Theoretically Research On The National Liability For International Financial Damage

In 2008, the U.S. subprime mortgage crisis triggered international financial crisis caused a tremendous influence to the world economy, all countries in the world suffered different degree of economic damage. Summarize the international financial crisis, the world's experts and scholars agree that the United States lacking the financial activities supervision to its financial institutions is the main reason of the financial storm. However after delicately analysis in the liability system of international country, for the United States, the author found that there is no basis in the national liability system calling the United States to account for its fault in the crisis. In order to make up the modern national liability system in this field blank, nation in the international financial crisis had fault can be deserved the blame, the author try to do research into the national liability in international financial damage in this paper.The paper divides into five chapters. The first chapter, e.g. the U.S. subprime mortgage crisis caused the international financial crisis in 2008, firstly, author will describe the destructive force of the international financial crisis, and then analyses the causes of the international financial crisis, it is concluded that the United States in order to gain great economic interests, indulge domestic financial institutions, lack of financial supervision excessive innovation is the main one of this financial crisis reasons. Therefore, the authors think the U.S. government should be bear the national liability on international law for the 2008 international financial crisis caused to other countries international financial harm. Then after reference to the relevant concepts in the national liability system, the author defined the new concept of "international financial damage" for the next national liability theory study laying a foundation and scope. Then the author dissertate the necessity and rationality of the theory research of the national liability in the international financial damage. The authors think, firstly, from the historical perspective, the tragedy of the international financial crisis is happened repeatedly, so now should try to introduce national liability system of the new idea to this field. It will be possible to eliminate or reduce international financial crisis, and then from modern perspective, author demonstrates the point of view. Next, through the analysis of three aspects of national liability system function, spirit of justice of laws and international law, common interests of the whole body of mankind, think specific countries caused damage to other countries undertake international financial liability is entirely reasonable, is consistent with the function of the liability, the spirit of justice of laws and the international law, and also conforms to the common humanity benefits.In the second chapter, the author summarized the basic conditions of theoretical foundations of national liabilities of the international financial harm. These basic conditions of theoretical foundations are mainly divided into legal basic conditions, theoretical foundation conditions and organizational foundation conditions. The legal basic conditions are mainly the three normative documents, namely first reading draft of the national liability drew up by the international law committee, and second reading draft of the national liability drew up by the international law committee, and the draft of On International Liability for Injurious Consequences Arising out of Acts Not Prohibited by International Law. Theoretical basis conditions are theoretical achievements of modern national responsibility. As for organizational foundation conditions, the author no discussed in the paper. Then, from these conditions of study, found that modern national liability system has scope limitation, namely national liability system has the request that the damage must caused by the tangible consequences activities. So some activities of which have major cross-border damage dangerous or major cross-border damage in social and economic fields are excluded outside the scope of the national liability system.The third chapter, the author studied the constitutive requirements of the national liability in the international financial damage. And from perspective of practice, author analyzed the technical difficulties in operation of the national liability in international financial damage. In the determination of the elements, the author holds that the main three problems. They are determining the subject of national liability in international financial harm, determining subjective factor of national liability in international financial harm, determining objective aspects in the international financial crisis liability. First, subject determining apply the principle of "liabilities converge to nation". Secondly, author adopt dual structure to determine subjective factor of national liability in international financial harm, namely the country is liable for strict liability on principle, and in countries liable for the seriousness of fault liability in the presumed fault liability principle. Finally, the author will undertake in the international financial crisis of the objective aspects of the national requirements into damage behavior, damages facts and causality three aspects.In the second quarter of this chapter,the author focused on some difficult points in the practice of the national liability in the international financial damage, and deemed that these difficulties mainly have six aspects, ascertained the key links on the produce, expand the international financial crisis, determined some behaviors that have negative influence to the above key links, establish a kind of formula to count the damage of the victims in the international financial damage, determined some reasons to defense the liability of the international financial damage, made provisions of specific national liability form in international financial damage, established special organization to deal with the disputes in the international financial damage.In the fourth chapter, author tries to design the theory principle and system of the national system in international financial damage. In principle, the author through examining the principals of international law, international economic law, international environmental law etc, on the basis of these basic principles, author summarized five principles in the national liability in the international financial damage, namely national economic sovereignty and does not harm the foreign economic principle, "Security is preferred, and give attention efficiency." principle, the principle of common but differentiated responsibilities, risk and injury prevention principle, international financial cooperation principle. Then, the author according to characteristics of the national liability in the international financial damage theory research to design some new rules, and they are the international financial innovation product registration system, the insurance fund system of international financial activities, the evaluation to the international financial innovation product, international financial activities of information exchange and notices system. And analyzed international legislation patterns of the national liability in the international financial damage and chose one of them.In the chapter five, form the positive and negative aspects, the author predicts the effects of the theory research about the national liability of the international financial damage, and analyzes its prospects. Form the positive effect, author thinks that the liability theory research can make the country further strengthening its supervision to financial activities. and provides guarantee for a security and stability international financial environment. From the negative effect, the authors think that one of the most worrying is the liability system will be restricted the development of existing financial industry in all countries. And for the national liability theory research, the author thinks that since there are technical difficulties, so the national liability can not form a system. But current reality doesn't mean there is no necessary to research now. As author in this paper said, its rationality and necessity, this theory research form now should proceed to accumulate achievements. We can believe that the accumulation of the theory of maturity and development, construct the system conditions must be met, then gradually the prospects will be bright.