國際投資條約適用於主權債務重整之法律問題及未來改革方向

Sovereign Debt Restructuring under International Investment Agreement: The Legal Issues and Policy Suggestions

詹凱惟(Kai-Wei Chan)

指導教授 ： 羅昌發

共同指導教授 ： 林彩瑜

國立臺灣大學/法律學院/法律學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.02946

摘要

主權債務重整（Sovereign Debt Restructuring, SDR）一直都是國家處理主權債務違約問題的重要機制，然而國際間欠缺統一處理主權債務重整之機制或者法規範，因此主權債務投資人無法順利透過爭端解決程序，補償債務重整時之損失。然而在Abaclat and others v. Argentina Republic 與 Ambiente Ufficio S.p.A. and others v. Argentine Republic兩起投資仲裁案件後，各界開始關注國際投資條約適用於主權債務重整案件之情形。投資協定是否可能成為外國債券持有人在重整案件下的救濟途徑？更甚地，投資協定是否有可能填補主權債務重整欠缺國際間統一法規制之問題？
本文將從國際投資條約角度，討論國際投資條約對主權債務重整案件之影響與兩者間互動，並從程序法律與實質法律問題分析現代投資條約對於主權債務重整機制之影響。試圖對於國際投資條約適用於主權債務重整之法律問題提出改革建議。

關鍵字

主權債務重整 ； 國際投資條約 ； 主權債務重整機制 ； 集體行動條款 ； 主權債務違約

並列摘要

Sovereign Debt Restructuring (SDR) is an effective and important mechanism to solve sovereign debt default problems. However, due to lack of an international regulation or dispute settlement mechanism for foreign bondholders, the bondholders have no effective methods for seeking compensation under the sovereign debt restructuring process.
After two cases, Abaclat and others v. Argentina Republic and Ambiente Ufficio S.p.A. and others v. Argentine Republic have attracted much attention in the application of international investment arbitration in sovereign debt restructuring. Can “International Investment Agreement” provide the dispute settlement mechanism for the foreign bondholders? Furthermore, can “International Investment Agreement” solve the problem which of lacking comprehensive mechanism of sovereign debt restructuring?
To find the answers of those questions, the dissertation will discuss the complex and controversial relationship between the international investment agreement and the sovereign debt restructuring. And try to provide the policy suggestions of this controversial problem.

並列關鍵字

sovereign debt restructuring ； international investment agreement ； Sovereign Debt Restructuring Mechanism ； Collective Action Clauses ； sovereign debt default

參考文獻

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