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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/58307

    Title: 匯率低估為可課徵平衡稅之補貼? - 以美國匯率改革相關法案為中心
    Is currency undervaluation a contervailable subsidy? - Focus on U.S. currency exchange rate reform acts
    Authors: 吳詩云
    Contributors: 楊光華
    Keywords: 匯率低估
    currency undervaluation
    currency misalignment
    Currency Reform for Fair Trade Act (2010)
    Currency Exchange Rate Oversight Reform Act of 2011
    Date: 2012
    Issue Date: 2013-06-03 11:21:35 (UTC+8)
    Abstract: 他國低估匯率造成貿易嚴重扭曲問題近年來越發受到重視,而美國國會為解決主要貿易對手國長期壓抑匯率以提升出口競爭力,導致美國貿易赤字不斷上升之問題,遂陸續提出諸多匯率改革相關法案,期望以具體之制裁手段防止他國持續刻意壓低匯率。
    The serious trade distortion problem caused by currency undervaluation has given rise to more and more attention. The United States also faces the increasing trade deficit problem caused by some major trading partners that manipulate the value of their currencies in relation to the United States dollar to gain export competitive advantage. The U.S. Congress thus brings up many currency exchange rate reform acts, hoping to use the specific sanction policies to prevent other countries from intentionally depressing exchange rates consistently.
    This article starts from the U.S. currency act in force──Exchange Rates and International Economic Policy Coordination Act of 1988 to discover the insufficiency in order to point out why the U.S. Congress consider it necessary to put the sanction policies in follow-up currency reform acts. We then conclude that the policies that brought up by "Currency Reform for Fair Trade Act (2010)" and "Currency Exchange Rate Oversight Reform Act of 2011" to deem the "fundamentally undervalued currency" or "misaligned currency" as contervailable subsidies come out in favor of the majority of the U.S. Congress. Follow up we use the analysis of the economies and international trade laws to link the following discussion: is the currency undervaluation equals to import tariffs and export subsidies? Are the policies that deem the "fundamentally undervalued currency" or "misaligned currency" as contervailable subsidies consistent with the WTO’s subsidy regulations? The former one is discussed with the "two countries and two goods model" brought up by Staiger and Sykes while the latter one is examined by three elements: "financial contribution", "benefits" and "specific". The answers are both that the currency undervaluation will be contervailable subsidy in some very specific cases.
    However, during this research, we find out that if just use the view of international trade laws to analyze whether the currency undervaluation is a contervailable subsidy, we may be affected by the literalism and make mistakes. To solve this problem, we recommend that using the analysis of economies to support the ruling of international trade laws, hoping to increase the objectivity and fairness.
    Reference: 一、中文文獻
    1. 韓龍,人民幣匯率的國際法問題(簡體字版),法律出版社(中國,北京),2010。
    2. 羅昌發,國際貿易法,2版,2010。
    1. Ahn, Dukgeun, Is The Contemporary Chinese Exchange-Rate Regime “WTO-Legal”? (2010), at http://www.voxeu.org/index.php?q=node/4867.
    2. Bagwell, Kyle & Robert W. Staiger, An Economic Theory of GATT (June 1998).
    3. Bergsten, C. Fred, Currency Misalignments and the US Economy, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS (2007), at http://www.iie.com/publications/testimony/testimony.cfm?ResearchID=735.
    4. Caryl, Benjamin B., Is China’s Currency Regime a Countervailable Subsidy? A Legal Analysis under the World Trade Organization’s SCM Agreement, 45 J. W. T. 187 (2011).
    6. Leviton, Matthew R., Is It a Subsidy? An Evaluation of China's Currency Regime and Its Compliance with the WTO (2005).
    7. Mattoo, Aaditya & Arvind Subramanian, Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization, 32 THE WORLD ECONOMY 1135 (2009).
    8. Siegel, Deborah E., Legal Aspects of the IMF/WTO Relationship: the Fund’s Articles of Agreement and the WTO Agreements, 96 AM. J. INT’L L. 561 (2002).
    9. Staiger, Robert W. & Alan O. Sykes, ‘Currency manipulation’ and world trade, 9 WORLD TRADE REVIEW 583 (2010).
    10. Staiger, Robert W. & Alan O. Sykes, Currency Manipulation and World Trade: a Caution, in The US-SINO CURRENCY DISPUTE: NEW INSIGHTS FROM ECONOMICS, POLITICS AND LAW 109 (Simon Evenett ed., 2010).
    11. Sullivan, John V., How Our Laws Are Made, U.S. GOVERNMENT PRINTING OFFICE (2007), at http://www.gpo.gov/fdsys/pkg/CDOC-110hdoc49/pdf/CDOC-110hdoc49.pdf.
    1. Appellate Body Report, Canada – Certain Measures Affecting the Automotive Industry, WT/DS139/AB/R and WT/DS142/AB/R, adopted 19 June 2000.
    2. Appellate Body Report, Canada – Measures Affecting the Export of Civilian Aircraft, WT/DS70/AB/R, adopted 20 August 1999.
    3. Appellate Body Report, United States – Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan, WT/DS184/AB/R, adopted 23 August 2001.
    4. Appellate Body Report, United States – Definitive Anti-Dumping and Countervailing Duties on Certain Products from China, WT/DS379/AB/R, adopted 25 March 2011.
    5. Appellate Body Report, United States – Final Countervailing Duty Determination with respect to certain Softwood Lumber from Canada, WT/DS257/AB/R, adopted 17 February 2004.
    6. Article 21.5 Appellate Body Report, European Communities – Anti-Dumping Duties on Imports of Cotton-type Bed Linen from India, WT/DS141/AB/RW, adopted 24 April 2003.
    7. Article 21.5 Appellate Body Report, United States – Tax Treatment for “Foreign Sales Corporations”, WT/DS108/AB/RW, adopted 29 January 2002.
    8. Article 21.5 Appellate Body Report, United States – Tax Treatment for “Foreign Sales Corporations, WT/DS108/AB/RW, adopted January 29 2002.
    9. Article 21.5 Panel Report, United States – Tax Treatment for “Foreign Sales Corporations”, WT/DS108/RW, adopted 29 January 2002.
    10. Panel Report, Australia – Automotive Leather II, ¶ 9.56; Panel Report, Canada – Measures Affecting the Export of Civilian Aircraft, WT/DS70/R, adopted 20 August 1999.
    11. Panel Report, Australia – Subsidies Provided to Producers and Exporters of Automotive Leather, WT/DS126/R, adopted 16 June 1999.
    12. Panel Report, Brazil – Export Financing Program for Aircraft, WT/DS46/R, adopted 20 August 1999.
    13. Panel Report, European Communities – Countervailing Measures on Dynamic Random Access Memory Chips from Korea, WT/DS299/R, adopted 3 August 2005.
    14. Panel Report, Korea – Measures Affecting Trade in Commercial Vessels, WT/DS273/R, adopted 11 April 2005.
    15. Panel Report, United States – Final Countervailing Duty Determination with respect to certain Softwood Lumber from Canada, WT/DS257/R, adopted 17 February 2004.
    16. Panel Report, United States – Measures Treating Export Restraints as Subsidies, WT/DS194/R, adopted 23 August 2001.
    17. Panel Report, United States – Preliminary Determinations with Respect to Certain Softwood Lumber from Canada, WT/DS236/R, adopted 1 November 2002.
    18. WTO, Working Group on Trade, Debt and Finance, The Relationship between Exchange Rates and International Trade: a Review of Economic Literature, WT/WGTDF/W/57, 27 September 2011.
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0099351010
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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