International Economic Law eJournal最新文献

{"title":"To Be or Not to Be with Targeted Dumping","authors":"K. Kim, D. Ahn","doi":"10.1093/JIEL/JGY014","DOIUrl":"https://doi.org/10.1093/JIEL/JGY014","url":null,"abstract":"The Appellate Body (AB) in US – Washing Machines clarified the concept of targeted dumping and the way to apply the pertinent part of Article 2.4.2. Above all, by limiting the applicable scope for the second sentence of Article 2.4.2 to ‘pattern transactions’ which consist of only low-priced export transactions, the Appellate Body clarifies that the remedial action for targeted dumping is dumping margins calculated by the W-T calculation methodology only for patterned exportations. Despite the AB rulings, it is still vague how to define ‘patterned export’ whose prices are significantly lower than those for other transactions. Given that the designation of targeted dumping critically hinges on the arbitrary policy of investigating authorities, such ambiguities may seriously impugn the second sentence’s feasibility in terms of its own function, i.e. unmasking ‘targeted dumping’. It remains to see whether the targeted dumping provision, especially with the AB interpretation in US – Washing Machines, can be applied as intended by drafters as well as by the WTO jurisprudence.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114729312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Smart Machines and Smarter Policy: Foreign Investment Regulation, National Security, and Technology Transfer in the Age of Artificial Intelligence","authors":"Justin Shields","doi":"10.2139/SSRN.3147091","DOIUrl":"https://doi.org/10.2139/SSRN.3147091","url":null,"abstract":"The Foreign Risk Review Modernization Act, a bill introduced to Congress in 2017 that seeks to strengthen the Committee on Foreign Investment in the United States (CFIUS), has the potential to increase restrictions on Chinese companies investing in the U.S. artificial intelligence (AI) industry. Although the bill addresses legitimate national security concerns related to the military applications of AI, it also has the potential to negatively impact the U.S. AI industry and the U.S. economy as a whole. Currently, the combination of a Chinese government focused on strategic technology acquisitions, the open and diffuse nature of AI systems, the off-the-shelf nature of defense technology procurement, the integrated Chinese and U.S. AI industries, and the connection of Chinese tech companies to the Chinese Communist Party create a pipeline for technology transfer from U.S. companies to Chinese government entities. Given the vague nature of what constitutes a national security threat according to CFIUS, past high profile CFIUS action against Chinese companies investing in the U.S. technology sector and an emerging bipartisan consensus that CFIUS needs to be strengthened, there is a strong potential for new foreign investment restrictions. Restricting Chinese investment in the U.S. AI industry, however, may be counterproductive, because it may negatively impact U.S. economic competitiveness by reducing the venture capital pool for AI, potentially driving away top talent and causing AI research and development centers to relocate elsewhere. Instead of increasing restrictions, a smarter policy would be to continue utilizing CFIUS risk mitigation measures in a non-discriminatory manner, while increasing government funding for AI research and development and increasing visas for science and technology graduate students who are foreign nationals.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124707303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Taxing Global Digital Commerce in a Post-BEPS World","authors":"A. Cockfield","doi":"10.2139/SSRN.3130218","DOIUrl":"https://doi.org/10.2139/SSRN.3130218","url":null,"abstract":"This chapter evaluates the recent OECD Base Erosion and Profit Shifting (BEPS) initiative directed at global digital income, and concludes that tax planning will not be inhibited by any significant extent. Tax planners and academics nevertheless should take into account prospective reforms surrounding permanent establishments, hybrid entities, treaty shopping, transfer pricing and controlled foreign corporations, which may challenge certain practices.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"97 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121150839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Legal Aspects of Transparency in the Eurasian Economic Union","authors":"D. Boklan, I. Lifshits","doi":"10.2139/SSRN.3330007","DOIUrl":"https://doi.org/10.2139/SSRN.3330007","url":null,"abstract":"The transparency principle has a particularly vital role in international economic integration organizations because states delegate their sovereign powers to such organizations. Legal instruments applicable within such organizations display an evident deficiency of democratic legitimacy, as they have extensive power to affect human rights, while in contrast, many bodies representing the people are granted only limited participation in decision-making processes or are not involved in them at all. These characteristics place particular importance on the transparency principle, and the implementation of this standard is in the majority of cases a pre-condition of civil society’s effective control over international economic organizations, their accountability, and ultimately good governance. \u0000 \u0000The Eurasian Economic Union (EAEU) is a newly created regional and international organization, which aims at fostering economic cooperation between post-soviet states, managing a customs union and creating a single economic space in the territory of its members. Several questions arise in relation to EAEU activities: Is the EAEU a purely intergovernmental organization focused solely on trade issues, or could it be a real union that can support the ideas of accountability, good governance and the rule of law? What is the role of the transparency principle in building such an institution? This article tries to answer these questions.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126716842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Growing Tendency of Including Investment Chapters Into PTAs","authors":"M. Usynin, Szilárd Gáspár Szilágyi","doi":"10.1007/978-94-6265-243-9_9","DOIUrl":"https://doi.org/10.1007/978-94-6265-243-9_9","url":null,"abstract":"","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133126288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Deterring Holdout Creditors in a Restructuring of PDVSA Bonds and Promissory Notes (¿Cómo disuadir a acreedores 'holdout' en una restructuración de bonos y pagarés de PDVSA?)","authors":"Lee C. Buchheit, G. Mitu Gulati","doi":"10.2139/SSRN.3058468","DOIUrl":"https://doi.org/10.2139/SSRN.3058468","url":null,"abstract":"English Abstract: The prospect of the potential mischief that may be caused by holdout creditors in a Venezuelan sovereign debt restructuring is probably the main reason why the Maduro administration has not attempted such an exercise. The next administration in Venezuela — whenever and however it may arrive — will not want for suggestions about how to minimize or neutralize this holdout creditor threat. This short article is another contribution to that growing literature. Were the Republic of Venezuela to acknowledge that there really is only one public sector credit risk in the country, and that the distinction between Republic bonds and PDVSA bonds is an artificial construct, the Republic could offer to exchange PDVSA bonds for new Republic bonds at par. This would be the preliminary to a generalized debt restructuring of some kind affecting all outstanding bonds. \u0000The question will be, as it always is, how to discourage PDVSA creditors from declining to participate in such an exchange offer. \u0000One method might be for PDVSA to pledge all of its assets to the Republic in consideration for the Republic's assumption of PDVSA's indebtedness under its outstanding bonds and promissory notes. This is a step expressly permitted by PDVSA's bonds and promissory notes. Existing PDVSA creditors would be perfectly free to decline to exchange their exposure for new Republic bonds, but they would face the prospect that a senior lienholder (the Republic) would have a first priority claim over any PDVSA assets that the holdout may attempt to attach to satisfy a judgment against PDVSA. That realization should make them think twice about the wisdom of holding out. \u0000Spanish Abstract: Los calculos sobre el potencial dano que los acreedores “holdout” podrian ocasionar en una restructuracion de la deuda soberana de Venezuela son probablemente las razones mas importantes por las cuales el gobierno de Maduro no ha intentado aun este ejercicio. Al proximo gobierno venezolano – cuando quiera y como quiera que esto ocurra — no le faltara asesoria sobre las distintas opciones para poder minimizar o neutralizar la amenaza que representan estos acreedores “holdout”. Este breve articulo pretende ser una contribucion mas a la literatura creciente sobre el tema. En el supuesto que la Republica de Venezuela reconozca que en el pais existe, en realidad, un unico riesgo crediticio del sector publico y que la distincion entre los bonos de la Republica y los bonos de PDVSA es una construccion artificial, la Republica podria ofrecer un intercambio de los bonos existentes de PDVSA por bonos nuevos de la Republica a valor nominal. Esta oferta de intercambio, de hacerla, seria de alguna manera el preambulo a una restructuracion general de la deuda que incluiria todos los bonos vigentes pendientes. \u0000La pregunta sera, como siempre, ?como persuadir a los acreedores de PDVSA para que participen en una oferta de intercambio de este tipo? \u0000Un metodo para hacerlo podria ser que PDVSA pignore ","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131373952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Convergence of Heston to SVI Proposed Extensions: Rational & Conjecture for the Convergence of Extended Heston to the Implied Volatility Surface Parametrization","authors":"Babak Mahdavi-Damghani, Konul Mustafayeva, S. Roberts","doi":"10.2139/ssrn.3039185","DOIUrl":"https://doi.org/10.2139/ssrn.3039185","url":null,"abstract":"A mathematical and a market argument on the sub-linearity of the wings for the implied variance is given. Gatheral stochastic volatility inspired (SVI) parameterization claim to have two key properties that have led to its subsequent popularity with practitioners is exposed. Namely the linearity in the log-strike k as |k| → ∞ consistent with Roger Lees moment formula as well as its connection to the Heston model are examined more in details. Though correct, the former point led to the model subsequent decommission in the industry. We explain this apparent contradiction by pointing to a mathematically convenient chosen factor in the Heston model which we expose and consequently introduce couple candidates: the p-Heston and the Inferred Correlation models instead. The link between the latter and the SVI being broken, we propose a connection to the Implied Volatility surface Parametrisation (IVP) recently introduced and propose a conjecture between a mirror convergence towards these models using the parallel between the traditional Heston to SVI convergence.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128980082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"National Anti-Vulture Funds Legislation: Belgium's Turn","authors":"Lucas Wozny","doi":"10.7916/D8-0WAV-NX59","DOIUrl":"https://doi.org/10.7916/D8-0WAV-NX59","url":null,"abstract":"Sovereign distressed debt investors can create holdout problems during sovereign restructurings. Scholars have suggested a wide-range of normative solutions to alleviate these holdout problems, including ad hoc deals, the creation of a multilateral international sovereign bankruptcy framework, the insertion of collective-action clauses into bonds, the expansion of judicial discretion, and the return of the doctrines of comity and sovereign immunity. However, national legislatures have increasingly begun to exhibit a preference for adopting national legislative solutions to this issue. In 2015, Belgium passed the broadest Anti-Vulture Funds Law to date, which is significant because the law impacts the Euroclear payment system. While this law has received high praise from the United Nations and from other nations also considering passing similar legislation, a careful analysis demonstrates it is not sensitive to the benefits that vulture funds bring, such as providing incentives to sovereigns to form more efficient capital structures, providing a moral hazard counterbalance, serving as liquidity providers on the secondary distressed-debt market, and providing information to the market. If adopted by other nations, Belgium’s law can eliminate the secondary distressed debt market by blocking liquidity-providers from the market. As a result, national legislatures should avoid using Belgium’s law as model law, but rather, enact legislation that enhances active settlement discussions without compromising the bargaining power or rights of either the sovereign or the vulture funds.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"21 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128094665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How ‘Healthy’ are Investment Treaties of South Asian Countries: An Empirical Study of Public Health Provisions in South Asian Countries’ BITs and FTA Investment Chapters","authors":"Prabhash Ranjan, Pushkar Anand","doi":"10.2139/ssrn.3008476","DOIUrl":"https://doi.org/10.2139/ssrn.3008476","url":null,"abstract":"The South Asian region while holding a prominent position in terms of attracting FDIs, conspicuously been infrequent on the radar of international investment law (IIL) scholarship. In the rapidly shifting plane of international investment law considering the recent backlash against the ISDS system, South Asian countries are certainly set to play decisive role if not immediately, in due time in shaping the future contours of international investment law. This paper is an attempt to contribute to the ever-growing body of IIL scholarship from the perspective South Asian countries. These countries, while simultaneously being preferred as the favourite investment destination by the foreign investors, are also marred by abysmal public health scenario. In light of the increasing interface between the IIL and public health as evidenced by the Philip Morris cases and the Eli Lily case, this paper undertakes an empirical study of the public health related provisions present in the BITs and the FTA investment chapters of the South Asian countries, in order to access the regulatory latitude that these countries would have in event any public health related measure is challenged under the ISDS. The paper concludes by finding that the number of the public health related provision in the BITs of the South Asian countries is considerably low as a consequence of which they might be left to rely on a shaky ground of the doctrine of police powers, and accordingly suggests that the South Asian countries should incorporate substantive health related provision in their BITs.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127198499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effectiveness of the WTO Dispute Settlement System: A Statistical Analysis","authors":"Arie Reich","doi":"10.2139/ssrn.2992754","DOIUrl":"https://doi.org/10.2139/ssrn.2992754","url":null,"abstract":"The dispute settlement system (DSS) of the World Trade Organization (WTO), which is considered as the “Jewel in the Crown�? of the WTO, is also the busiest of its kind. While this no doubt reflects its success, the system is far from perfect, and has drawn criticism both from within and without the ranks of its users. This paper presents a statistical analysis of over twenty years of WTO DSS, with a particular emphasis on questions of effectiveness. Questions examined include: 1. Who are the member states using the WTO DSS? Is it used equally by developed, developing and least developed countries? Are poor countries more likely than rich ones to settle cases? Is there a correlation between the Gross Domestic Product (GDP) or GDP per capita of WTO members and the extent to which they use the system? 2. What is the extent of compliance with binding recommendations of the DSB by member states? Are compliance disputes bona fide disputes about the meaning of a DSB ruling, or are they part of delaying tactics? Who are the members that do comply and who are the ones that do not? 3. How long do DSS procedures take on the average, from consultations request to adoption of recommendations? Has this time changed over time, from when the system began until today? 4. Finally, the paper will address the problem of the Appellate Body’s inability to remand the case to the original panel for reconsideration and determination of relevant facts. It will examine how often this lack of authority frustrates the system’s ability to conclude the DSS procedures with a clear ruling on all the disputed issues.","PeriodicalId":378416,"journal":{"name":"International Economic Law eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122688124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}