东亚金融合作法律制度研究
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摘要
亚洲金融危机后东亚金融合作成为热点问题,至今国内外学者们已经以一些认可程度较高的理论,例如国际金融学的最优货币区理论和汇率目标区理论,国际金融法学的国家货币金融主权理论对东亚金融合作进行了或深入、或初步的研究。本文就如何看待这些理论对东亚金融合作的指导作用、如何运用这些理论指导东亚国家构建东亚金融合作法律制度进行了系统分析。
     东亚金融合作既是经济问题,也是法律问题,处于国际经济学与国际法学两大学科的交叉点上。作者以该交叉点为研究的生长点,采用学科交叉的研究方法,将国际经济学与国际法学理论有机地结合起来,解析东亚金融合作法律秩序的构建问题。作者还注意借鉴当代主要区域性国际金融合作实践的经验和教训,将东亚金融合作与其它区域性国际金融合作进行比较研究,并将规范分析与实证分析结合起来,讨论东亚金融合作的路径,提出关于东亚国家间金融关系的具体设想,力求将研究结论植根于区域性国际金融合作理论的同时,又不脱离区域性国际金融合作法律实践,从而对解决东亚金融合作的当务之急有所裨益。
     本文从关于东亚金融合作基础的研究、关于东亚货币合作的研究、关于东亚金融合作的研究,以及关于东亚金融合作法律制度的研究等四个方面系统总结现有研究成果,并在全面吸收上述研究成果的基础上,另辟蹊径,从形式和内容两方面对如何构建东亚金融合作法律制度进行前瞻性分析。认为应从东亚金融合作经济基础薄弱、成员国在让渡货币金融主权方面非常谨慎保守的现实出发,将东亚金融合作法律制度的形式确定为多边国际条约,并在条约中明确规定符合东亚金融合作特点的宗旨、反映成员国共同意愿的基本原则,以及适应其所处发展阶段的组织架构。
     关于东亚金融合作的宗旨,本文特别强调东亚国家在此问题上实行意思自治是有严格的前提条件的,东亚金融合作的宗旨不可以、也不应该违反东亚国家在基金协定下作为基金组织成员国所承担的条约义务。此后,作者基于第三章对东亚金融合作可能经历的路径的讨论,提出东亚金融合作法律制度宗旨应具有渐进性、务实性和坚定性的特点。至于宗旨的具体内容,由于其涉及国际货币和国际融资两类不同的法律关系,且在不同主体间建立的该两大类法律关系又存在巨大的差异,作者分别从货币合作、融资合作和经济监督合作三方面分别加以讨论,力求结论更具科学性和实用性。
     东亚货币合作的开展受限于东亚地区内部的合作基础和所处的外部环境。按照最优货币区理论和汇率目标区理论对东亚货币合作进行分析,所得出的结论是:目前东亚国家不具备开展货币合作的可行性,东亚货币合作将是一个历时相当长的过程,短期目标应定位在给未来的金融深度合作打基础,中期目标应为逐步建成东亚汇率联动机制,长期目标则是建立东亚货币联盟。
     应将东亚融资合作细分为区域融资安排和区域证券市场合作两方面。鉴于今年3月24日正式生效的清迈倡议多边协议已部分回答了东亚融资安排的宗旨,未来最关键的问题是如何界定东亚版贷款条件。拟定此条件既要兼顾基金组织贷款条件,以免因违反基金协定宗旨而导致不利后果,又要体现东亚金融合作自身的特殊性与独立性,还应注意在确定性与原则性间寻求最佳平衡。东亚证券市场合作不仅有助于本地区资金通过股票市场和债券市场转化为投资,而且有助于完善和强化本地区的金融体系。为推动合作,东亚各国政府需要在资本市场相关立法方面开展合作。
     东亚经济监督合作应与其经济合作进程相匹配。这种匹配体现在监督范围的划定、监督机构的设置,以及监督结论的作用等方面。此外,东亚金融合作与国际货币基金组织的互补关系也会影响东亚金融合作下的经济监督机制的设计。目前看清迈倡议下的东盟+3监督进程是最佳选择。当然,将该进程付诸实施,还需要解决一系列关键问题,包括确立明确的监督目标、划定监督的范围和内容、强化监督的具体步骤,选定实施监督和做出同行评议的具体方法,构建政策对话的制度安排等。
     鉴于对国际货币金融旧秩序的极度不满是推动东亚国家开展金融合作的深层原因,摒弃旧的国际金融法律关系原则、确立新的东亚金融合作的原则便是构建东亚金融合作法律秩序必须解决的重要问题。作者主张以三大基本原则,即国际金融关系民主化、适当照顾弱势国家关切、成员国在组织中的地位与其对组织的贡献相结合,统领东亚金融合作的开展。
     关于东亚金融合作的组织架构,作者认为从东亚金融合作起点低、东亚国家尚未准备好向区域金融合作组织转移国家货币金融主权的现实出发,在合作组织架构的设计上应以东亚共同外汇储备基金的管理与运用为契机,立足于先搭建国家间在基金协定框架下为维护区域经济稳定而展开对话与合作的平台,在合作走向广泛和深入后逐步升级合作组织架构。
East Asian financial cooperation has been a popular topic since the Asian Financial crisis in 1997. From that time on, both Chinese and foreign scholars have done many researches in this field with the Theory of Optimum Currency Areas and the Theory of Target Zones. This essay developed a systematic study on how to evaluate these theories'role of guide in the development of East Asian Financial Cooperation and how to formulate the law on the cooperation.
     East Asian Financial Cooperation is both an economic issue and law issue, the topic located at the intersection of international economics and international law. The author focus on the intersection, combine the theories of international economics with that of international law to analysis the structural elements of the law of East Asian Financial Cooperation. Comparative study is used to draw lessons and experiences from other regional financial cooperation, besides, the author try to join norm analysis and positive analysis together to discuss the path of East Asian Financial cooperation, and to point out the detailed plan on East Asian Financial Cooperation.
     In order to review the research on East Asian Financial Cooperation, the author summarize relative studies in four types, they are studies on the found of East Asian Financial Cooperation,, on currency cooperation between East Asian countries, on open financial market to other member states and on the law of East Asian Financial Cooperation. The author absorb the above mentioned knowledge and goes her own way to develop some prospects for the form and contents of the law on East Asian Financial Cooperation. The author believes that the form of the law on East Asian Financial Cooperation ought to be multilateral treaty because of the poor foundation of the cooperation and the reluctance of all the member states in transfer their monetary sovereign. The treaty should provide definite provisions on the purposes, basic principles and the institutional structure of the cooperation.
     As for the purpose of the East Asian Financial Cooperation, the author believes that the obligations undertaken by the member states under Agreement of the International Monetary Found provide strict preliminary conditions for the purpose, the purpose should not contain any counter provisions to the purpose of IMF. Then, on the ground of the conclusions reached in chapter three concerning the path of the cooperation, the author point out the characteristics of the purpose, they are gradualness, back to reality and definitiveness. The details of the purpose ought to be provided separately due to the great deference between the two kinds of legal relationship confronted. The author carries out discussion in three aspects including monetary cooperation, regional finance and economic surveillance collaborations to ensure the conclusions are of scientific and applicable.
     According to the Theory of Optimum Currency Areas and the Theory of Target Zones, the monetary cooperation under the East Asian Financial Cooperation lack of practicability. It will be a long march for the East Asian countries to reach to the destination of monetary cooperation-East Asian monetary union, before that, member states ought to fulfill the short target, which is to build up the foundations for the monetary cooperation and the intermediate objective, which is to realize East Asian currencies linked floating.
     We ought to divide the regional finance into two types, the first is financing arrangement between member states and the second is regional security markets cooperation. The CMIM enforced on March 24 this year has stipulated some provisions for the first one and the key issue left for us is to formulate East Asian Loan Conditions. The author argues that the conditions should not conflict with that of IMF, meanwhile, it should show the characteristics and independence of the East Asian Financing Arrangement, it should also try to reach a balance between predictability and generality. Regional security markets cooperation will facilitate the transfer of regional money into investment and improve regional financial system, the governments of every member states ought to collaborate in coordinating their national law on securities and financial market.
     The economic surveillance collaborations between East Asian states should develop together with the economic cooperation between them, especially in terms of the field of surveillance, the organizing of the surveillance institution and the function of the surveillance conclusion. In addition, the mutual support between East Asian Financial Cooperation and IMF will bring some influence on the formation of the economic surveillance collaborations mechanism. So far till now, the 10+3 surveillance progress is the best choice though it needs many improvements, including specified surveillance objectives, clarified fields and index of surveillance, detailed procedures to enhance the surveillance and carry out the peer review etc.
     The main force drive East Asian states to develop financial cooperation is their extreme dissatisfaction with the current international financial system represented by IMF, they have to reach agreement on the new principles of cooperation in the treaty. The author suggests that East Asian states follow three principles in their collaboration, they are carry out democratic principle in establishing international financial relationship, pay more attention to the affairs deeply concerned by weak nations and integrate the position of one member state in the cooperation with the contribution made by the state to the cooperation.
     East Asian states should set up the institutional structure for the cooperation on the ground of low starting point, not only because of the contents of the cooperation, but also due to the common opinion of the member states on their sovereign. The author suggests to establish a simple institutional structure as the channel of contingent dialogue and coordination between all the member states, further more, to develop the institutional structure with the progress of the cooperation.
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    202000年5月通过的清迈倡议将挂钩比例定为90%,2005年5月的10+3财长会议通过决议,鼓励各方将出资与基金组织贷款规划挂钩比例降至80%,并将双边货币互换协议的规模翻倍。
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    99主要有:金融企业注册登记指令,经常性报告指令,市场操纵行为指令,投资服务业规定,跨境使用抵押物指令,企业政府接管指令,公司治理实践法规指令,养老金审慎监管指令,远程销售金融服务指令,消费者业务交易差异安排指令,保险中介指令,保险企业停业和清算指令、银行停业和清算指令,洗钱指令,银行和投资公司资本框架指令,保险业清算边际指令,保险业指令和投资服务业指令等。
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    130这个判断是基于与基金组织在东南亚金融危机期间对泰国、印度尼西亚和韩国的出资额的对比。对上述三国基金组织承诺的贷款依次为40亿美元、105亿美元和210亿美元,按照2010年3月24日生效的清迈倡议多边化协议,东亚外汇储备库向三国提供的货币互换贷款总额分别为119.25亿美元、119.25亿美元和192亿美元。数据出处:基金组织贷款额引自葛华勇主编.国际货币基金组织导读.北京:中国金融出版社,2002.156-157.清迈倡议多边化协议贷款额的计算依据是:“东盟与中日韩财长宣布清迈倡议多边化协议生效”.人民银行网站.2010年03月24日
    131戴金平,万志宏.APEC的货币金融合作——经济与政治分析.天津:南开大学出版社,2005.23
    132英国《金融时报》,2001年5月10日,第16版。
    133英国《经济学家》,2001年5月12日,第73页。
    134【美】C.兰德尔.亨宁.东亚金融合作.陈敏强译.北京:中国金融出版社,2005.120-121
    135同上,第115页。
    136饶戈平主编.国际组织法.北京:北京大学出版社,1996.153
    137王贵国.国际货币金融法.北京:北京大学出版社,2002.50

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