اوراق بدهی بین‌المللی دولتی و خلأ در نظام حقوق بین‌الملل

قنبری جهرمی, محمدجعفر; به پیک, آرزو

doi:10.22066/cilamag.2020.109134.1735

اوراق بدهی بین‌المللی دولتی و خلأ در نظام حقوق بین‌الملل

نوع مقاله : علمی پژوهشی

نویسندگان

¹ دانشیار دانشکده حقوق دانشگاه شهید بهشتی

² دانشجوی دکتری حقوق بین‌الملل، دانشگاه شهید بهشتی

10.22066/cilamag.2020.109134.1735

چکیده

آزادسازی تجارت خدمات مالی و بین‌المللی‌شدن بازارهای سرمایه که سبب تحول بنیادین شیوه تأمین مالی بین‌المللی دولت‌ها در دهه پایانی سده بیستم میلادی شد، در ابتدا نویدبخش شکل‌گیری نظم مالی نوینی بود که گمان می‌رفت ثبات مالی و رشد و توسعه اقتصادی فراگیر و رفاه بیشتر برای تمامی ابنای بشر را فراهم خواهد کرد. اما دیری نپایید که منتهی به شکل‌گیری یکی از بزرگترین بحران‌های اقتصادی تا به امروز، موسوم به بحران بدهی‌های دولت‌ها شد. نوشتار پیش رو پس از تبیین این بحران، بدین نتیجه رهنمون شده که موج نکول اوراق بدهی‌ بین‌المللی دولت‌ها در دو دهه اخیر، همراه با فقدان سازوکار منسجم جهت حل‌و‌فصل اختلافات ناشی از نکول اوراق، گویای شکست نظم مالی بین‌المللی کنونی بوده ‌است که وجه بارز آن، گسیختگی و عدم تمرکز در ساختار این نظام است. سازوکار‌های موجود، ازجمله درج شروط قراردادی، راهکارهایی مؤثر، کارآمد و کافی نیستند و حل بحران‌ موجود و پیشگیری از بروز بحران‌های آتی بدون توسعه نظام حقوق بین‌الملل تأمین مالی از رهگذر ایجاد رژیم حقوقی بین‌المللی جامع و متمرکز که بتواند توازنی مطلوب میان رعایت حقوق بستانکاران و نیز حفظ امنیت اقتصادی دولت بدهکار و رعایت حقوق بشری اتباع آن برقرار کند، ممکن نخواهد بود.

کلیدواژه‌ها

عنوان مقاله [English]

Sovereign Bonds and Lacuna in International Law

نویسندگان [English]

Mohammad Jafar Ghanbari Jahromi ¹
Arezoo Behpeik ²

¹ Associate Professor in International Law, Faculty of Law, Shahid Beheshti University, Tehran

² Ph.D. Student of International Law, Faculty of Law Shahid Beheshti University, Tehran

چکیده [English]

Liberalization of financial services and the progressive internationalization of capital markets that were deemed to be the building blocks for a new international financial order in which inclusive economic growth and prosperity for all human beings would be achieved and financial stability would be well maintained, have paved the way for one of the biggest global financial crises i.e. Sovereign Debt Crisis. This article elaborates current debt crisis including the regulatory framework of international sovereign bond markets and the existing mechanisms proposed for orderly resolution of sovereign bond disputes and argues that the current crisis has provided ample evidence that the existing international financial order which is excessively fragmented, has failed in achieving financial stability and inclusive growth and the contractual solutions are inadequate and inefficient in restructuring sovereign bonded debts. It concludes that efficient resolution of sovereign debt crisis requires further developments in international financial regulation and more coherent and coordinated efforts to design an international legal framework governing sovereign debt workouts with a view to balance the interests of the debtor state and its population and the bondholders’ rights.

کلیدواژه‌ها [English]

Sovereign Bonds
Sovereign Debt Crisis
Sovereign Default
Debt Restructuring
International Financial Order
Financial Deregulation
Liberalization of Trade in Financial Services

مراجع

الف. فارسی

ـ کتاب
- سلطانی، محمد؛ حقوق بازار سرمایه، سمت و مرکز تحقیق و توسعه علوم انسانی دانشگاه شهید بهشتی، 1395.
ـ مقاله
- استیگلیتز، جوزف؛ «درس‌هایی از بحران آرژانتین»، ترجمه: رضا حریری، مجله اقتصادی، شماره 8، خرداد 1381.
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