John Riley Sogang University School of Law, Korea.
35 Baekbeom-ro (Sinsu-dong), Mapo-gu, Seoul 121-741 Korea.
Corresponding Author: johnriley007@gmail.com
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
In response to the 2008 global financial crisis, many of the world's largest central banks initiated unconventional monetary policies such as quantitative easing when standard open market operations became ineffective. The Bank of Japan, the US Federal Reserve, the Bank of England and the European Community Bank were among those that aggressively increased their respective monetary bases to purchase specified financial assets from commercial banks and financial institutions in order to lower interest rates interest rates for specific debt securities and stimulate their economies. Japan, which has long suffered from years of debilitating deflationary cycles, has targeted and committed to open-ended purchases until a stable two percent rate of consumer price inflation is achieved. Several of Japan's chief exporting rivals, in particular China, have publicly criticized the Bank of Japan for using its current monetary policy to intentionally devalue its currency and thereby benefit from an unfair trade practice. This criticism is unwarranted and Japan's policy complies with international law.
Keywords : IMF, WTO, Currency Devaluation, Exchange Rates, Quantitative Easing, Bank of Japan
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2014.7.1.09
2015년 12월 15일 화요일
Japan's Unspoken Currency Manipulation by Monetary Policies: A Chinese Lawyer's Perspective
Xin Chen Xiamen University Faculty of Law, China
Xiamen University, Faculty of Law, 422 South Siming Road, Xiamen, China, 361005.
Corresponding Author: echoflying@hotmail.com
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
During the past few years, the Bank of Japan has injected billions of yen into the economy and pursued a monetary easing policy. Japan has plausible arguments, namely that its current policies are needed to support the growth of the economy and to spur inflation. However, these measures result in a weakened yen and increase trade imbalances between Japan and other Asian countries, particularly China. This article argues that Japan's practice is rooted in protectionism and examines such actions under the IMF Agreement and the WTO system. It is suggested that the Chinese government should adopt diplomatic and judicial approaches to urge Japan to return to normal monetary policies.
Keywords : Devaluation, Yen, Quantitative Easing Policies, Exchange Rates Manipulation, IMF, WTO
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2014.7.1.08
Xiamen University, Faculty of Law, 422 South Siming Road, Xiamen, China, 361005.
Corresponding Author: echoflying@hotmail.com
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
During the past few years, the Bank of Japan has injected billions of yen into the economy and pursued a monetary easing policy. Japan has plausible arguments, namely that its current policies are needed to support the growth of the economy and to spur inflation. However, these measures result in a weakened yen and increase trade imbalances between Japan and other Asian countries, particularly China. This article argues that Japan's practice is rooted in protectionism and examines such actions under the IMF Agreement and the WTO system. It is suggested that the Chinese government should adopt diplomatic and judicial approaches to urge Japan to return to normal monetary policies.
Keywords : Devaluation, Yen, Quantitative Easing Policies, Exchange Rates Manipulation, IMF, WTO
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2014.7.1.08
International Trade "from Status to Contract" and Back: A Critique of the NME Normal Value Determination and Beyond
Wenwei Guan The City University of Hong Kong School of Law, Hong Kong
School of Law, City University of Hong Kong, 83 Tat Chee Ave., Kowloon, Hong Kong SAR
Corresponding Author: w.guan@cityu.edu.hk
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
This paper critically examines the normal value determination of NME and its implications for the purpose of contributing to Doha antidumping reform deliberation. From domestic to international arenas, antidumping development sees the significant growth of government paternalistic discretion turning antidumping into a distributive instrument challenging constitutionalism. Deeply rooted in the ideological divide of the 1950s, NME methodology's obsession with national divide turns free trade from traders' commutative exchange to nations' distributive predation. NME distributive discretion, though against the free market principle, is ironically used to accuse foreign economies of not being free-market enough. When products and producers are given certain status via nationality instead of treated individually, antidumping development has been a process "from Status to Contract" and back. Therefore, it is time to de-legitimize the NME methodology, and the success of antidumping reform lies in limiting rather than deferring to governments' paternalistic discretion, thus strengthening the international rule of law in the context of WTO.
Keywords : Antidumping, From Status to Contract, Normal Value, Nonmarket Economy, Dumping Determination, WTO
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2014.7.1.04
School of Law, City University of Hong Kong, 83 Tat Chee Ave., Kowloon, Hong Kong SAR
Corresponding Author: w.guan@cityu.edu.hk
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
This paper critically examines the normal value determination of NME and its implications for the purpose of contributing to Doha antidumping reform deliberation. From domestic to international arenas, antidumping development sees the significant growth of government paternalistic discretion turning antidumping into a distributive instrument challenging constitutionalism. Deeply rooted in the ideological divide of the 1950s, NME methodology's obsession with national divide turns free trade from traders' commutative exchange to nations' distributive predation. NME distributive discretion, though against the free market principle, is ironically used to accuse foreign economies of not being free-market enough. When products and producers are given certain status via nationality instead of treated individually, antidumping development has been a process "from Status to Contract" and back. Therefore, it is time to de-legitimize the NME methodology, and the success of antidumping reform lies in limiting rather than deferring to governments' paternalistic discretion, thus strengthening the international rule of law in the context of WTO.
Keywords : Antidumping, From Status to Contract, Normal Value, Nonmarket Economy, Dumping Determination, WTO
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2014.7.1.04
Investment Law in the China-ASEAN Free Trade Agreement
Huan Qi China University of Political Science and Law, China
No.25 Xi Tu Cheng Road, Haidian District, Beijing 100088, P.R. China
Corresponding Author: qihuanhuan66@hotmail.com
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
Cooperation between China and the ASEAN has become more integrated as their common economic interests have been increasing due to globalization and recent changes in Southeast Asia. The formation and operation of the CAFTA provide incentive for investment and trade between China and the ASEAN. The objective of laws regulating to investment should promote investment, which can be realized through a liberal, facilitative and transparent investment regime. The CAFTA's investment regime continues along with the same trends of international investment agreements in general. However, in order to encourage regional integration, it needs to be improved in future practice.
Keywords : China-ASEAN Free Trade Area, CAFTA, Investment Agreement, BITs, WTO, Dispute Settlement
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2012.5.2.02
No.25 Xi Tu Cheng Road, Haidian District, Beijing 100088, P.R. China
Corresponding Author: qihuanhuan66@hotmail.com
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
Cooperation between China and the ASEAN has become more integrated as their common economic interests have been increasing due to globalization and recent changes in Southeast Asia. The formation and operation of the CAFTA provide incentive for investment and trade between China and the ASEAN. The objective of laws regulating to investment should promote investment, which can be realized through a liberal, facilitative and transparent investment regime. The CAFTA's investment regime continues along with the same trends of international investment agreements in general. However, in order to encourage regional integration, it needs to be improved in future practice.
Keywords : China-ASEAN Free Trade Area, CAFTA, Investment Agreement, BITs, WTO, Dispute Settlement
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2012.5.2.02
Interpreting the ECFA: A New Common Market for Taiwan and Mainland China?
Yen-Hsueh Lai Soochow University, Taiwan
School of Law, Soochow University, 56, Kuei-yang St., Sec. 1, Taipei, Taiwan 100 R.O.C.
Corresponding Author: yhlai31746242@yahoo.com.cn
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
The ECFA was signed by Taiwan and Mainland China on June 29, 2010. It is Taiwan's new overall national economic policy calling for rapproachment with Mainland China. A primary purpose of this Agreement is to establish a quasi-national cross-strait common market within the framework of the WTO as well as to design the legal framework of bilateral economic cooperation. It is a course for the Chinese common market as the final economic integration. By its nature the current ECFA lies somewhat between a free trade agreement and a bilateral trade agreement within the framework of the WTO in the sector of trade in goods. Two parties have agreed on a new model of preferential treatment for goods exported from Taiwan to Mainland China. An agreed Early Harvest for Trade in Goods list is favourable for Taiwan, while an Early Harvest for Trade in Services list is balanced one for both parties. Other principles formulated by the ECFA are related to intellectual property rights and mutual investment. The success and failure of the ECFA will depend largely on the future cross-strait political atmosphere.
Keywords : ECFA, WTO, Early Harvest for Trade, Mutual Investment, Chinese Common Market
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2011.4.1.09
School of Law, Soochow University, 56, Kuei-yang St., Sec. 1, Taipei, Taiwan 100 R.O.C.
Corresponding Author: yhlai31746242@yahoo.com.cn
ⓒ Copyright YIJUN Institute of International Law
This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
The ECFA was signed by Taiwan and Mainland China on June 29, 2010. It is Taiwan's new overall national economic policy calling for rapproachment with Mainland China. A primary purpose of this Agreement is to establish a quasi-national cross-strait common market within the framework of the WTO as well as to design the legal framework of bilateral economic cooperation. It is a course for the Chinese common market as the final economic integration. By its nature the current ECFA lies somewhat between a free trade agreement and a bilateral trade agreement within the framework of the WTO in the sector of trade in goods. Two parties have agreed on a new model of preferential treatment for goods exported from Taiwan to Mainland China. An agreed Early Harvest for Trade in Goods list is favourable for Taiwan, while an Early Harvest for Trade in Services list is balanced one for both parties. Other principles formulated by the ECFA are related to intellectual property rights and mutual investment. The success and failure of the ECFA will depend largely on the future cross-strait political atmosphere.
Keywords : ECFA, WTO, Early Harvest for Trade, Mutual Investment, Chinese Common Market
The Full Text is available at: http://dx.doi.org/10.14330/jeail.2011.4.1.09
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