英文补充资料

《英文补充资料》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

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