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ID:40647774
大小:22.89 KB
页数:5页
时间:2019-08-05
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1、Ch1:MonetarySystemandForeignExchange〔Case〕Argentina:BadLuckandFailedCurrencyPolicy ThedevaluationoftheBrazilianRealinJanuary1999coupledwiththeReal’ssteadydepreciationduringyear2001greatlyimpactedArgentineexportsaidingtoArgentina’sfiveyearrecession.TheIMFi
2、nDecember2000providedArgentinawitha$13.7billionUSDloancoupledwithaninternationalrescuepackageof$39.7billionUSD.TheIMFiscurrentlyowedinexcessof$14billionUSD,anewIMFdealisanecessityinorderforArgentinatoregainaccesstoglobalcapitalmarkets.Thisreliefpackagetur
3、nedouttobeashorttermsolutionasArgentinadefaultedonitsdebtinDecember2002makingitthelargestsovereigndebtdefaultinhistory.Since1999,Argentina’seconomygotcaughtinacurrencyjamasArgentina’spesoispeggedtotheUSDina1to1ratioinacurrencyboardarrangement.Theprolongbu
4、llmarketintheUSDthatbeganin1995overtimemadeArgentina’sexportsuncompetitivepariticularlywhenneighbouringeconomiescurrenciesweredepreciatingversustheUSDbythelate1990’s.ArgentinaunderPresidentMenemwascorrecttoanchoragainsttheUSDtoreignininflationandbringstab
5、ilityandgrowthtoArgentina.Wheretheywentwrongisthattheystayedonthecurrencyanchorfartoolong,theyshouldhaveabandoneditinthemid1990’stoafloatingexchangerateregimeratherthanhangingon. 〔点评〕货币的流动、交易和运作,需要相关的法律制度予以规范。如果没有配套的法律规范,则可以会引起重大的社会问题,甚至国际冲突,如上述案例中发生在21世纪
6、初期的阿根廷外汇比索化案,就是货币法律制度不规范所造成不良后果的最好诠释。 Ch2:InternationalcommercialLoanAgreement〔Case〕Clauseofcovenants TheBorrowershall:(1)maintainitsexistenceasacorporateorenterpriseentityandconductitsbusinessincompliancewithallapplicablelawsandinapropermanner;(2)obta
7、inandmaintainallconsentsrequiredinconnectionwiththisContractandtheSecurityDocumentandcomplywiththetermsthereof,andtakeallothernecessaryactiontoensurethattherepresentationsandwarrantiesremaintrue;(3)upondemandoftheBank,maintaininsurancesonassetsrelatedtoit
8、sbusinesswithreputableinsurancecompaniesacceptedbytheBankandtosuchextentasitcoversalltherisksinrelationtoitsbusinessoperations;(4)promptlyinformtheBankuponbecomingawareoftheoccurrenceofanyEventofDefaultorPotentialEv
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