Currency devaluations and consolidating democracy: the example of the South African rand

Abstract

In 2001 the South African rand depreciated suddenly and steeply against the dollar and euro. This triggered inflation as the prices of imported products gapped upward. To offset the imminent inflationary effects and attract foreign exchange, the Reserve Bank raised interest rates, resulting in slower domestic growth. The critical question was the cause of the currency depreciation. We argue here that the rand's decline was the result of a concatenation of internal and external factors, specifically the way the operations of the global financial markets magnified and exacerbated the effects of internal financial policy decisions. The article illustrates the heightening connectivity between domestic policy decisions aimed at regulating the national economy and the globalizing financial markets that operate on an altogether different logic. The Reserve Bank's attempt to regulate the local foreign exchange regime in concert with the corporate use of financial instruments to circumvent these exchange controls led to a relatively illiquid currency market that was easily susceptible to attack by speculative capital. The end result was a crippling devaluation that especially hurt the impoverished black South African majority in the process of getting on its feet economically, thereby adding a further constraint on the consolidation of post-apartheid democracy.     

浅析“热钱”流入对我国货币政策的影响和建议

中国是一个发展中的大国,需要一个相对稳定的国际国内金融环境,中国经济的稳定发展对亚洲和世界具有积极意义。“热钱”流入对我国经济的均衡发展、国际收支平衡、人民币汇率稳定及货币政策宏观调控的效果带来一定影响。因此,必须从我国实际出发,实行以市场供求为基础的、有管理的浮动汇率制度,继续保持人民币汇率稳定,积极探索完善人民币汇率形成机制,采取多种措施改善国际收支平衡状况,促进经济内外协调发展。     

金融全球化视角下我国货币刑法的改革

金融全球化下金融法律存在趋同的态势 ,货币刑法也有共同规则。我国在加入WTO后 ,货币刑法的国际化应予考虑。中外货币犯罪刑事立法在章节体系、客体定位、罪名设置、主观目的、外币保护、犯罪形态、刑事责任等 7个方面存在较大差异 ,中国的货币刑法重点应从这些方面加以完善     

货币国际化模式比较与人民币国际化的思考

货币国际化是近来研究比较热的问题,研究的视角也很多。从分析主要货币国际化的模式出发,通过对马克和日元两种货币国际化的路径进行比较研究,探寻两种货币国际化成功的因素和发展过程中遇到的问题,在此基础上提出人民币国际化的路径选择,也不失为一种视角。     

人民币能否国际化

今年以来,货币自由兑换开始成为俄罗斯与印度追求的目标,目的在于实现货币的国际化。随着中国外汇储备的增加和对外经济规模的不断扩大,以及国际经济失衡格局的不断强化,我国非常有必要放松外汇管制、实现人民币更大范围的可兑换和人民币的国际化,而且这也是很有可能的。实现人民币的自由兑换和国际化虽然能带来巨大的制度收益,但也会带来一定的风险;虽然具备了一定的条件,但也存在许多需要克服的障碍。因此,要实现人民币的自由兑换和国际化还有很长的路要走,目前应当做的就是扎实做好各项基础工作。     

论货币犯罪侦查、认定与预防

货币犯罪案件具有隐蔽性、连环性强,地域广,环节多等特点。因此无论是案件侦查,还安防范都应针对其特点采取措施,并且在办案中应当慎重,做到准确认定。     

我国外汇储备增加对通货膨胀的影响及对策研究

2006年10月,我国外汇储备突破万亿美元大关。外汇储备增加将引起外汇占款增加,人民币供给量增多,从而引发通货膨胀现象。分析外汇储备激增导致通货膨胀产生的传导机制,提出合理的政策建议,对解决我国现阶段出现的通货膨胀问题具有积极的意义。     

账户质押效力论

基于"货币占有即所有原则"不应适用账户质押场合等原因,账户质押应采"金钱质押说",性质上属于动产质押.无论是银行账户质押还是融资融券担保中的账户质押,都应通过解释论肯认其效力.账户质押构造上既具有普通动产质权的特征,也在标的物特定化、质权人对账户实际管领力及公示技术等方面存在特殊性.账户质权在实现时因标的物的特殊性也不违反禁止流质条款.此外,账户质押的出质账户在一定条件下可以被第三人冻结但不得被直接扣划.     

使用假币罪的实行行为方式解读

“使用伪造的货币”是我国现行刑法规定的使用假币罪的实行行为方式,学界对其基本含义存在“狭义说”与“广义说”之争,这种争议实质上是基于规范用语与普通用语的不同角度来理解“使用”概念而产生的。根据我国使用假币罪的立法变动情况和普通用语规范化的目的论解释方法,“使用伪造的货币”的基本含义应当解读为：以伪造的货币冒充真币,并以真币的通常用法加以利用的行为,但是应当排除私人储藏、出售伪造的货币以及银行工作人员以伪造的货币换取真币等三种情形。     

Lack of European Identity and the Failure of the Eurozone

Since late 2007, the Eurozone has been embroiled in a crisis that has seen GDP per capita stagnate, public debt soar, and unemployment reach record levels. This article argues that the Eurozone crisis will inevitably force fundamental changes in the structure of the EU. The only way to make the Eurozone work is through deeper fiscal integration of Eurozone economies. Yet wholesale fiscal integration cannot be achieved in the near term, due to the fact that EU citizens continue to identify more with their own nationalities than with Europe as a whole. The Eurozone economies of southern Europe will, therefore, continue to flounder, leading to further anti‐EU sentiment. Anti‐EU sentiment may eventually increase up to the point where one or all of these countries leave the Eurozone or the EU altogether. These propositions are supported with arguments from economic theory, and are bolstered by evidence from surveys and opinion polls.