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(1)′me Panama From. Canal Toll Rates. Militaristic Canal. a. Rub6n. the Panama. the agency. by. criticized because. some. of the. administrations.. Company. (PCCOMP,. In the past,. the. From. researches. even. nature,. only costly. the. and. ecollOmic. role to perform the PC. trade. Thus PC. itself and. US. seen. role of PC. In details, this paper includes. administrations血･om analyzed.. that have. it has it was. and. The. the. should. PC. at the. receive. a. as. and managed. larger. as. follows.. of the. origin. In the. fourth. flfth section. National. discusses new. Treasury. fair commercial. two. and. Canal. approaches. approaches. modifythe. TRP.. weregiven. to its. an. guarantee. efBcient. the PC. has. to也e. the two. an. world. for the well being. just how. are. was. approach. contribution. profitable. is to all. goal. for the ROP,. for its be. and of the. trade. This. that did not. recompense. These. br. TR.. section,也e. the TR. in the period. flrSt Section. The. of the. the elements. policy. 又op.. manage. Conversely,. asset that should. charge. Panama. of current. analysis. the world. approach. of its life-span.. new. the TRP. this paper's. and few considerations. it serves. as. increase. of the nations. policy血･amework.. is constructed. 1999.. end. of血e. to. 1914. role. deflCient. the. PC. 1979-1999). Thus. to establish,. asset. strongly. discusses. background,. a. (TPC, 1914-1951),. of the ROP.. used. military. very. commercial. development a. a. a. also essentially of the. inside. as. as. a. of. of the. (1) to. paper. events,仙is. Concretely,也e. been. economic. discussion. international血･ameworks,也e to the Panamanian. important. an. ROP.. of也e. PC. the. administrated. the socioeconomic. understand也e. section. approaches. soundness. is. attention. decided. (2) to establish. (PCCOMM,. TRP. the study. the past. neglectful;. andfinancial. to. has. and. (1999-2004) and,. Commission. TRP. when. operation. Canal. 2003,. Canall). administration. (shipping industlY). evaluate也ese. TRP. of也e. Authority, ACP), has been. the ACP. and. Panama. analyze也e. with. beginning,. In order. to. The. are. the Panama paid. 2002. in charge. theusers. Concretely,. in the. and. comparison. economic not. have. to explain. the. 2005.. administrations. 1951-1979) and. no. (TRP).. of the ACP's. aspects. economic US. and it tries. that gap and. and The. Canal. countries) and. (TR). the year. (ROP). of Panama. Panam丘(Panama. policy. toll rates. vessels血･om. the historical. analyzes. the. de. exporting. toll rates. reorganized. for container. category. US. in the. changes. del Canal. (exporters or. customers. and. systematically. Autoridad. (PC), the. Canal. T.. Introduction. of the Republic. of the government. Pro丘table Canal. a. D. Barnett. 1. Recently,. to. Policy:. of the. The net. 2000-2004.. third income. Panamanian. and containers,. introduction.. is the current. and也e. section. is about. of the PC TRP,. in血e. including. revenues. Finally, the last section. and. the. The TR. period. its legal. second. under 1968-1999. domestic. contribution. of也e. is for the conclusion.. US is and PC.

(2) (328). 16. 横浜国際社会科学研究. Figure. 1. Toll Rates. Categories. 2. The. TRP. of the US. proclamation 1. On. merchant. ton--each 2･ On. vessels. or. with passengers naval. displacement 4･ Upon. passengers. vessels,. Army. than. other. Navy. and ton,. net. of merchant. or. commercial. commercial. vessels,. But. to. the PC. Board. of Trade as. capacity, a. unit not. Here. ton.. using. Net. In summary,. we. cargo. is used.. In the. earning. or. such. cent. less than. ships. net. vessel. the rate. oftollsfor vessels. and. supply. Hty(50). ships,. cents. per. Britain in the middle. need. case. economic. are or. passengers of displacement. capacitythe. laden, then也e. ballast and laden. toll rate, term. the Panama. as. ton. displacement. toll rate. because is not. its earning. of 19th. of the feet. for. a. space.. or. the net. economic US. (or 2.832. of 100 cubic Canal. cubic. was. is empty. and private boats It actually. refers. to apply. this concept. economic called this. of 100 cubic. weight. does. the Panama. System. (PC-UMS). feet is used. the ballast toll rate. for recreation to a. or. the termton. until 1994. then. on. of the British. unit and. toll rate. 1).If the space. If the space. is based. meters). Measurement. or. capacity. earning. called. the. for recreation,. Moorsom. according. feet. Universal. (Figure. was. by George. vessel. economic It puts. of merchant. boats. private. The. or. passengers.. category. of the displacement. is applied.. warships. same. and. century.. designed. was. the exception. with. renamed. to. charge. unit. ¶1e unit ton. to a volumetric. three TR,. to. vessels,. the earning or. cargo. in the. to warships. in 100 cubic. space. careful because. it was. System. the TR. twentycents. and. in determining. employed. It tries to charge. TR). according. by Great. fixed. are. dollar. one. ships. to transport. used. (a lower. Moorsom. as. rules. hospital. and. supply. 1912).. the vessels. 1865. The. and. same. it is the space. treatment. special. essentially. to be. weight, it refers Ton (PC-NT) when there. to transport. per. of the TRP.. the nature. transport. as. the. charging. since. and. by. ships. Commission,. vessels,. said. It divided the vessers. refer to. Canal. of. developed. in 1854. it was. itgives a. concept. that it was. be measwed. (Isthmian Canal. vessels. System. colliers, hospital. difficult to understand. non-warship. yacht2). This. to. the vessels. of the military,. the Moorsom. twentycents. ($1,20) per. and. capacity.. colliers, hospital. transports,. transports,. vessels.. capacityof the merchant. as. the. with. follow,. as. forty(40). cargo. its inauguration,. cargo.. At this point it is not. such. one. before. year. dollar. earning. in 1912. ton.. ($1･20) per tonage. without. or. two. the TR. cargo. (100) cubic feet--ofactual. in ballast. vessels. or. Types. Rates. almost. that de丘ned. passengers. Vessel. Toll. of the. 14tb 1912,. WilliamTaft. caryying. hundred. one. 3･ Upon. President. 4号(2005年12月). I. According. Origin. started in November. PC. of the. 第10巻第3. do not. have. unit that is used. any to.

(3) Panama. ne. Table. The. 1. Panama. Canal. Producer. Price. Toll Rates. BallastGrowth. Wholesale. (1914-1999),. Rates. (329). of Selected. in %. Price. DisplacementGrowtb. WPⅠ′PPⅠGrowtb. 0.50. 12.2. 1938. 0.90-25.0. 0.720.0. 0.500.0. 14.115.6. 1974. 1.0820.0. 0,86p19A. 0.6020.0. 52.6273.0. 1976. 1.2919.4. 1.0319.8. 0.7220.0. 60.815.6. 1979. 1.6729.5. 1.3329.1. 0.9329.2. 77.627.6. 1983. 1.839.6. 1,469.8. 1.029.7. 101.630.9. 1989. 2.019.8. 1.609.6■. 1.129.8. 113.611.8. 1992. 2.2110.0. 1.7610.0. 1.239.8. 123.28.5. 1997. 2.398.1. 1.908.0. 1.338.1. 131,87,0. 1998. 2.577.5. 2.047.4. 1.437.5. 130.7-0.8. Canal opened in 1914. of Agriculture (2000) US. charge. the vessels.. weight. of 35 cubic. For the displacement. The. ′nle legal丘･ameworks calculated. cover,. the PC. permit borrow. eight. in 1970s. Treasury,. of the TR. are. substantially. increments. of the TR. occurred. $1.39 was. needed.. transits. For. cheaper也eir were. second. But. eliminated.. $0.90 and. redeflned. half of the. shipping. 1930s,. the US. Obviously, industry,. shipping. US Department. long. of Labor.. weight (1,016 Kg). ton. the. or. since. double. cases. 1970s. the. when. it was. as. the economic,. (1914-1938) had. in也e. to keep. in. the US. the US. a. way. of transits, cargo. was. shipping. of 1938 an. had. attempt. industry. govemment也rough. continue. as血ey. discount. a new. to. that. to. dowith. standardize was. the passage. the main of也e. the. the user. PC's. PC's. of the PC.. Merchant. stable,. Marine. of the. 1990s,. the. of the. conditions In 1938 to. increment. an. vessels. that made. were. designed. toll rate. been. $1.20 to. from Already. in the. recovered. to the. performance. charges. been. it is interesting. for the vessels. had. have. toll rate.. originally. the laden. reduced. TR,. for仙e. exempts. 3 US. Most. military. of the TR. transported, and toll revehues nothing. even. the丘rst. the value. TPC. that created. from. some. set not. the loss of the bene丘ts,. reduction. reduction. TPC. 1920s,. bene丘ts could. reasons,也e. measurement. the. early. passed. the. and. 1970s.. of the. of the laden. reduction. could. increments. In the 1980s. political and. is one. said, there. there. to. only. by. see. toll rate. ne. and. they. money. it is possible. of the value. 1/3. or. was. implemented. digits increments.. and lO%. It is 1/2. 24 years. Moreover,. the number. especially. industⅣ,. Since. to compensate. the. 7.4%. However,. technical. thus. one. in all也ree. 1. As. for the laden. prescribed. This. needed. TR. the. PC.. the. administrations. in 1938. shall be. operating. Concretely, in Table. shown. decrease. the TR. and. the US back.. to pay are. 1914-1999. ordered也at. the effect of the inflation. In order. its tonnage. level of the late 1920s; Depression.. 25%.. reduced. was. ignored. to. and. had. and. 29%,. drastically.. that the reduction. of 15.6%. ,. to the. of maintaining. pro丘table.When. PCCOMM. and. PC. of也e. all costs. PC. the. less, between. have. changed. toll rate. practicable,. but. 19%, 20%. increments. the laden. administrations. since the 1970s. around. the PC. US. PCCOMP,. are. affecting. as. nearly. of TPC,. increments. is equal. weight. t∫s Administrations,. the. under. self-sufficient, but not. US. the. administrations. toll rate, the ton. Tolls. of the. as. be. to. from. of Commerce(1965). feet of salt water. 3.. to. Department. ,. (WPl),. lndex. 0.72. Department. 17. Years. 1.20. Note: ′nle Panama. and. Do‖ars. Growth. (BarnettT,). Policy. 1914. Source: US. see. in US. (PPl) and. Index. I,adenGrowth. TR. Canal Toll Rates. without. or. the. Great. hurting. the. In order to rehabilitate Act of 1936. started. to.

(4) (330). 18. subsidy it. ¶1e main to be. has. been. influence. "revenue. said the. imposedtheir. industry) who is the toll revenues because也e that. they. were. should. transportation favorable. and. a. way. that had. asset. year. a丘er the laden. times. (273%). But. the US.. From. ′me increments. because. the TR should would. receive. Panama. Canal. it is not. displacement. 地at they. ROP. an. to see. been. not. value. equal. increment laden. to or. serving. trade, the PC. inflation. effect almost. in 1938. From in 1974. when. than. that the TR and. $1.67. ′me. of the TR to. have. raised. per. not. of the TRand. made. the inflation,. as. and. had. a. military. commercial reluctantly. but in the 1930s,. 1970s,. had. th占. securityconcerns. been. been. able. the inflation. absorb. to this Treaty's. increased. to. just one three. almost. eliminate也e. by. adverse. in its finance. the PCCOMM. (Table 1).. 1914. should. to 1979. ¶1e amount. use. after this increment. laden. increment. toll rate. to the. $0.18,the ballast toll rate. of 1914.. ROPfrom was. of TR. of the Panamanian is about. unpaid. National. of 1979the In 1989. $0.30. $0.14 and也e. ROP. the Treaty, the ROP.. to the. the payment. by similar. 'nle. operation.. The. amount.. Thus. laden toll rate. $0.30,from $1.03 to $1.33. Conversely,the. of the Panamanian. revenues. original PC-NTgiven. also increased. $0.72 to $0.93.This for仙e. PC's. increased. 4, the PCCOMM. I.aw that implemented. also to cover. ballast toll rate increased. payment. in也e. used. that transits the PC. The be calculated. (1979-1999). jhicle XIII paragraph. resources". national. ballast toll rates. just$0.21,h･om. the. 仙is. wish.. administrated. prices. cheap. discriminate.. of the inflation started. 1974,也e. to the inflation. In 1979,. on也e. vessel. that for first time. mention. assumed. the effect of the inflation started to be considered. task. According. return. that the laden to. locked. thus. the TR. on. been. it was. of its economic. increments to. 1938. increments. unnecessary. was. not in the. constantly. Ironically, the constant. of 1977.. each. ordered. unpaid血･om. higher. was. the US. which. would. traffic. Unfortunately,for. of the. the. Interestingly,出is. ever.. of the payment. toll rate. operating. The. 25%. million, this is equivalent to the 9% of the also important. not. of the PCs. base,. of products;. can. (shipping. group. had. industry. so. reasonlng,. revenue. lasses. ′meyare. aspects. only related. equitable. increased. toll rate. had. are. PCINTfrom. Act of 1979,. increment. face. it is. had been the shipping industry.. Treaty. $0.38,from $1.29. increased. did. PC. and. the evolution. affected. As. Toll Unit of the. taxpayers,. the PC. as. many. 20%. PC. the. the shipping. ((. $0.30 per. surprising. percent. to. of the TR. of the Canal. to也e. pay. elements. fわur of the eight. only. inflation, leaving. is what. be profltable.And. them.. reduced. transportation. that have. started to increase. just increased. 1998. TR. transformation. not. sea. industry. needs.. lobby. PC-NT/UMS),. of the US. had. economic. 2002). ′me. by the. money. cheap. any. proactive. other countries'merchantfleets. possible.. since. was. the. cheap. that the. and. inflation. toll rate. to. important. it was. as. the largest beneficiaries. Obviously. through. a. (Lynch, TR. built wi也the. was. transit to the vessels. of the TR. to. PC. of the Canal". by. that the PC. factors could be. to the Pricing. in place. and. PC's. important under. vessels. the shipping. to the. supportive. Jr.,manager. "locked". see. when. But, what. of multiplying也e. obviously. guarantee. much. the TR. 1974. of the. effect. And. three. cheap. as. the real value. eroding. TR.. are. by the US. The. overlooked. Since也e. self-sufficient,but. ignored. were. nature. to be. product. even. be explained. not. D. Lynch. been. very. ofTR. can. merchant. it is not surprising. However,. toll rate. not been. ′mis. the well being. be later extended. necessityto. a. that had. beneficiaries. cheap. there. to provide. for 60 years?. is血e. 19773), the stagnation. Treatyof as. over. great. would. the 1970s,. their increments Canal. the. required. treatment. Since. PC). interest. increased.. not. be. it has. this, Valentine. (of the. (the toll revenues. TR. of the PC,. Of the TR. base. laden. cheaper. of US. number. than 50%. Thus. more. to get its五rst increment. for the PC. political. About. are. a. beneBciaries. any lnCrement. to. 4号(2005年12月). ･. to increase也e. wanted. vessels. indirectlywith. 60 years. the factors. obviously ACP,. it took. to stop. govemment. trade carried in US. of the largest. one. to see. the US. was. of this policy. supportive. possible. reason. of the US. the volume. 第10巻第3. 横浜国際社会科学研究. to. the 17%. of也e. Treasury. TR. $0.39, it is displacement. $0.09. toll. also. revenues. raised. was. meaIIS or. same. returned. period.. $500 It is. to a nominal cover. the. Concretely,. the. again. increment.. toll rate. the largest. resources. for the. toll rate were. 29%,. around. national. laden the. was. to. $0.09..

(5) ¶一e Panama. Note:. PCINTand. Source:. US. PCIUMS. Dep.. Fjgure. 2. In Figure the. the quantityof. in 1971,. transits. they. when. Panama. were. 2.4%) in 1977. a. 13,600. about. important. the number. factor. by. avoided. of也e. century.. In other words,. The. Figure. PC-NT/UMSannual grow血rates. average. wben也ey. in the. increment. that the. 1960s,. and. in the. NT/UMS. is part. NT/UMS. per transit is increasing. of. PCINT/UMS.. of vessels. and. in the 1950s. was. of the. revenues. have. 5 million. gains, PC-NT.. stable. War. its slowdown. in spite of the weak. larger. vessels. It was. 6.4 million. are. growths. becoming. started PCNT. 1990s. ¶1e annual. there has. Obviously, PC,. in the. to use. been was. been. average. not. of annual. number. larger. In other. in the 1960s.. It was. and. was. words, because average. PC-NT. 8.6%. Because. Moreover,. 10 million. new. 1990s.. 2.1%. nleSe. to. of transits and. the PC. ′me volumetric. substantial. until the. slowdown.. favorable.. of the PC. any. 1980s. grow血rate. of serious. (-17%). in the early 1970s.. in the. it improved. last. The. that reduced. the toll revenue not. more. this recovery.. cut. II ended. to fluctuate. started. 1.3% and. has. for. to be ll,700. again. (-. ll,900. and. of vessels'cargo. of ll,400-13,500annually. the transits after the World. was. on. there. until 1975. the early 1980s. during. early 1980s. stable. but did not. Administration. conditions. in the range. earlier decades.. of the. Panama. effects of these. the PC-NT/UMS. the 1980s. 1970s.. it decreased. and. to 14,020. industry to look. severe,. since. in 1945. 1976. the change. was. oil crisis. of the Reagan. in central. Since. because. However,. policy. (-10.3%) in. the shipping. also. transits of transits. became. and. transits. forcing. by也e. 14,100.. in 1983. been. grow血of. base. 12,200. but. of the PCIs. 1,939 transits. its peak. reached. cost,. caused. adverse. ′mis is only possible if the vessels for efficiency. cut. the monetary. quantityof. compared. 5.4%. to. contraction. of the TR. to也e. 19. 194512003. the number. performance,. increased血･om. to about. of the oil pipeline. grow血in. are. of transits. only. in the PC. The. the tremendous. 2 shows. of transits. dropped. not. Crisis and. of transits, which. of the PC's. Transit,. per. transformation. and. price of oil skyrocketed. The. the opening. the. factors. until 1982, becoming. again. transits. is the stagnation. the number. was. vessels.. Debt. was. in the number. growth. This. PC-NT/UMS. and. number. transits, and也en. methods.. oil tankers. only. nlen. of the oil crisis. The. I.atinAmerica. the TR. The. per year.. (331). capacityof the vessels.. PC-NT/UMS,. important. two. seen. (Barne仕T.). Policy. and. Transits,. of 623%.. growth. of transits increased. Other. 6.9%. be. PC-NT/UMS. because. in 1983. The. were. Canal. 2, it can. the redesign. number. ofAgricul山re, ACP. factor that affected. efficient transportation. demanded. of the volumetric earning IMF.. measures. equivalent US Dep.. important. ′nle most the 1970s.. are. of Commerce,. Canal Toll Rates. are. The Small. in 1950s, the. PC-. the annual. PC-. the annual. total. of the redesign size of the vessel in the 1970s.. It.

(6) 横浜国際社会科学研究. (332). 20. Tab一e. 2. The. Effects. 第10巻第3. of the Vesse一s. Size. 4号(2005年12月). ･. Operation. the. on. Panama. of the. Lessthan80feetbeam. M.orethan100feetbeamorPanamaX. 41ocomotiVesarerequired. 6or81ocomotiVesarerequired. 3tugboatassignments. 7or10tugboatsassignments. 1pilotofthePanamaCana1. 2ormorepilotsof也ePana皿aCana1. Notransitrestriction. Restrictedtodaylighttransit. ′nlelockagetimeisshorter. Thelockagetimeistbedouble. Canal. Source:ACP. 14.6 million. was. just 27%. larger. average. cost. was. have. a. Panamax. transit of other a. more. stay. vessels.. of this paper. to not. was. from. cost. be. only. was. work. to the year were. mentioned. than. stop. to. self-sustain. a. had. large. improve. 2030.. It. to avoid. and. a. and. to mal(e. the. new. to. backed. above. to. to the. the way. work by. obsolete and. ROP. and. 1990s. becoming. are. with. TR. to support. transit. more. and. waterway.. Tもis trend. demand. of Panamax. increment.. in 1992,. planned. (1992, 1997. It is not. the capacity. all problems. indispensable. the. main of the. of transits. ′me. the life-span of也e. 2010.When. is. for 10 years,. 1998). ¶1e. and. 15%-20%. between. the. stopping. that task, and. complicated. also expands. were. for. of 13 km. that the whole. but also to increase. the year. 80. (allvessels. Gaillard)Cut. make. Panamax's. increment. 29.9. or. less than. only, thus. way to. started. 100 feet. is twice. accommodate血e. vessels, an. (or. vessels. increments. ¶1is in血･astmcture. in the 1980s of the ′ⅠⅦ. a. they. TR. transits per year,. payments. the. could only transit during. mentioned. be五nanced. but. three. be. very. tug boats needed. and. one. Panamax. to. planlled. the transit of Panamax. would. a. of the vessel;. size. than. of its lockage. transit. is becoming. works by. the. modi丘ed. (thisonewith. Panamax. continues,. that these. had. cost也at. was. also modified. more. of. called the Culebra. the ACP. were. work. $1.5 billion.. the increments losses,. beam. the time. Panamax. the PC. infrastructure. clear that the PC. was. PC,. of也e. 3 shows. 1980s,. larger. This. to. size vessel. vessels. Second,也e. words,. transits to 17,000-17,500. analyzed or. the. in 2001,. $1. a. medium. the four problems. Thus. in血･astructure. represented. between. is independent. onewith. in time. Third,. the policy, which. 24 hours.. describe. to. (itis one. thewider. allow. of the PC. ¶一e Figure. facilitate and. 14,000-15,000. of也e. years. more. 1997,点nished. accelerated血･om. PC. to be. PCCOMM. this work. larger. In也e. just 9.9%. was. vessel. consuming.. large vessel. section. part of the transits. In other. purposes. goal. in the narrowest. The. increase,出us. time. more. longer. important. Obviously. are. smaller. of也e. be at least 50%. operation. and. vessels.. of those. the whole. an. to. had. trafBc. 56%. average. the transits of larger vessels. because. of the transit. of themwith. one. it was. it was. their transits (Table 2). First, the pilots, locomotives. during. double. 1980s,. 1970s,. 1990s. The. by the size of the vessel. I.arger vessels. the transit ofa. 1et's compare. in the. and. the fix cost. their transits. about. beam). does not last. vessel. affected. idea. are. long, the two-way. of. because. in the 1990s.. PCNT/UMS. later in也e. and. is substantially affected. lockages). Four也,. three. need. PC,. In the. its transit could. daylight,thus. 1970s,. of the. one. decade. a. PC.. of. transit. But. of the. Panamax). 23.9 meter. or. 1950s.. than. 16.1 million. in late 1970s. concrete. meter,knownas. it was. PCCOMM. has to operate. PC. To. a. in也e. larger. the variable cost. 也at也e. 1980s.And. for仙e. operation. however,. feet. 46%. surprise. and. in the. in 1960s也an. vessel. unpleasant. PC-NT. to allow. the infrastructure. PC. 20. above the PC. works. to. of the. 1990s. As they. it was. have. said, the increment. another. important. of 1997. characteristic.. and. 1998. For丘rst. was. speci五cally. the time. since. planned. to accelerate. 1938, it was. decided. the works to acquire. of the PC, but more. revenues.

(7) ¶1e Panama. (Barne仕T.). Canal Toll Rates Policy. (333). 21. 45 40 35. おGladsl!Sut21LptrC%. 30 25 20 15 ー0 5. 1974. 1976. 1978. US Dep.. of Commerce,. 3. Percentage. Figure. by also charging. development vessel. the deck. carrying. of the. Panamax. carried. above. economic. about. benefit.Tilis. thus. decision. the PCCOMM. This. was. income. an. As. Figure. 4 shows,. equivalent. to the. in 1973. negative. net loss for也e important the PC. until 1976. Then decade.. de facto. ′me relations. 12 years without PC. income. allowing. However,. income. of the PC. of the PC a. worse. did not was. a. per. charge. since the of the. structure or. economic in favor. clearly unfair. of. small part of the deck to retain. container,. a. substantial. it created. and. the importance. for. of this decision. is. will use.. 1968-1999. a. suffered. sever. in the. performance. improve. substantially. ROP. of profltabilityof the. became. contraction. and. 1980s. there. when. until 1998. high, $157. too. unusually. and. to charge. of. However,. that eaming. cover. to. modi丘ed. outside the. used. $3. 1 974-2003. structure.. to those vessels. Canal,. Panama. just to have net. broadly. was. for the vessels. income. the guidance. under. managed. increments. and the loss of net. (1974, 1976,. 1983,. (1973-1976, 1987-1989,. and. in red. numbers increments. the TR. would. it recovered. to. was. rule. camied. that later the ACP. of the. the net. been. demanded. revenues.. revenues. lncome. fわr the 1990s,也e. of the TR. in years. made. net losses. more. the. just decided and. cost. 5% of the toll. to 1976. 2002. and. million. ¶1e. by the Panamanian. was. 1999.. a. It is. is that. reason. staff in the US. of PCCOMM.. administration. were. And. Net. that in 1999, the net. to note was. The 1968. been that. the loophole. represented. to capture. from. had. a. has. cargo. loophole. a. created. and. 2000. per Day,. that is inside the vessel. of the. payment. completely. 1998. of Transits. In 1938,. of the vessels.. part. no. the Average. and. increasing But. 1996. 1994. and IMF.. deck. the. 1992. ofTransits per Day. Vessels. negotiated. 4.. ACP. 1990. surprisinglythe PCCOMM. closing. the traditional TRP. rupturewith. 1988. capacityof an. exemption. not. 1986. the vessels. However,. containers.. 8.78%,. of Agriculture,. inside containers.. the vessels.. capacityof. cargo,. or. 1984. 国Avarege. Dep.. of containerization,. above. vessels. US. for cargo. the eaming. exclusively. 1982. of Panamax.. 圏Percentage Source:. 1980. have. been. nature･. For. should. be managed. the US. almost. US's. welfare.. But thisrisks. bard. and也e. PC. was. 1992, and. 1996-1997). Butthe is. a. as. symbol a. main. itsfinancial. in 1973. 1979,. 1983,. problem. good,. soundness. and. closed to也e end of its life-span.. net losses. There. (1981, 1983. until 1999. 1992,. to. and. serve. accessible. performance. in. and. the. a. 3 periods. 1992). and. very. of net. the US. to. never. Navy. for everybody of time. see. and. the the US. increments. of continuous losses, In total. restricted. 1998, the丘nancial. US. period. Six of the TR. were. these. Under. 1997. mentalityof. greatness,. be cheap. quite interesting.. are. 3 years. 1989,. is the. of its economic. collective. 1997) with. plus other. first oil shock. of the 1974, 1976,. worse.. the PC. the. since. 1989,. income. conditions,. condition. PCs. economic. trade. The. for improvement when. of the. the conditions. PC. of the were.

(8) 横浜国際社会科学研究. (334). 22. 第10巻第3. 4号(2005年12月). ･. 450 400 350 300. #. D250 ∼.H. ○. g200. ≡ =150. 100 50. 臥臥国._i_...J臥ロ._..m._._..田._.._._..鼠.≡. 0. L｣∪】】. 1968197019721974197619781980198219841986198819901992199419961998200020022004 -50. l圏鮎tainedtolnvest国TotheNadonalTreasuryl Source:. Examination. the Annual. the Financial Statements the ACP, Several Editions,. of. Figure. Tab一e. 3. of the Panama Informe. of. Reports. 4. Net. The. Annual. the. PC. Operating. Average. and. lncome. Cost. by. Canal y Estados. Loss. and. General. Comptroller Financieros. of Transporting. of血e US, de Sept. de 2004 y 2003. 30. of the Panama. 1 Metric. Canal,. 1968-2004. of Cargo. Ton. ofACPI. in the Sue∑. Canal. and. 1 999-2004 1990-1999. 2000-2004 AVerage. MaXimum′Minimum. AVerage. Maximum/Minimum. Suez. $5.39/$3.97. $4.83. $4.97/$4.19. $4.55. Panama. $3.91/$3.07. $3.29. $5.06′$4.07. $4.51. and Suez. Source: ACP ′me best 也ere. are血e. Canal. periods,. 1990-1999. amount. PC. is earning. underpaid. was. and for the international the ROP. because. trade,. the PC needs. canal. the US. 5.1.. to the ROP. The For. Constitution. fair value The. analyze. hundred of the US. trade, required for its services. Panamanian. Toll. the content. 30%. of million was. than. more. of. in the PC.. of TRP. othertype and be profitable.. PC. 1990s. the. words,. the. would. billion, in. 3,. Suez. and也e. In the. ′me PC,. reason.. In Table. In other. the. revenues,. of dollars, if not. the main. Rates. in the PC. difference.. substantial. Canal. of Egypt.. enjoy. In. revenues･. for its. own. that will be implemented. a. good by. Policy. of the Panamanian. TRP. since. the transfer. of the PC. from. 31st of 1999.. December. the PC. a. away. in the Suez. job. With. same. the TRP. the US. more. a. Canal. ton of cargo. Law was. a. militaristic canal. For. the ROP,. in the Article 316 of the Title XIV. that is safe, continuous,. efBcient,. and profitable. the PC. is. a. commercial. clearly said that the ACP. (emphasis added). ".. manner. discuss and. Panamanian. the US,. panamanian. on. and. including to get. the. notgiven. is. Center, Egypt).. the Suez. 1 metric. is clear, there. 31.7%. is doing. 5. lもis sectionwill. $1.54 or. paid. had. if the US. support. the PC. cargo. the PCwith. price of transporting. 200012004.Asit. less when. substantially. better丘nancial. and. Support. and Decision. is to compare. TRP. and average. minimum. of transported. same. the Information. the flaw of the US. to see. way. maximum,. in two. conclusion,. Canal Authority肝rom. ′mere. and "may are. pro五table canal. The operate. several. the Canal reasons. why. in. a. the.

(9) Canal Toll Rates. ¶1e Panama. PC ROP･ be. It would. guarantee. according. Treasury･. This. expansion,. the. 41. as. as. the only. one,. The. Treaty. of the. there. the. Panamanian. revenues.". US. is the fear that the ACPwill. (shipping industry) and. Treaty US. Concerning "Tolls. that. consistent behavior. with. ¶1ere ･･･. any. the trade. be. of. both. geographic international. two. In order The US TR to. or. the. support. manage. the ROP increment.. cost. merchant the. trade,. because. of. and. National. shall be. surplus. of the PC,. revenues. its. on. charge,. own,. any. but it is. of the ACP,. for the. fleets;. the two. Parties;. and. at expense. of the. customers. of the. Ill paragraph. of 1977,. ROP. 1. any. (c) of the. agreed. just, reasonable,. the. with. equitable or. monopolistic. of the International. and. abusive. Law.. that said,. eHects of any such toll adjustment on (1) including full consideration, consideration. given. the. Canal;.... impact. the. interests. of. such. of both. the. interests. on. adjustment. Parties. (3). (4) the. of transportation,.... means. (5). Panama. the. maintaining. other. …. (6). and. But. canal.. that the. to. domestic. Canal. added).''Thus. and. their. users. the oil is. as. pro丘table. revenues. In the Article. 6 considerations. in relation. and. higher. shall be. consequently. operating. of. commercial. Fortunately,. (emphases. use. Canal. of the. a. by the ROP. managed. to extract. services. cost. the. be. of the Panama. ancillary. law. that added. an. is that any. does. not. (5). adjustment. the PC. most. to a. and. the ROP,. (4) to. maximize little more, ACP. has the policy. adjustment. preserve. or. the then. to never. increment. allow. of the TR. import,. various. in maximizing. TR. to. see. at expenses. that other. alternative. This. position. of the. US. to. five. or. are. their. is not. increment. also restricts. of也e. affected. by the. of the PC,. of the TR. (3) to. and. 又op. four. becomes. attractive. possible. secondary 4, and. of the. PC.. for the. users. abusive. the. (ports)that. (2,3,. of them. (1). are. maintain. If these丘ve. of the competitiveness. any. damage. the geographicareas. that actually. route. just secondary.. avoid血e. of trade. adjustment. affect negatively. trade. has. its pattern. that the. do not. the other. and. the competitive. it is possible. of the TR.. or are. international. will increase也e. important. increment. or. to export. (2) to. the PC,. fleets of the US and. need. is the. ′me other five considerations. First, never也e. suicidal. ′me ACP PC. Operation. the first consideration. of operating. considerationsareanalyzed meaningless･. the PC.. (2). of. consideration. trade･ Because. domestic. of the. is. modernization,. any. for the TRP. be. should. behavior. Parties. use. each. of importance,. adjustment. Panamanian. the. not. the ROP. commerce.. important. most. ･･･. of the of. may. will. of the nation. This. investment,. misuse. Government. should. of the Canal, (US and ROP) shall. in maintaining. areas. any. legal framework. PC. of this Treatyand. in tolls for the. of the. position. Parties. to. This. times. many. the Regulations,. in relation to the TR.. and. understanding. of thefollowingfactors competitive. as. development. operation,. avoid. good血at. the. do. can. for transit. breach. a. adjustment. patterns. private. of international. is also the Treaty's. before. a. monopolistic. Neutrality. charges. could. To. profltabilitywill. i一山･astructure.. Moreover,. by the Lawand. National. (exporters) of they. what. principles. of the ROP. is. a. customers. about. other. the. the PC. pursue. the Permanent and. "the. and it empbasizes也at. countries,. is restricted. for Canal. costs. The. Treaty.. is也at. there. the ACP. the. PC's. begiven. should. the. autonomousfrom. Treasury.. old. 23. Trade. position. Arab. pro丘t earned. flSCal period.". 19,. the. the socioeconomic. provided. No･. National. by the ACP.. offered. (335). and丘nancial. expanding. ′mis is the domestic. Canal. by the. PC,. Law. is also the other. done. users. reserves. in the following. treasury 39. 19 the "covering. after. future. and. No.. the necessary. Article. the. against. Tbe. of Law. said, the ACP. to. and. be pro丘table to flnanCe. Article well. maintaining. independent. Panamanian. andfragi1e. reliabilityand safetyof service. to the Aれicle. according. 5.2.. of operating,. should. to the national. not. cost. to be flnanCial. needs. of the weak. that the PC. forwarded. expense. is the PC. the support. the efficiency,. has emphasized,. and. have. not. to support. used. why. One. be profltable.. should. (Barne仕T.). Policy. or. 5). are. ¶1at is of the. monopolistic.

(10) (336). 24. behavior US. by the ACP.. are. the. trade,地at loss Fourth,. the. TR. to. is how. 1990s. about. data血･om. 1990. of也e. international. and. imports. steel. Essentially, the. corn. import. of the PC's. expansion the ports thus the. they. they TR. serves. have. increment. the cargo. In. PC there. they. about. just can. increment people. instance,. of TR. and. tradeare. as. a. can. Since. can. ROP.. on. ACP. build. has. a new. TRP. of US day. to manage. and. 0.39%.. as. Canal. toAsia. delays,. bottlenecks. is. there. the cargo. Under. and. these. finished. bridges4) land. the. are. not. bridges. and. labor conflicts;. and. the effect of. under. significant. negative. is very. are. important. of the TR. has been. transported. the. US. effect. increasing. in. and it indicates. unusual increments,. similarfuture. of iron. (I･aPrensa,. let's consider. no. coal. 1999)･ For. ¶1eSe. term.. metal,. most. land. of are. products. recently as. the increments. charge. world. sense. of 1977. and. that. because. 3 nations. the. possible. with. or. according. Japan. or. China,. and. upset. about the. relations,. the ROP. to the. depends. PC. It would needs. services. were. on. trade. that goes US. the. there. is. a. trade･ strong. the Panamanian. TRP,. or. abusive. unilateral. influential. irritate many. of the PC. that. Concerning也e. of US. the?mount. become. of international. for the exemptions. of the Treaty. in realitythe. is made. for the ACP the TR. because. monopolist. trade. if也ese. In the modern. room. export. (I.aPrensa,. medium. of也e period 1973-2003. to remember. does not make. monopolist. However. the TR. most. do. In any. manufactures. known. 60%. exports. scrap. cargo,. the. whole. negligible.. of the Panama. reason.. 29.5%.. increased. It is important. ROP. and. has. not manipulate. Operation. pressure. 7.5%. that. relation. or. or. shown. empirical. minimal. can. is another what也e. The. of the PC. of也e. These. PC. it is possible･ But. as. much. PC.. than血e. more. the main. before. Even. has. of transits. Particularly,. l% the cargo. is considerable.. Never血eless,也e the ACP. US. analysis. and. the US. of the US. in the short. as. that in the. to 8.8%. tra瓜c. atfull capacitywith. industry. between. were. of the TR.. the ACP. put. historical. in the number. increases. Neutrality. throughthe. to or. orrunning. adjust or. and. passesthroughthe The (US Congress, p.88).. production. substitute the PC. or. ones.. of transportation. options. no. important. most. and imports.. cargo,. For. of transportation.. way. of 7.9%. coal, containerized. containerized. PC's. loss･. toknow. represents. exports. of the daily consumption. by the transport. 1999. transported. Permanent. l%. saturated. 1973. conclusion,. restriction. almost. US. of the whole. alternative. compete. An. effects onthe. Moreover,. efficient. and. (17%) also the US. low value. of the whole. the 23%. are. in general. since. the TR. negative. the. ignored. spite of the increments that when. 44%. capacity, the alternative. are. been. administrations on. products,. is. trade.. It is important. PC?. in the range. amount. on. US. lose. trade of the US trade went也rougb也e. 1umber,. petroleum. in the capacityto. not. and will. depends. petroleum,. grains. an. the PC. of the its ownTRP. manage. of them. level也ere. repetition. damage也e. throughthe an. a. set and. But也is丘gure. products,. are. can. at domestic. Third,. attention.. or. port. If some. or. region. Thus. of the waterborne to. one. just. it may. as. much. petroleum. about. is not. there. products. the ACP. the US.. large, heavy. is. trade. is equivalent. but it just represents. is petroleum,. countⅣ.. chemicals,. products. of US. same. is going. 83). p.. plus imports-of. are. these. exports. Congress, 17%. as. trade. In the other words,. soybeans,. and. 1999). ′me. of the US. 1996,仙is. trade-exports. The. coke.. PC, but not. of也e. (US. to. of grain, phosphates,. made. the. a. 3% of the. flag merchant. the Panamanian. littleconsideration. loss to. bring. it only manages. and. vessels-all. fleets deserve. parties'international. much. 17%. all the transits of the PC.. inside. o也ers. fleet is shrinking. merchant. merchant. the beginning. In few words,. the cost. cover. any. does not necessary br. gain. of the at. the question. Using也e. a. represent. explained. increase也e. middle. can. 4号(2005年12月). ･. merchant. owns. domestic. of也e TR. maximization. consideration. Here. Panamaniancompany. no. increment. or. domestic. the US. by foreigners-these. owned. adjustment. because. Second,. because. trade, and. vessels. 第10巻第3. 横浜国際社会科学研究. and也e. free before.. ROP･. For.

(11) The. Canal Toll Rates. Panama. Table. 4. New. Ton. Rates. (337). (Barne仕T.). Policy. Structure. of the ACP. 2002. 2003. 1stNeXt. ■PC-UMSinUSS. 1stNeXt Rest. Rest. 10,00010,000. (EXcept%). 25. 10,00010,000. MerchantVesse1(hden L/BⅠノBL/B. L/BL/BL/B. &Ba11astTo11Rate) GeneralCargo. 2.80/2.222.78/2.212.75/2.18. 2.96/2.352.90/2.302.85/2.26. Re血.igeratedCargo. 2.80/2.222.78/2.212.75/2.18. 2.96/2.352.90′2.302.85′2.26. DⅠγBulk. 2二80/2.222.78/2.21.2.75/2.18. 2.96/2.352.90/2.302.85/2.26. Tankers. 2.80/2.222,78/2.212.75′2.18. 2.96/2.352,90/2.302.85/2.26. ConbinerShips. 2.80/2.222.78/2.212.75/2.18. 2,96/2.352.90/2.302.85/2.26. VebicleCa汀iers. 2.80/2.222.78/2.212.75/2.18. 2.96/2.352.90/2.302.85/2.26. PassengerSbips. 2.80/2.222.78/2.212.75/2.18. 2.96/2.352.90/2.302.85/2..26. Others. 2.80/2.222.78/2.21.2.75/2.18. 2.96/2.352.90/2.302.85/2.26. Growth(%). 8.9/8.88.2/8.37.0/6.9. Battleship(Displacement. 5.7/5.84.3/4.13.6/3.7. 1.561.561.56. 1.641.641.64. 9.19.19.1. 5.15.15.1. TbllRate) rlrハ17丁+1l(q/^ヽ. u▲vyyし▲▲＼′Uノl Source:. 5.3.. ACP.. New. Toll. Rates. ln the years to finance new. TRP. divide. to. ACP. Suez. a. as. Canal. new. the. The. new. by. for the. The. based. system. containers. vessels,. the vessels. what. other. of locomotives.. the vessel. more. vessels. type. with. a. and. degree. TYlis is why. customers.. there. the Suez. categories,. PC-UMS. 20,000. lO%. PC. are. used. that the vessels model The and are. Canal. Authorityof. the. Third, during. purposes. second 8 types. degree. of. non. model,. In other military is why. and. cargo,. Second,. others.. that the to. also similar. less than也ey. TR the. size of should.. ′mis is mismatch the ACP. is. also created. their transits, such. as. equitably.. that facilitates the development new. and. revenues.. by the vessels. Egypt. general. PCCOMM. paylng. of the toll. of the. to the volumetric. according were. will be charge. of this. are. which vessels. by. their PC-UMS.. (PCIUMS). This consumed pricesぐIIR)for different amount a lower one for the next 10,000 PCIUMS (1110,000 PCIUMS) ,. the introduction. Crable 4). This. six toll rates. for the. pay. applied. increases. uses. than. one. initial higher TRfor. business. PC-UMS.. of the血･st. only. of the. permits. new. Canal. smaller. an. resources. This. imitates. in PCIUMS. the Egyptian. incrementsfo1low. in eight. the. the effect of inflation and. eliminate. carriers, passenger. it differs from. capacitym6asured. toll rates. vehicle. to. stages. ′mese. that transit the PC. for the TR,. earning. officially calls this on. to different. different PC-UMS. use. price discrimination. practice prices. ACP. vessels. the 50o/. of the transits, but they. according. in two. First, the ACP. concluded也at. these. the TR. characteristics.. structure. of three. incremented. infrastructure.. military. vessel's. charging. charges. charge. non. price. ACP. represent. mended. important. Charge. of the PC's. programs. dry bulk, tankers,. but instead. 也e vessels.. They. the. cargo,. set. decreases. three. CoIltainer. and. 2003, the ACP. and. the improvement. refrigerated the. 2002. that has. decided. Policy. or. words, vessel there. better. of to. a. say. segment new. the goal is to charge categories.And is. one. TRfor. pricing TRP,. is to. different. also to charge the flrSt 10,000. (10,001-20,000 PC-UMS),and. the lowest.

(12) 横浜国際社会科学研究. (338). 26. for the next. one. or. profltS by capturing In. 1997,. However, 8.78%. of the. section. have. should. the. abandon. is to charge. the earning below. or. from. carrying. $43.20. A. finally. PC-UMS.. ′misgives the. the current. TR.. chargewill. be. Gatun. hke. deck. ′me. but. ACP to. used. insisted,. of the PC. entrances. in&astructure. on. alone will cost $190 million aI一dhas the goal to accumulate for the. faster transit andtime-saving. means. estimated that in 2008 this charge The on. important. point is not. the number. fair value. Tもis increment of the. resistance PC the. PC. of 1999,. For. programs." industry. that. PCCOMM. in也e. of the TR.. However, by. opposed and three. container. largest. Council; of the The. charge.. by noformula. Meanwhile,. the SouthAmerican. freight and Honestly, shipping supply. price. only. or. has. of late,despite. been. other. countries. competitiveness. the claims. industry. explanation. of the. the increase. were. a. good. that also. can. this. 2009. or. new. of the. of the Gatun. I,ake. day, which. of transit per 2010.. It has. been. (Nelson).. for the APC. be charged. based. price discrimination. to. to negotiate. new. as. to get. a. it is. as on. Chile. did not make. any. vessels. public. social. ¶1e. charge.. increments. vessels. Chamber Korea.. make. the shipping. and. container. and South. to. Panama's. possible也e. industry, the International. of the. of the TR. ACP. the. without. the transference. container. much. been. "underwrite. charge. Peru,. not. increments. between血e. of the. case. Before. to. pay. of the TR. have. vessels. future. opposed. forced. in the. called this. representative. than. a. desire. such. countries moment.. to raise. worry. obviously. SouthAmerican. be charged. to. has. been. of Shipping. Surprisingly,the. complaint. the. about. new. ((. of their products,. enjoying. will be. and Japan. industry. shipping. have. of Ecuador,. PC,. US,. for container. the shipping. China. $2.96. of. deepening. the. vesselswill. practices. raises. Concretely,也e. by the exporters. TR. be also appliedwith. million. the container. and. $39.20 and. revenues.. tended. and. $185. of. $14. deepening. in the year. For. will be according. vessels. as. number. or. above. obtained血･om. such. (exporters) of the PC.. especially. that represent. groups. to hish revenues. charge. they. have. those. The. to expand也e. of the increments. his cost. see. new. For. revenues. Oceans.. that the ACP. strongly. that. nowadays. likes to. the. customers. tense,. very. the ACP. "supported. afraid. negotiation. been. a. of. and customers are. the. nobody. customers. vessels. they. has. Shipping. largest. the creation. users. reason,. past and. the two. the World. the. because. exporters. and. and. (shipping industry) and. users. pro且table. will increase. that consequently. that the maintenance,. eliminated. included. of. lst of 2007.. initially, then. chargewill. and. will create. vessels. the TR. ¶1e. charge.. camied. May. on. $54. of. the container. scheduled. but the fact that is the first time. of the TR. in December. container. that the benefit has been. of containers,. for its service. on. It is. users.. new. multiplied by the current. are. Atlantic. water. a. and announced. better measurement. a. $54. $33.60. amount. did before,. in the Pacific and. and. onlythe. charging. for. deck.. the. above. container. to. asfo1low. that. the deck,. one. justiBed.. or. definitively. the deck, the charge. paid under. the PCCOMM. as. are. ′mefinal. container.. $42. below. or. has been. this is. for. lst of 2006,. above. and previously. for the investment. pay. on. below. carried. vessels. because is. charge. May. size of 13.6 PCIUMS. of cargo. container. its. to maximize. appropriate. this bene丘t. the vessel. its increments. and. per. transit of container. new. containers. the deck. othertype. has. the two. and. below. $49. the. ACP. allows也e. be considered. to eliminate. the. T也e to. $40.26 per. of. $3. TRP. new. and later the ACP. capacityof. increasing. ′me charge. amount. areas. on. carrying. has the volumetric. container. containers. to charge. is not carried. it can. decided. the PC-UMS.. lst of 2005,. containers.. for the non-container carry. than. capacity. May. in ballast,this. vessels. capacityof. container. when. PCCOMM. the ACP. pc-UMS. This. to charge. $34. ′musthe. of 2004,. 4号(2005年12月). ･. more).. surplus. decided. been. of血e. the whole. economic. the deck. container. use. or. consumer. PCCOMM. said, the. of the fair value. In December. purpose. per. it was. as. the charge. that would. to. larger. a. (20,001 PC-UMS. PC-UMS. remaining. 第10巻第3. as. about bananas. have. some. "′me demand. in the world's containers-fleet. a. new. particular... how. much. and. wines,. charge. as. level of. revenue". the increment. for container an. (Nelson).. would. affectthe. in the international. markets.. validity.The. capacityby. opportunistic",. business. containers transport. average. has. of 10.6%. of the. exceededthe a. year. in 2000-.

(13) ne. 04, largely rates. as. companies. if也e. Chinese. bumper. new. $250. one. for the exporters.. cost. of US. tenth. However,. dollar.Tile. for 2005. expected. seⅣices,. 5.4.. The. the. (La. the. use. and. the Panamanians. PC. under. socioeconomic. transferred in 2000 PC. to the. PC. from. was. 1989. National. (from. to 1999. in the payments.. Treasury.. 1979. to. the loss of the. partially compensate. ′mis is. 1989. 又op.. see. In. a. of the US term. per a new. vesselsare. 9.7%. increment. for container for. charge. a. one-. about. is. vessels'. fair value. of its. very. Treasury. small. in the period. it. was. first decisions. very. few. by. the. made. 2004. -. of direct ecollOmic. number. words,. 2000. bene丘ts that to. to contribute ACP. the. PC. after the. was. i.i. of all Panamanians. ACP. $0.30).The. $10 millionannuityof. ,. the contribution. 1977. and. between. of the TR,. in the year. the effect. eliminate. of the. that transited. $0.65. this fee to. raised. the Treatyof. the increment. increased. and. $0,39 per PC-NT/UMS. fee of. a. paid. was. behind. Cost. container and. this. and. for containers. exported,. more. demand. of the. vessel,. also represents. in 2004. discrimination,. price. other. of the. one. the fee. $20. that. 10.3%. raised. boom. new. will add $20 in real. price per product means. shipping. years. East. to也e. Naturally,this. National. ¶1e PCCOMM. of the factors. one. to. was. Thus. Peru. or. up the. works.. that this is "the Canal. to show. Panamanian. ROP.. of the. practice. a. the demand. of the APC. also. vessels. in this. rates,. to make. years. conditions. thefinal. transportation. Panamanian. to the. Ecuador. industry.. opportunityto. gave. control. Chile,. the shipping. of container. discontent. these. the charge. In conclusion,. to the. under. on. and. three. about. higher. will stay for at least three. this amount,. in in血･astructure. the largest. a. sent血･om. negligibleeffect. transit. Contributions. development. by. very. 2004).. revenues. US's. the. Naturally,. for container. the golden. saw. and. For. a. Actually也e. new. Reven仙es. it has. Prensa,. the ACP. transportation,. done. demand. Strong PC.. will be using也e. and. industry.. earlier. To. Tもis is 8% of the increment. container.. business. the good. A container. two years. or. It takes. 27. 仙is has pushed. exports.. business. extra. of也e. (ne Economist).. (339). burgeoning. and. advantage. growing. profit for the shipping. than. now. grow血rates. take. vessels". raised the price of transportation.. cost. To. continues. (BarnettT.). Canal Toll Rates Policy. economic. their goods.. lots of. economy. in larger. translates has. to ship. pay. have ordered. companies thus. result of China's. a. Panama. the to. 2000. inflation. on. $0.21 and $0.39, in. the 2002. and2003. Since 2000. the transference. to 2004. in total. were. ROP. the amount. an. years. amount. Moreover,. are. million.. $1.645. of money. equivalent. the ACP. has. been. the set of. new. compared. witb也ose. $640. paid. for every. million. The. annual. metric. ton. of cargo. ACP. that the ACP. 40%. cost. under. of the period. of. transported. US the. the ACP. revenue. The in the. been was. has. and. became. cutting. to the. US. paid to也e. dollars. National. the. is. average. of 2003. Treasury. it in 5. in the period. $639. million in the period of the TR. for仙e. fomer. to the. one. made. PC. 2000-2004. $606. and. increment. of 2000-2004. has. the. of operating. the effect of the TR. because. equal. cost. increased. almost. annual. $869.2. ¶1e. PCCOMM. 1999也e. constant. from. in 97 years.. not. booming. to. Treasury respectively.. of the. to. the Panamanian. to. effect of the increment PC. 1903. is converted. paid. The. (1995-1999). paid. From. income. 1995-1999. have. revenues. average. has. has paid. ofwbat也e. increasing. actively. of 1995-1999.. in the period. last payments. the丘ve. National. S250.5 million and $328.3 million. dollar, if this amount. see. to也e. (Figure 4). The. gains. charges.. it was. to. us. to the Panamanian. paid. million,. half ofwbat也e. billion in current. for the latter. Meanwhile,the. million. It is血e. billion. ¶1is allows. throughefficiency when也ey. $515.6 of. $2.907. becomes. theamount. $1.176 billion (Table 5). Meanwhile. is. ROP. the BOP,. $179.9 million, S176.9 million, $240.9. was. total amount. to. of the PC. and. Meanwhile. that the amount. paid in the Suez. Canal. (Table. 3). Because magni山de. this combination of the net. income. of keeping has. the cost. is completely. down. changed.. and. In也e. increasing. the TR. and. adding. period of 2000-2004,也e. ACP. o仇er has. charges,也e net. income. of.

(14) (340). 28. 第10巻第3. 横浜国際社会科学研究. Table. 5. Contribution. to the Revenues. 4号(2005年12月). ･. of the. Panamanian. National. Treasury ACP. ■PCCOMM. ⅠnUSSMi11ion. 19951996199719981999. (EXcept%) DiVidendsofNetⅠncome. 20002001200220032004. 0.00.00.016.329.2. 37.535,888,8106.8183.7. TollTonnage. 80.984.185.586.387.0. 142.4141.1152.1143.7144.6. AnnuityofTreaty1977. 10.010.0.10.0.10.010.0. TotalGiVeⅠ1tOtbeNT. 90.994.195.5112.6126.2. 0.00.00.00.00.0 179.9176.9240.9250.5328.3 6.46.17.89.110.2. %ofBudgetReVenues. 5.34,53,54,1-4.9. NetlncomeorI.ossofPC. 0,0-1.9_-2.016.3157.4. %totheNTasdividends. 0.00.00.0100.018.6.. 25,730,353.241.448.3. %retained. 0.00.00.00.081.4. 74.369.746.858,651.7. Source:. ACP. and Contralon'a. $145.9. million,. $1.069. billion, which. From. these. They. were. the mistrust. financial. in 1999. million,. ACP. thatthe the. sacrificing. and. dividends. it could. 1980s. 1990s. and Since. Treasury. has. Treasury, future.. just 5. In summary,. the PC. by the US血･om. given. Panamanian 仙is form, Canal. National the. PC. 1903. started. to. the ACP. contribute. US. of也e. double. hasgiven ACP. has. Treasury. 81.4% users. $616.8. and. of the PC. customers. because. so. $128.1. income,. PCCOMM the 51.8%. that represented. and. erases. by doing. truth is that for the PCCOMM IJaW, the TRP. million,. this. and. of the net. $183.7. and. trade. Meanwhile,也e. in 1999. to. to. was. made to. the. to the. made. just 4.9%. of. a. difficult. was. the events. of也e. $1.176 billion in. ROP support. and. socioeconomic. will surely contrast. alleviate也e the. Panamanian. of the. increase. weak丘scal. in也e. $2.907. to the. PCsfinancial. development. National. of the total revenues. 10.2%. Ⅵ1is percentage. withoutrisking. andfreshfund, greatly. of the payments. to the. come. position. billion. of也e in. soundness.And. of the ROP. because. is the. of all Panamanians. 6. At. ROP. in 1979. 'me. the payment. than也e. more. new. intemational. $29.2 million. the importance 1999,. In the year. Treasurywith. complaint. in 2003. million. PC.. on也e. to 1999. The. no. of也e. only. pro丘t because. to the ROP,. under. bene丘t. founded. was. later it became. years. for仙e. the by the. Treasury.. of the PCand. National. retained. 1995-1999.. National. ¶1e rest, it is. capital investment. PCCOMM. in dividends. make. impact. increasing.. PC. TreasuIγ. transferred. was. been. in也e. barely. AIsothe. $106.8. is. total amount. period. Panamanian. income.. the Panamanian. to. million, in 1998. ¶1ere is. PCCOMM. since. bad negative. the PC. $16.3. PC.. of the net. to payforthe. income. million, in也e. to the. in 2002,. $88.8 million. The. respectively.. $169.8. dividends. as. No Available.. million. PCCOMM,. the 42.2%. or. million. all its net. of the. National. to pay. as. submit. made. paid. $452.6. NA:. $380.3. and. Law. in 2001,. retained by the ACP. soundness. $56.4 million. by. payment. $35.8 million is. would. total of. of net. has to make. the loo‰,. Panamanian. to也e. of也e. was. this large investment. see. income. 6 times. in 2000,. income,. NT: NationalTreasury,. million,. total amount. of the net. de la Repdblica.. $166.9 million, $258. the ACP. amounts,. $37.5 million. the 57.8%. paid. million,. is almost. in 20013. The. million. to. $118.3. General. 145.9118.3166.9258.0380.3. point this paper. some. than. the. consideration. US.. However,. that there. could be seemed this is notthe. are. two. approaches. as. goal. or. Conclusion. one. trying. Througha TRPfrom. to prove. series two. that the PC of comparisons. different. countries.. is better administrated. this paper In the. case. has. by the. brought. into. US,. the. of the.

(15) ′me Panama. US,. the. was. which. guarantee. the. investment. to. collective. good. is. developed. a. assist. its development.. that because the PC. the conditions. satisfythe conditions. can. managethe. PC. more. losses. welfare to use. necessity. is other. This. deepfinancial but. cost. In conclusion,. is an. PC. trade. asset. and. 1977. expand. not be. as也e. be unfairly. can. ROP･. as. It is血e. cost. proflt. In other. can. at the. and. But. and. the ROP. Its underdevelopment. could.. of being. accused. result of. a. it was. as. necessity,. Neutrality US PC. but the. Nevertheless, the. does. a. as. conditions. PC's. old. have the. not. National. have. the. therewill. theright. only. for its trade. not. does. not. allow. the existence the TRP. Operation. and. TRP.. br. its development. Treasury,. TRP也at. allows. of operating. a. PC. pro丘table. of也e. ACP. reasons. is justtaking. as. the. the US. on. Canal. of. it is possible. task to support. and也e. is not. thus. dependency. Moreover,. maintaining. For也at. defense,. or. of the Panama. is no. that there. that luxury. of. of the PC's. trade with血e. clearly shows. the cost. said, and. trying it does. of its presentandfuture. is the cornerstone. is not indispensable. bear. commercialist,. PC. the. to use也e. trade. This. can. Actually. Treasury. to. US. that will allow. expanding. is the need. It. of the PC.. damage也e. hope. the world. serve. can. TR. ¶一e ROP. available.. the Panamanian. to exploit unfairly because. do not. to. National help. Thus也ere. the Permanent. between也e to. PC.. the PC. it is not easy. the ACP. words,. good. direct bene丘ts. and. it was. as. in 1914,也e. socioeconomic. few. of getting. PC. because. for defense.. poor. an. represent. has been. welfare. not. to. was. paper. public. has. maintaiI血g. the PC. nation,. time. ROP. the Panamanian. aS. independency. same. The. or. the current. under. (1914-1979). belp也e. not. the PC.. a. PC. cheap. of the PC. in domestic. to trade. needed. of operating,. underdeveloped. pro丘table, because US. is the. andfinancial ROP. is apprehended. old infrastructure. PC. alone. ROP. to也e. the ROP an. can. Treasury. is not. the. and worldwide. the gains. pro丘tfrom. after 76 years. is not. in consumption,. especially. of the TreatyConcerning. restrictions. that order. to see,. obtain. Treasury.. to pro丘tfrom.. easy. the PC. it did not. As血is. global public good.. For. the. opened,. transportationwith. cheap. is that the PC. However,. good.. to be丘nancedwith. development,. socioeconomic. that. as. non-rival. its development. autonomy. for the. not. povertyand. National. profltability,financial. what. collective. can. of the US. the Panamanian. as. PC. was. since the opening. reducing. is important. negligiblebecause. needs. been. operate也e. non-excludable,. factor. resources. gains. PC. in administrating. approach. 29. commercialframework. facilitate its trade,. to. it provided. as. and. the. when. and. of the US have. (341). large military. a. benign. a. should. to ensure. important. iI血astructure.. was. ROP. did,. lives in. of the population. there. the welfare. if the ROP. the PC. Thus. (Barne仕T.). century. oceans. with few conditions.. are. of the proflt Will be. sacriBcing. there. that. the US. as. ill two. different. But. in. 20tb. early. ROP. to the. Policy. understood. Navy. the wel血･e. are. not. 40%. to improve. that helps. is血e debate也at也e. explain. US. of the. was. in the. nation. deploy. to transfer. There. be. the role of the PC. swift. to note. worthy. decided. to. how. just reflects. approach. Canal Toll Rates. and. merit. for the ROP. ifthe. and. expandingthe. PC. and. the result. that in. if the 又op. even. of caprice. of the. to consideration.. RefereⅡce. AUTORIDAD. DEL. CANAL. DE. PmAMA.. Annual. Report. 2000. From:. h仕p‥//www.pancanal.com/eng/general/reporte-. anual/in dex上tm1 Annual. Report.. From:. 2002. Annual. Report.. From:Asabove.. 2003. Annual. Report.. From:. 2001. coNTRALORiA. GENERAL. DE. http ://Ⅵww. contraloria,gob INFORMATION. AND. As above. As above.. IA. REPUBLICA 02informe. ,pa/. DECISION. Informe. del Contralor. General. de la Repu'blica,1-Marzo-2005.. From:. sdelc/informe2 005/intro 3.htm. SUPPORT. CENTER.. Statistical. lndicators. about. Egypt.. From:. b仕p://www.idsc.gov.eg/English/index.asp IMF.. Panama: Panama:. Statistical Annex. Recent. Economic. IMF. Staff Country. Developments,. Report. IMF. No. 98/10. Washington. Staff Country. Report. No.. DC, January 1998.. 99/7. Washington. DC, February. 1999..

(16) 横浜国際社会科学研究. (342). 30. PanamaI. Issues. Selected. 第10巻第3. Statistical Appendix.. and. IMF. 4号(2005年12月). ･. Staff Country. Report. No.. DC, March. 00/44. Washington. 2000. PanamaI. Recent. Economic. Developments.. :. ISTHMIAN. CANAL. USGPO LA. COMMISSION.. Country. Report. No. 01/41. Washington. Canal. Toll Rates.. Panama. 50. DC, February 14, 1912.. November. 2001.. Washington. DC.. 1912. del Radiografl'a. PRENSA.. Canal.. p. 46a.. 15-December-1999.. peaje. 25-July-2004.p.39a.. mayor. _El LYNCH,. IMF. Ci71Cular No.. D. The Price. Valentine. is Right!. (士AME) Conference. Economists. Pricing. Policy. Panama. 2002.. the Panama. at. From:. Canal.. InternationalAssociation. of Maritime. http://www,eclac.cl/transporte/perfil/iame_papers/. proceedings/ Lynch. doc MINISTRY. OF. US. From:. ECONOMIST.. Directorate. ofAnalysis. Annual Maritime. Committee. Half Empty?. Authorization. National. GOVERNMENT. May. llth, 2005.. the Panama. of. Hearing. the Special. before. Security. House. Commission. Canal. of Representatives,. the Annual. and. Oversight. Panel. 105th Congress,. Authorization. First Session,. Government. of the. _Examination Govemment.. DC,. 1969. and 1968. Washington. Statements. Financial. Washington. Examination. Years. Fiscal. Years. Fiscal. 1971. United. Canal. the. of. 19dl, 1997.. March. From. Company. and. 1970.. DC, 1970. and. for the Marine. the Merchant. on. of. Zone. Policies.. to clarify `misconception"',. its efforts. 0. 2 0_Of.htm ocs.hou se. gov/ committee s/ security/hasO7822 000/hasO782 Examination Panama Financial Statements ACCOUNTING OFFICE.. h仕p :// commd Canal. Vessels. Administration,. on. Economic. and. h仕p://Ⅵ叩Ⅳ.mundomaritimo.net/noticias/noticia.asp?idNoticia=224. Seeing. CONGRESS. States. US. Statistics.. Rainbow.. Mundomaritimo. THE. Economic. FINANCE.. Department. 2002. Republic of Panama. and Statistical Information "Panama locked into claim for `Fair Value': ACP continues. Economic NELSON,. AND. ECONOMY. Pmama. Canal. Company. and Canal. Zone. 1972.. Panama of the. Company. Canal. Government. Zone. Canal. and. for. Year. Fiscal. 1973. Washington. DC,1974. _⊥_Examination Years 1975. ofFinancial. 1974. Washington. and. Examination. ofFinancial. 1977, TflanSition. Periods. Examination lssues.. of. 1980. Washington. of. Panama. Canal. Company. and. the Canal. Zone. Government. for Fiscal. Panama. Canal. Company. and. the Canal. Zone. Government. for Fiscal. 1976.. of the. 1976. Washington. Financial. DC, 1978.. Statements. Panama. of the. Canal. Organization. DC,. Statements. DC,. of the. Panama. Canal. Commission. Yews. Ended. September. 30, 1981. for the. YeayT. Ended. September. 30, 1983. 1982. Canal. 's. Commission. Statements. Financial. 1985.. Financial. Statements Statements. for 1985 for 1987. and. 1984. Washington. DC,. 1987.. 1986. Washington. DC,. 1988.. Commission's. Financial. Canal. Commission's. 1989. Financial. Canal. Commission's. 1991. and. 1990. Financial. Statements.. Washington. DC,. 1992.. Canal. Commission's. 1993. and. 1992. Financial. Statements.. Washington. DC,. 1994.. Panama. Canal. Commission's. 1994. and. 1993. Financial. Panama. Canal. Commission's. 1996. and 1995 Financial Canal The Panama. _Panama +Panama. ｣鞄nama. US. DEPARTMENT. US. DEPAJUMENT. Tyleaty-Related. for the. Canal. Panama. and. 1981.. Commission's. Canal. 1979. the Panama. 1982, Washington. _Panama. DC,. Statements. Year. ofFinancial. Examination. and. DC,. of the. Quarter; and. Fiscal. Washington. Examination and. Statements. OF. AGRICULTURE.. OF. COMMERCE.. Statements.. and. DC,. Washington. 1990.. Statements.. Washington. DC,. 1995.. Statements.. Washington. DC,. 1997.. in TransitionI. Implications. for. U.S. Agriculture.. January. 2000. Statistical Abstract. of the. United. States 1951. Washington. Statistical AbstTlaCt. Of the United. States 1954. Washington. DC:. USGPO.. 1954.. Statistical AbstrlaCt. Of the Of the of the of the. United. States 1961. Washington. DC:. USGPO.. 1961.. United. States 1965. Washington. DC:. USGPO.. 1965.. United. States. 1968. Washington. DC:. USGPO.. 1968.. United. States 1971. Washington. DC:. USGPO.. 1971.. Statistical AbstTlaCt Statistical Abstract Statistical Abstract. DC: USGPO,. 1951..

(17) ¶1e Panama. United. Statistical Abstract Statistical Abst71aCt Statistical Abst71aCt Statistical Abstract Statistical Abstract Statistical Abst71aCt US. DEPARTMENT. US. DEPARTMENT in the Federal Govemment. of the Ofthe United Of the United of the United of the United Ofthe United. OF. IABOR,. OF. TRANSPORTATION.. BudgetI. Bureau. (Bame仕T.). States 1974. Washington. DC:. USGPO.. 1974.. States 1975. Washington. DC:. USGPO.. 1975.. States 1976. Washington. DC:. USGPO.. 1976.. States 1981. Washington. DC:. USGPO.. 1981.. States 1996. Washington. DC:. USGPO.. 1996.. States 1997. Washington. DC:. USGPO.. 1997.. Bureau. 1977-94.. Financial. (343). 31. Statistics. http://www.bls.gov/data/. of hbor. Fiscal Years. Transportation. Canal Toll Rates Policy. of Transportation. Washington. Statistics. T71anSPOrtation. Receipts. and. Outlays. DC, April 1997.. Statistics 2001. Washington. DC.. Notes Panama. 1) The. 也e US Panama. Canal was也e. name to the US institution in PC血･om given 1914 to 1951, During charge of operating也e PC, institutions in the the ls也mian Canal Commission administration of (1903-1914), the charge were血e Canal (1914-1951),也e Panama Canal Company Panama (1951-1979) and也e Canal Commission (1979-1999).. 2) 1もe method 3) The. to charge. Panama. Operation. 4) Inthe mass,. private. Canal Treaties Panama. boat changed are. 2,the. in 1998.. Canal Treatyof. of也e railroad industry, land bridge refers tothe. such. as. 1977. and the Treaty. Concerning. the Permanent. Neutrality. and. a. land. Canal of 1977.. transport. of containers. by rail between. ports. on. either side of. No血America.. [バーネット. ルベン. ダリオ. 横浜国立大学大学院国際社会科学研究科博士課程後期修了].

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