In 2022,the United States stepped up its sanctions on Russia.Most notably,it restricted the flow of the Russian Central Bank's foreign exchange(forex)assets,using financial administrative power as a source of stra...In 2022,the United States stepped up its sanctions on Russia.Most notably,it restricted the flow of the Russian Central Bank's foreign exchange(forex)assets,using financial administrative power as a source of strategic leverage.This move should have reduced the appeal of US dollar assets but in reality has not accelerated as expected the decline of the greenback as a store of value.The US dollar's share of global forex reserves increased instead of decreased during 2022 and 2023.Despite the rise of economic costs caused by tightened US financial sanctions,countries that recognize the geopolitical role of the United States have further accepted the dollar's international status;their continued willingness to live with the dollar's“security premium”has given a fillip to the US dollar in the short term,boosting its appeal as a reserve currency.Meanwhile,de-dollarization of forex reserves has yet to reach a sufficient scale,thus falling short of significantly challenging the dollar's reign.From a longer-term perspective,as economic and security conditions shift,countries that accept the dollar's international role or seek de-dollarization may change their choices.As a result,four possible scenarios may arise:(i)the preeminence of the US dollar remains unthreatened;(ii)the international monetary system splits into blocs;(iii)the international monetary system fragments;and(iv)the dollar loses its throne.The author believes that the last scenario is the most likely outcome.展开更多
足球合同违约不仅导致赔偿,还可能引发体育制裁。将此类由体育制裁引发的争议提交至国际体育仲裁院(Court of Arbitration for Sport,CAS),须将足球主管机构作为被诉方。在审查此类案件中,仲裁庭首先确认合同违约是否发生在保护期内;对...足球合同违约不仅导致赔偿,还可能引发体育制裁。将此类由体育制裁引发的争议提交至国际体育仲裁院(Court of Arbitration for Sport,CAS),须将足球主管机构作为被诉方。在审查此类案件中,仲裁庭首先确认合同违约是否发生在保护期内;对违约球员、违约俱乐部和诱导球员违约俱乐部施加的体育制裁不同,仲裁庭的审查要件和裁判标准也存在区别。在处理此类案件的过程中,CAS尊重足球主管机构在体育制裁方面的裁量权,同时确保这一裁量权的行使正当及在合理范围之内。展开更多
文摘In 2022,the United States stepped up its sanctions on Russia.Most notably,it restricted the flow of the Russian Central Bank's foreign exchange(forex)assets,using financial administrative power as a source of strategic leverage.This move should have reduced the appeal of US dollar assets but in reality has not accelerated as expected the decline of the greenback as a store of value.The US dollar's share of global forex reserves increased instead of decreased during 2022 and 2023.Despite the rise of economic costs caused by tightened US financial sanctions,countries that recognize the geopolitical role of the United States have further accepted the dollar's international status;their continued willingness to live with the dollar's“security premium”has given a fillip to the US dollar in the short term,boosting its appeal as a reserve currency.Meanwhile,de-dollarization of forex reserves has yet to reach a sufficient scale,thus falling short of significantly challenging the dollar's reign.From a longer-term perspective,as economic and security conditions shift,countries that accept the dollar's international role or seek de-dollarization may change their choices.As a result,four possible scenarios may arise:(i)the preeminence of the US dollar remains unthreatened;(ii)the international monetary system splits into blocs;(iii)the international monetary system fragments;and(iv)the dollar loses its throne.The author believes that the last scenario is the most likely outcome.
文摘足球合同违约不仅导致赔偿,还可能引发体育制裁。将此类由体育制裁引发的争议提交至国际体育仲裁院(Court of Arbitration for Sport,CAS),须将足球主管机构作为被诉方。在审查此类案件中,仲裁庭首先确认合同违约是否发生在保护期内;对违约球员、违约俱乐部和诱导球员违约俱乐部施加的体育制裁不同,仲裁庭的审查要件和裁判标准也存在区别。在处理此类案件的过程中,CAS尊重足球主管机构在体育制裁方面的裁量权,同时确保这一裁量权的行使正当及在合理范围之内。
