TY  - JOUR
T1  - ULUSLARARASI EKONOMİ HUKUKUNDA KUR MANİPÜLASYONLARI: DTÖ SÜBVANSİYON HUKUKUNUN UYGULANABİLİRLİĞİ
TT  - CURRENCY MANIPULATIONS IN INTERNATIONAL ECONOMIC LAW: THE APPLICABILITY OF WTO LAW ON SUBSIDIES
AU  - Göker, Mustafa
PY  - 2025
DA  - June
Y2  - 2025
JF  - Dicle Üniversitesi Hukuk Fakültesi Dergisi
JO  - DÜHFD
PB  - Dicle Üniversitesi
WT  - DergiPark
SN  - 1300-2929
SP  - 375
EP  - 446
VL  - 30
IS  - 52
LA  - tr
AB  - 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.
KW  - Uluslararası Ekonomi Hukuku
KW  - kur manipülasyonları
KW  - Uluslararası Para Fonu (IMF)
KW  - Dünya Ticaret Örgütü (DTÖ)
KW  - sübvansiyonlar
N2  - 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.
CR  - Bacchus, James, “Don’t Push the WTO Beyond Its Limits”, The Wall Street Journal, 25 March 2010.
CR  - Caryl, Benjamin Blase, “Is China Currency Regime a Countervailable Subsidy? A Legal Analysis Under the World Trade Organization’s SCM Agreement”, Journal of World Trade, Vol. 45(1), 2011, s. 187-219.
CR  - Code of Federal Regulations, Title 19, Part 351 (https://www.ecfr.gov/current/title-19/chapter-III/part-351 Erişim tarihi: 13.12.2024)
CR  - Congressional Research Service, Currency Exchange Rate Policies and the World Trade Organization Subsidies Agreement, In Focus, May 16, 2016 (https://crsreports.congress.gov/product/pdf/IF/IF10406 Erişim tarihi: 20.12.2024).
CR  - Guide to GATT Law and Practice, Analytical Index, Geneva, World Trade Organization, 1995.
CR  - Bergsten, C. Fred, Addressing Currency Manipulation Through Trade Agreements, Policy Brief Number PB 14-2, Washington DC, Peterson Institute for International Economics, 2014.
CR  - Bergsten, C. Fred and Gagnon, Joseph E., Currency Conflict and Trade Policy A New Strategy for the United States. Washington DC, Peterson Institute for International Economics, 2017.
CR  - Chipman, John S., “Protection and Exchange Rates in a Small Open Economy”, Review of Development Economics, Wiley Blackwell, Vol. 11(2), 2007, s.205-216.
CR  - De Lima-Campos, Aluisio, and Gil, Juan Antonio Gaviria, A Case for Misaligned Currencies as Countervailable Subsidies, UNCTAD XIII Pre-Conference Event Policy Dialogue: Redefining the Role of the Government in Tomorrow’s International Trade 26 – 27 March 2012 Room XVI, Palais des Nations, Geneva, 2012.
CR  - Farhi, Emmanuel, Gopinath, Gita and Itskhoki, Oleg, Fiscal Devaluations, NBER Working Paper No. w17662, December 2011 (available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1973873 (Erişim tarihi: 14.06.2024).
CR  - Gagnon, Joseph E., The Elephant Hiding in the Room: Currency Intervention and Trade Imbalances, Working Paper No. 13-2, Washington DC, Peterson Institute for International Economics, 2013.
CR  - GATT Panel, European Community – Tariff Treatment on Imports of Citrus Products from Certain Countries in the Mediterranean Region (EC – Citrus), Report of the Panel L/5776 (United States v. EEC), Adopted on 7 February 1985.
CR  - Helleiner, Eric, “The Evolution of the International Monetary and Financial System”, in John Ravenhill (Ed.), Global Political Economy, New York, Oxford University Press, Fifth Edition, 2017, s.199-224.
CR  - International Monetary Fund (IMF) Independent Evaluation Office (IEO), IMF Involvement in International Trade Policy Issues, Washington, 2009.
CR  - International Monetary Fund (IMF), Article IV of the Fund’s Articles of Agreement: An Overview of the Legal Framework, 28 June 2006 (Erişim adresi: https://www.imf.org/en/Publications/Policy-Papers/Issues/2016/12/31/Article-IV-of-the-Fund-s-Articles-of-Agreement-An-Overview-of-the-Legal-Framework-PP3883 Erişim tarihi: 14.12.2024).
CR  - International Monetary Fund (IMF), 2022 Update of the External Balance Assessment Methodology, IMF Working Paper, WP/23/47, March 4, 2023.
CR  - International Monetary Fund (IMF) Research Department (in consultation with the Policy Development and Review Department), Methodology for CGER Exchange Rate Assessments, 2011 (http://www.imf.org/external/np/pp/eng/2006/110806.pdf Erişim tarihi: 18.06.2024).
CR  - Miles, Tom, “China dismisses Brazil currency proposal at WTO, criticizes QE”, https://www.reuters.com/article/2012/11/26/us-wto-currencies-idUSBRE8AP0XJ20121126/ Yayın tarihi: 26 Kasım 2012 (Erişim tarihi: 23.12.2024).
CR  - Prestowitz, Clyde V., Jr., Trading Places: How We Are Giving Our Future to Japan and How to Reclaim It, New York, Basic Books Inc. Publishers, 1989.
CR  - Sidley Austin LLP, “U.S. Commerce Department’s Recent Decision to Impose Duties for Currency Manipulation Raises World Trade Organization Concerns”, https://www.sidley.com/en/insights/ newsupdates/2021/06/us-commerce-departments-recent-decision-to-impose-duties-for-currency-manipulation Yayın tarihi: 1 June 2021 (Erişim tarihi: 23.12.2024).
CR  - Staiger, Robert W. and Sykes, Alan O., “Currency Manipulation and World Trade”, World Trade Review, Vol. 9(4), 2010, s.583-627.
CR  - Thorstensen, Vera, Marçal, Emerson and Ferraz, Lucas, Impacts of Exchange Rates on International Trade Policy Instruments: The Case of Tariffs, 2011 (Unpublished second draft available at: https://www.biblioteca.fundacionicbc.edu.ar/images/0/0d/2127-2-00.pdf Erişim tarihi: 18.06.2024).
CR  - Van den Bossche, Peter, The Law and Policy of the World Trade Organization, Cambridge, Cambridge University Press, 2005.
CR  - WTO Appellate Body, Brazil – Certain Measures Concerning Taxation and Charges (Brazil – Taxation (EU)), Appellate Body Report WT/DS472/AB/R (European Union v. Brazil), Adopted on 11 January 2019.
CR  - WTO Appellate Body, Brazil – Measures Affecting Desiccated Coconut (Brazil – Desiccated Coconut), Appellate Body Report WT/DS22/AB/R (Philippines v. Brazil), Adopted on 20 March 1997.
CR  - WTO Appellate Body, Canada – Certain Measures Affecting the Automotive Industry (Canada – Autos), Appellate Body WT/DS139/AB/R (Japan v. Canada), Adopted on 19 June 2000.
CR  - WTO Appellate Body, Canada – Certain Measures Affecting the Renewable Energy Generation Sector (Canada – Renewable Energy), Appellate Body Report WT/DS412/AB/R (Japan v. Canada), Adopted on 24 May 2013.
CR  - WTO Appellate Body, Canada – Measures Affecting the Export of Civilian Aircraft (Canada – Aircraft), Appellate Body Report WT/DS70/AB/R (Brazil v. Canada), Adopted on 20 August 1999.
CR  - WTO Appellate Body, Canada – Measures Affecting the Export of Civilian Aircraft – Article 21.5 (Canada – Aircraft) (Article 21.5 – Brazil), Appellate Body Report WT/DS70/AB/RW (Brazil v. Canada), Adopted on 4 August 2000.
CR  - WTO Appellate Body, European Communities and Certain member States – Measures Affecting Trade in Large Civil Aircraft (EC and certain member States – Large Civil Aircraft), Appellate Body Report WT/DS316/AB/R (United States v. European Communities; France; Germany; Spain; United Kingdom), Adopted on 1 June 2011.
CR  - WTO Appellate Body, European Communities and Certain member States – Measures Affecting Trade in Large Civil Aircraft – Article 21.5 (EC and certain member States – Large Civil Aircraft) (Article 21.5 – US), Appellate Body Report WT/DS316/AB/RW (United States v. European Communities; France; Germany; Spain; United Kingdom), Adopted on 28 May 2018.
CR  - WTO Appellate Body, European Union – Countervailing Measures on Certain Polyethylene Terephthalate from Pakistan (EU – PET (Pakistan)), Appellate Body Report WT/DS486/AB/R (Pakistan v. European Union), Adopted on 25 May 2018.
CR  - WTO Appellate Body, Japan – Countervailing Duties on Dynamic Random Access Memories from Korea (Japan – DRAMs (Korea)), Appellate Body Report, WT/DS336/AB/R (Republic of Korea v. Japan), Adopted on 17 December 2007.
CR  - WTO Appellate Body, United States – Conditional Tax Incentives for Large Civil Aircraft (US – Tax Incentives), Appellate Body Report WT/DS487/AB/R (European Union v. United States), Adopted on 4 September 2017.
CR  - WTO Appellate Body, United States – Continued Dumping and Subsidy Offset Act of 2000 (US – Offset Act (Byrd Amendment), Appellate Body Report WT/DS217/AB/R (Australia; Brazil; Chile;
CR  - European Communities; India; Indonesia; Japan; Korea; Republic of Thailand v. United States), Adopted on 27 January 2003.
CR  - WTO Appellate Body, United States – Countervailing Duty Investigation on Dynamic Random Access Memory Semiconductors (DRAMS) from Korea (US – Countervailing Duty Investigation on DRAMs), Appellate Body WT/DS296/AB/R (Republic of Korea v. United States), Adopted on 20 July 2005.
CR  - WTO Appellate Body, United States – Countervailing Duty Measures on Certain Products from China (US – Countervailing Measures (China)), Appellate Body Report, WT/DS437/AB/R (China v. United States), Adopted on 16 January 2015.
CR  - WTO Appellate Body, United States – Countervailing Duty Measures on Certain Products from China – Article 21.5 (US – Countervailing Measures (China) (Article 21.5 – China), Appellate Body Report WT/DS437/AB/RW (China v. United States), Adopted on 15 August 2019.
CR  - WTO Appellate Body, United States – Countervailing Measures on Certain Hot-Rolled Carbon Steel Flat Products from India (US – Carbon Steel (India)), Appellate Body Report WT/DS436/AB/R (India v. United States), Adopted on 19 December 2014.
CR  - WTO Appellate Body, United States – Definitive Anti-Dumping and Countervailing Duties on Certain Products from China (US-Antidumping and Countervailing Duties (China)), Appellate Body Report WT/DS379/AB/R (China v. United States), Adopted on 25 March 2011.
CR  - WTO Appellate Body, United States – Final Countervailing Duty Determination with respect to Certain Softwood Lumber from Canada (US – Softwood Lumber IV), Appellate Body Report WT/DS257/AB/R (Canada v. United States), Adopted on 17 February 2004.
CR  - WTO Appellate Body, United States – Measures Affecting Trade in Large Civil Aircraft – Second Complaint (US – Large Civil Aircraft (2nd complaint), Appellate Body Report WT/DS353/AB/R (European Communities v. United States), Adopted on 23 March 2012.
CR  - WTO Appellate Body, United States – Safeguard Measure on Imports of Fresh, Chilled or Frozen Lamb from New Zealand (US – Lamb), Appellate Body Report WT/DS177/AB/R (New Zealand v. United States), Adopted on 16 May 2001.
CR  - WTO Appellate Body, United States – Subsidies on Upland Cotton (US – Upland Cotton), Appellate Body Report WT/DS267/AB/R (Brazil v. United States), Adopted on 21 March 2005.
CR  - WTO Appellate Body, United States – Subsidies on Upland Cotton – Article 21.5 (US – Upland Cotton) (Article 21.5 – Brazil), Appellate Body Report WT/DS267/AB/RW (Brazil v. United States), Adopted on 20 June 2008.
CR  - WTO Appellate Body, United States – Tax Treatment for “Foreign Sales Corporations” (US-FSC), Appellate Body Report WT/DS108/AB/R (European Communities v. United States), Adopted on 20 March 2000.
CR  - WTO Appellate Body, United States – Measures Affecting Imports of Woven Wool Shirts and Blouses from India (US – Wool Shirts and Blouses), Appellate Body Report WT/DS33/AB/R  (India v. United States), Adopted on 23 May 1997.
CR  - WTO Panel, Australia – Subsidies Provided to Producers and Exporters of Automotive Leather (Australia – Automotive Leather II), Panel Report WT/DS126/R (United States v. Australia), Adopted on 16 June 1999.
CR  - WTO Panel, Australia – Subsidies Provided to Producers and Exporters of Automotive Leather – Article 21.5 (Australia – Automotive Leather II) (Article 21.5 – US), Panel Report WT/DS126/RW (United States v. Australia), Adopted on 11 February 2000.
CR  - WTO Panel, Brazil – Export Financing Programme for Aircraft (Brazil – Aircraft), Panel Report WT/DS46/R (Canada v. Brazil), Adopted on 20 August 1999.
CR  - WTO Panel, Brazil – Export Financing Programme for Aircraft – Article 21.5 (Brazil – Aircraft) (Article 21.5 – Canada), Panel Report WT/DS46/RW (Canada v. Brazil), Adopted on 4 August 2000.
CR  - WTO Panel, Canada – Measures Affecting the Export of Civilian Aircraft  - Article 21.5 (Canada – Aircraft) (Article 21.5 – Brazil), Panel Report WT/DS70/RW (Brazil v. Canada), Adopted on 4 August 2000.
CR  - WTO Panel, China – Countervailing and Anti-Dumping Duties on Grain Oriented Flat-rolled Electrical Steel from the United States (China – GOES), Panel Report WT/DS414 (United States v. China), Adopted on 16 November 2012.
CR  - WTO Panel, European Communities and Certain member States – Measures Affecting Trade in Large Civil Aircraft (EC and certain member States – Large Civil Aircraft), Panel Report WT/DS316/R (United States v. European Communities; France; Germany; Spain; United Kingdom), Adopted on 1 June 2011.
CR  - WTO Panel, Indonesia – Certain Measures Affecting the Automobile Industry (Indonesia – Autos), Panel Report WT/DS54/R (European Communities v. Indonesia), Adopted on 23 July 1998.
CR  - WTO Panel, Korea – Measures Affecting Trade in Commercial Vessels (Korea – Commercial Vessels), Panel Report WT/DS273/R (European Communities v. Republic of Korea), Adopted on 11 April 2015.
CR  - WTO Panel, Mexico – Definitive Anti-Dumping Measures on Beef and Rice (Mexico – Anti-Dumping Measures on Rice), Panel Report WT/DS295/R (United States v. Mexico), Adopted on 20 December 2005.
CR  - WTO Panel, United States – Continued Dumping and Subsidy Offset Act of 2000 (US – Offset Act (Byrd Amendment), Panel Report WT/DS217/R (Australia; Brazil; Chile; European Communities; India; Indonesia; Japan; Korea; Republic of Thailand v. United States), Adopted on 27 January 2003.
CR  - WTO Panel, United States – Definitive Anti-Dumping and Countervailing Duties on Certain Products from China (US-Antidumping and Countervailing Duties (China)), Panel Report WT/DS379/R (China v. United States), Adopted on 25 March 2011.
CR  - WTO Panel, United States – Measures Affecting Trade in Large Civil Aircraft – Second Complaint (US – Large Civil Aircraft (2nd complaint), Panel Report WT/DS353/R (European Communities v. United States), Adopted on 31 March 2011.
CR  - WTO Panel, United States – Measures Treating Export Restraints as Subsidies (US – Export Restraints), Panel Report WT/DS194/R (Canada v. United States), Adopted on 23 August 2001.
CR  - WTO Panel, United States – Preliminary Determinations with Respect to Certain Softwood Lumber from Canada (US – Softwood Lumber III), Panel Report WT/DS236 (Canada v. United States), Adopted on 1 November 2002.
CR  - WTO Panel, United States – Subsidies on Upland Cotton (US – Upland Cotton), Panel Report WT/DS267/R (Brazil v. United States), Adopted on 21 March 2005.
CR  - WTO Panel, United States – Tax Treatment for “Foreign Sales Corporations” (US-FSC), Panel Report WT/DS108/R (European Communities v. United States), Adopted on 20 March 2000.
CR  - Wu, Chien-Huei and Lo, Mao-Wei, “Is Currency Undervaluation a Subsidy: US Law and Practice and the WTO Compatibility”, Journal of World Trade, Vol. 55(6), 2021, s. 1017-1038
CR  - Zimmermann, Claus D., “Exchange Rate Misalignment and International Law”, The American Journal of International Law, Vol. 105(3),  2011, s. 423-476
UR  - https://dergipark.org.tr/tr/pub/duhfd/issue//1792658
L1  - https://dergipark.org.tr/tr/download/article-file/5281308
ER  -