ULUSLARARASI EKONOMİ HUKUKUNDA KUR MANİPÜLASYONLARI: DTÖ SÜBVANSİYON HUKUKUNUN UYGULANABİLİRLİĞİ

Year 2025, Volume: 30 Issue: 52, 375 - 446, 30.06.2025

Mustafa Göker

Abstract

Bir ulusal paranın diğer bir ulusal para cinsinden fiyatı veya değişim oranı olan kurlar küresel ekonominin en önemli unsurlarından birisi olup, uluslararası ticaretin, finansal akımların ve dış yatırımların değerini etkiler. Ekonomik dengeleri korumaya veya kalkınma stratejilerini desteklemeye yönelik kur müdahaleleri uluslararası ekonomi hukuku kurallarınca kabul görmektedir. Buna karşın, rekabetçi avantajlar elde etmek amacıyla kurları piyasa realitelerinin gerektirdiğinden düşük bir düzeyde şekillendirmeye yönelik sistematik müdahaleler (kur manipülasyonları) IMF hukuku tarafından yasaklanmıştır. Ancak IMF bu yasağı destekleyecek güçlü uygulama ve yaptırım mekanizmalarından yoksundur. Uluslararası finansal ve parasal hukuktaki bu zayıflık ve kur manipülasyonlarının çoğunlukla ticarette rekabet gücü elde etmeye yönelik işlemesi, uygulama ve yaptırım boşluğunun doldurulması için gözlerin ticaret kurallarına çevrilmesine neden olmaktadır. Oysa kurlar ve kur manipülasyonları mevcut ticaret kurallarının ele aldığı konulardan değildir. Yine de güçlü bir yargı ve yaptırım mekanizmasının bulunması DTÖ’yü kur manipülasyonları için cazip hale getirmektedir. Çalışma, DTÖ sübvansiyonlar hukukunun kur manipülasyonlarına uygulanıp uygulanamayacağını ele almakta ve kur manipülasyonlarının sübvansiyon sayılması için gerekli hukuki temelden yoksun olduğu sonucuna varmaktadır.

Keywords

Uluslararası Ekonomi Hukuku , kur manipülasyonları , Uluslararası Para Fonu (IMF) , Dünya Ticaret Örgütü (DTÖ) , sübvansiyonlar

CURRENCY MANIPULATIONS IN INTERNATIONAL ECONOMIC LAW: THE APPLICABILITY OF WTO LAW ON SUBSIDIES

Abstract

Exchange rates, the price of one national currency in terms of another one, are one of the most important elements of the global economy and affect the value of international trade, financial flows and foreign investments. Currency interventions aimed at maintaining economic balances or supporting development strategies are recognized as legitimate by the rules of international economic law. On the other hand, systematic interventions aimed at shaping exchange rates at a level lower than required by market realities in order to gain competitive advantages (currency manipulations) are prohibited by the IMF law. However, the IMF lacks strong implementation and sanction mechanisms to support this ban. This weakness in international financial and monetary law and the fact that currency manipulations are mostly aimed at gaining competitiveness in trade cause attention to be turned to trade rules to fill the gap in enforcement and sanctions. However, exchange rates and currency manipulations are not among the issues covered by current trade rules. Still, the presence of a strong judicial and sanction mechanism makes the WTO attractive for currency manipulations. This study addresses whether WTO’s subsidies law can be applied to exchange rate manipulations. It concludes that currency manipulations lack the necessary legal basis to be considered subsidy.

Keywords

International Economic Law , currency manipulations , International Monetary Fund (IMF) , World Trade Organization (WTO) , subsidies

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