后次贷危机时期IMF发展趋势的法律分析

发布时间：2019-05-11 21:59

【摘要】：国际货币基金组织作为布雷顿森林体系的遗物，在国际货币体系几经嬗变之后，仍在维持国际货币体系稳定方面起着基石作用。然而，IMF在最近几次危机救援中的表现导致国际社会对其信心大减，次贷危机的爆发更是暴露出了IMF的制度困境，尤其是投票制度、贷款条件性制度和汇率制度这三大制度亟需革新，以完成新时代赋予它的使命。在后次贷危机时期，IMF的发展趋势如何，成了国际社会关注的焦点。本文以“后次贷危机时期IMF发展趋势的法律分析”为标题，着眼于IMF投票制度、贷款条件性制度和汇率监督制度的探讨。全文共分五章展开论述：第一章是IMF的嬗变及其制度困境。第一节简要介绍了IMF的诞生及演变。二战后建立的布雷顿森林体系无法摆脱“特里芬难题”，在20世纪70年代瓦解。作为布雷顿森林体系的遗产，，IMF在现行的牙买加体系之下艰难地维持着“有限秩序”。第二节通过剖析美国次贷危机的法律原因，揭示出现行的国际金融监管制度无法适应当前的国际经济形势和国际金融交易现状。次贷危机暴露出IMF的制度缺陷，为了走出制度困局，IMF亟需进行改革，尤其应致力于投票制度、贷款条件性制度和汇率监督制度这三大制度架构的完善。第二章是IMF投票制度发展趋势的法律分析。第一节概括介绍了IMF投票制度架构，IMF实行以份额为基础的加权投票制度。第二节分析了IMF投票制度的法律缺陷，主要有两点。一是由于基本投票权被稀释以及份额计算公式不合理，导致份额分配严重失衡，投票权分配制度有失平等；二是集中表决方式使份额大国享有了否决权，IMF决议的国际法效力遭质疑。第三节阐述了IMF投票制度的改革，提出了明确规定基本投票权占比、调整份额计算公式、设立份额自动调整机制和双重多数表决方式四种改革方案。第三章是IMF贷款条件性制度发展趋势的法律分析。第一节概括介绍了IMF贷款条件性制度构架。在信用部分的借款，借款国需要以接受IMF制定的国内政策改革方案为条件提取款项。第二节分析了IMF贷款条件性制度的法律缺陷，主要有三点。一是贷款条件过于严苛和宽泛，有侵犯成员国经济主权之嫌。二是贷款条件过于僵化，IMF对所有借款国都千篇一律地附加“提高利率紧缩财政”的政策条件。三是IMF的贷款所附加的政策条件对借款国的宏观经济和私人资本回流收效甚微。第三节阐述了IMF贷款条件性制度的改革，提出了变更贷款条件设定主体、变更贷款条件内容、加强贷款的针对性和梅尔策规则四种方案。第四章是IMF汇率监督制度发展趋势的法律分析。第一节概括介绍了IMF汇率监督制度构架，主要法律渊源是《IMF协定》第四条和《对成员国政策双边监督的决定》。第二节分析了IMF汇率监督制度的法律缺陷，对两大法律渊源的法律缺陷分别加以探析。《IMF协定》第四条规定过于原则、缺乏可操作性；磋商是IMF实行监督职能的手段，磋商结论具有敏感性。《对成员国政策双边监督的决定》有三点法律缺陷。一是扩大了监督范围，可能侵犯成员国的经济主权；二是对“汇率操纵”界定不清，给IMF留下了自由裁量的空间；三是汇率监督有失公允，过多地维护发达国家的利益。第三节阐述了IMF汇率监督制度的改革，提出了增设监督机构以制约理事会、董事会权力，明确“汇率操纵”主观意图以限制IMF自由裁量权，加强对国际储备货币国汇率的监督三种改革方案。第五章是余论，综述了国际社会对IMF发展趋势的其他观点。本章分三节介绍并评述了各界人士对IMF以及国际金融秩序今后改革方向的建议。第一节从国际货币体制改革的层面，介绍评析了重建布雷顿森林体系、实行货币二重化和创立超主权储备货币三种改革方案。第二节从IMF机构存废的层面，介绍评析了取消IMF、构建新的国际金融机构和对IMF增资以扩充IMF三种改革方案。第三节从危机治理的层面，介绍评析了对外国短期资本征税、实施资金保留计划和维持现状政策三种改革方案。
[Abstract]:As a relic of the Bretton Woods system, the International Monetary Fund has played a cornerstone in the maintenance of the stability of the international monetary system, following the changes in the international monetary system. However, the IMF's performance in recent crisis rescue has caused the international community to decrease its confidence, and the outbreak of the sub-prime crisis has exposed the institutional dilemma of the IMF, especially the voting system, the loan conditionality system and the exchange rate system, which are in urgent need of innovation, To fulfil the mission of the new era. In the post-loan crisis, the development trend of the IMF is the focus of the international community's attention. The paper takes the "The Legal Analysis of the Development Trend of the International Monetary Fund in the Post-Loan Crisis" as the title, and looks at the IMF voting system, the loan conditionality system and the exchange rate supervision system. The full text is divided into five chapters. The first chapter is the evolution of the IMF and its system The first section briefly introduces the birth of the International Monetary Fund and the evolution of the Bretton Woods system, which was established after the Second World War, could not get rid of the "Triffin's puzzle", in the 1970s The IMF, as the legacy of the Bretton Woods system, has struggled to keep the "final order" The policy conditions of the IMF. Third, the policy conditions attached to the IMF's loan are the macroeconomic and private capital of the borrower The third section explains the reform of the IMF loan conditionality system, puts forward the main body of changing the loan condition, changes the content of the loan, and strengthens the pertinence of the loan and the Mel. The fourth part is the IMF's exchange rate supervision system. The first section provides an overview of the framework of the IMF's exchange rate supervision system, the main legal source of which is the International Monetary Fund Agreement> Article 4 and <. The second section analyses the legal defects of the IMF's exchange rate supervision system and the law of the two main legal sources The law defects are analyzed separately. Article 4 of the IMF is too principle and lacks the operability; the consultation is the means of the IMF to carry out the supervision function. The conclusions of the consultations are sensitive. The first is to expand the scope of the supervision and may encroach on the economic sovereignty of the member states; the second is to clear the "limited order", leaving the IMF with a free-cut space; and third, the exchange rate supervision is unfair and too much. In the third section, the reform of the IMF's exchange rate supervision system is described, and an additional monitoring body is put forward to restrict the Council, the power of the board of directors, and to clearly increase the subjective intention of the interest rate tightening fiscal "to limit the discretion of the IMF and to strengthen the exchange rate of the international reserve currency. The fifth chapter is the residual theory, and the international community's understanding of I Other views of the development trend of MF. This chapter introduces and comments on the International Monetary Fund and the international finance The first section, from the level of the international monetary system reform, introduced the reestablishment of the Bretton Woods system, the implementation of the second-order and the creation of the super-master. The second section, from the level of the IMF's institutional memory, presents an assessment of the cancellation of the IMF, the construction of new international financial institutions and the replenishment of the IMF. The third section, from the level of crisis management, introduces the assessment of the tax on foreign short-term capital, the implementation of the capital reserve plan and the dimension.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D996

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