by seeding new US 1‐dollar bills with Bacillus thuringiensis, and pressing or rubbing them against clean currency to determine the amount of bacteria transfer to the unseeded currency. The transferred amount of bacteria was recovered, plated, incubated, and the colony‐forming units were quantified. Among the recovery methods tested, the most efficient method, vortexing for 10 min with a recovery efficiency of 40 ± 8.1%, was used in this analysis. The resulting transfer rates were 4.8%, 8.6%, and 14.3% when pressed for 24 h, 72 h, and rubbed together, respectively. These transferred amounts of bacteria are significant and have the potential to spread infectious diseases.     

从监管走向治理——数字货币规制的全球格局与实践共识

全球数字货币正沿着两个方向飞速发展,技术驱动下私人数字货币的自发秩序仍在不断生长,而国家规制下法定数字货币的公权扩张也日趋明显.纵观数字货币规制的全球格局,虽然各国在数字货币ICO和交易所监管思路及其最新发展各不相同,但都是在促进金融创新与防范风险之间寻求最优平衡.因地制宜,我国亦不应采取单一的监管或控制思维,而应更多...     

确定对俄经贸合作的主要领域,开拓俄罗斯市场

本文通过对俄罗斯市场的研究和分析,认为吉林省在开拓俄罗斯市场方面应增强紧迫感,确定经贸合作的主要领域,应在森林资源、矿产资源、农业资源、渔业资源、旅游业的开发和利用方面采取有利措施,有的放矢地开展与俄罗斯的经贸合作,提高吉林省的对外开放水平,带动国民经济增长。     

Traders of the lost ark — lectures and liability

It is easy to become inured to students' common perception that lectures are what universities provide — that the attendance at lectures is the total of a student's university experience. It is fruitless to deny that lectures, and sometimes tutorials, are the students' primary connection with the modern university. It would be interesting if the delivery of lectures was considered to be conduct in trade or commerce, capable of attracting the operation of consumer protection statutes, such as the Australian Trade Practices Act 1974 (Cth). This article will investigate several Australian cases which have considered some aspect of universities' liability for misleading conduct. It will also consider more a fundamental question — should universities be exposed to liability for this type of activity?     

机制版假币票面上印刷疵点的检验

目的分析假币票样上的印刷疵点,为串并假币机制版印制点提供科学依据。方法通过图文扫描和图象处理技术,获取假币票面上的印刷疵点信息,研究梳理不同票面上一致的疵点组合,寻找其与印版的相关性,继而推导与印制者的相关性。结果找到可以表征相同胶片版或PS版的不同冠字号码假币票样上一致的印刷疵点。结论可以通过图文扫描和图象处理手段得到印刷疵点特征。     

Preparing to Be Colonized: Land Tenure and Legal Strategy in Nineteenth-Century Hawaii

In the late nineteenth and early twentieth centuries, throughout the Pacific Rim, European and American colonizers reorganized indigenous systems of property rights in land to make them look more like European property systems, with disastrous effects for the indigenous people involved. The very first of these schemes, however, was the Māhele of 1845–1855, which took place not in a colony but in the independent Kingdom of Hawaii. Why did the Hawaiians do this to themselves? I argue that the Māhele was a sophisticated and partially successful response to the prospect that Hawaii would soon be colonized. The object of the Māhele was to ensure that in the event of annexation, Kamehameha III and other elite Hawaiians would not be dispossessed of their landholdings. The strategy was to convert those landholdings into a legal form that would be recognized by an incoming colonial government—whether American, British, or French—as private property.     

The illegal trade of raptors in the Russian Federation

Wildlife trafficking, along with other green crimes, receives little attention from the criminological community. This study provides further knowledge of this black market, and exposes the structural harms that are associated with it, by examining the illegal trade in falcons in Russian Far East. The structural harms proposed here are that wildlife trafficking, and the illegal raptor trade in particular endangers the environment, is cruel to animals, and threatens national and human security because of its connection to other dangerous illicit activities. Through semi‐structured interviews, trade statistics, and online news sources, a framework is developed as to who is involved, how it is occurring, and where it is taking place as well as possible ways in which to curb this activity.