금융시장 개방확대와 관련한 국내은행의 국제경쟁력 실태와 제고방안

오현철 漢陽大學校 金融大學院 1994 국내석사

중국 부동산 주택 금융 시스템 연구

동금걸 강남대학교 일반대학원 2023 국내석사

China's real estate residential financial system has developed spectacularly for more than 20 years and can be summarized by the word "high speed". This paper describes and analyzes China's real estate housing financial system in a panoramic way, probes into the existing problems in its development, and puts forward some countermeasures. This paper tries to show the development of China's housing financial system in three aspects: First, the policy clues of promoting housing finance development, including the theory of China's housing finance market; Second, the economic logic behind the development of housing finance is that China's reform mainly stems from compulsory institutional changes, and some endogenous factors will promote induced institutional changes after opening up; Third, the achievements and contributions, i.e. the positive effect of deepening the development of housing finance on the whole economy and people's livelihood, and the problems existing in China's housing finance development. However, China's housing finance is facing a situation where the regulation effect of housing finance as the main means is not so ideal in the short run. 중국의 부동산·주택 금융 시스템은 20여 년 만에 '고속'으로 요약될 만큼 눈부시게 발전했다. 본문은 중국 부동산 및 주택 금융 시스템에 대한 파노라마 설명 및 분석을 수행하고 개발 위험의 기존 문제를 논의하고 대책을 제안한다. 본문은 중국 주택 금융 시스템의 20여 년의 발전 과정을 세 가지 방면에서 보여 주려고 노력한다: 첫째는 주택 금융 발전을 촉진하는 정책단서로서 중국 주택금융시장 전체의 이론 검토를 포함하여 우리는 1급시장(개인주택대출시장, 부동산 개발기업 융자시장)과 2급 시장(주택 금융 증권화 시장, RMBS 시장과 REITS 시장 포함)의 여러 방면에서 정리한다. 둘째는 주택 금융 발전의 배후에 있는 경제논리로, 중국의 개혁은 초기에는 주로 강제적인 제도변화에 기인하지만, 개방 후에는 일부 내생적 요인이 유도적인 제도변화를 촉진할 것이다. 세째는 성과와 기여, 즉 주택 금융의 심화발전이 전체 경제와 인민생활 개선에 미치는 긍정적인 효과와 중국 주택 금융의 발전에 존재하는 문제를 요약하고 대안을 제시하고 미래를 전망하는 것이다. 전체 논문를 훑어보면 웅대한 역사의 두루마리는 여전히 전개되어야 하지만, 중국의 주택 금융은 오늘날 "복과 복"의 상황에 직면해 있다: 단기적으로는 주택금융을 주요 수단으로 하는 규제 효과가 그다지 이상적이지 않으며, 장기적으로는 금융지원의 가이드 편중 및 장기적인 규제 메커니즘을 유지하는 정책적 기구가 부족한 등의 문제가 있다.

关于中国的 M2/GDP 比率研究

박태용 韓國外國語大學校 國際地域大學院 2011 국내석사

금융시스템은 현대경제에서 핵심적인 위치를 차지하고 있다. 금융기관, 금융도구 그리고 금융시장의 빠른 발전은 결코 부인할 수 없는 경제학적인 사실이 되었다. 기존의 연구들에 따르면, 안정적인 금융시스템을 운영하는 것은 한 나라의 경제발전에 매우 큰 영향을 미친다고 한다. 1960년대에 금융시스템의 발전과 금융파생도구의 혁신에 힘입어 금융시스템이 끊임없이 변화하기 시작하자 학자들은 이러한 변화가 경제발전에 미치는 영향에 대해서 관심을 가지기 시작하였는데, 가장 대표적인 학자로는 E.S.Shaw 와 McKinnon을 들 수 있다. 이들은 개발도상국의 경제와 금융시스템의 발전을 위해서는 금리와 환율의 자율화를 골자로 하는 ‘금융심화’(Financial Deepening)정책을 취해야 한다고 주장하였다. 또한 금융심화의 수준을 나타내는 지표로써 국내총생산(GDP)을 광의의 화폐(M2)로 나눈 M2/GDP 비율을 제시하였다. 또 다른 경제학자인 Goldsmith는 M2/GDP 비율이 한 국가의 경제발전수준에 따라서 역 ‘U’자형 형태를 나타낸다고 주장하였으며, Friedman과 Schwartz는 실증분석을 통해 Goldsmith의 주장을 뒷받침하였다. 이후 M2/GDP 비율은 금융시스템의 자유화 개혁을 추진하고 있는 국가의 금융심화수준과 개혁의 성과를 연구할 때 사용되는 지표가 되었다. 또한 M2가 현재 화폐통계와 금융분야 연구에서 광범위하게 사용되고 있기 때문에 M2/GDP 비율의 변화를 이용하여 세계 각국의 금융심화의 수준, 금융시장의 발전수준 그리고 경제발전 수준을 판단하고 있다. 중국의 M2/GDP 비율의 증가추세를 보면, 개혁개방과 금융개혁의 끊임없는 심화와 더불어 1978년부터 2009년까지 6개년을 제외하고 모든 년도에서 상승하였는데, 구체적으로 살펴보면, 1978년 31.8%에서 1990년 81.9%, 1996년 106.9%, 그리고 2009년 178%로 31년간 약 6배 증가하였다. 미국의 M2/GDP 비율이 40%에서 80%로 상승하는데 46년이 걸렸고, 영국이 50%에서 80%로 상승하는데 75년이 걸린 것을 볼 때, 중국의 M2/GDP 비율과 그 증가속도는 세계최고 수준인 것을 알 수 있다. 본 논문에서는 중국의 높은 M2/GDP 비율의 원인이 다른 나라와는 상이한 중국 특유의 요소에 의한 것이라고 판단하고 이에 대한 연구를 진행하였다. 2001년 WTO 가입 이후 중국의 금융시장은 매우 빠른 성장을 하였다. 은행업의 예금과 대출 총액은 3배 증가하였으며, 주식시장의 일일 평균거래량은 10배, 보험업의 보험료 수입은 4배 증가하였다. 또한 금융시장의 성장에 따라서 중국에 진출한 해외금융기관의 수도 2001년에 비해 3배 이상 증가하였다. 중국의 금융시장은 1949년부터 1978년까지 중국인민은행이 중앙은행, 상업은행 그리고 정부의 금융업무를 담당하는 단일은행제도(Mono Banking System)에서 개혁개방 이후 중국인민은행에서 상업은행의 기능을 분리한 이원화된 은행제도(Two-Tier Banking System)로 발전하였으며, 현재 중국정부는 다원화된 금융시스템(Multi-Layered Financial System)을 만들기 위해 다양한 금융기관과 금융시장을 육성하고 있다. 하지만 전통적 사회주의 체제에서 발전한 중국의 금융시장은 여전히 국유금융기관의 시장독점, 철저한 분업주의 그리고 은행 중심의 금융시장과 같은 문제점을 가지고 있다. 특히, 은행 중심의 금융시장으로 인해 중국의 자본시장은 상대적으로 덜 발전을 하게 되었는데, 이는 곧 직접투자시장과 간접투자시장 간의 불균형으로 이어졌다. 은행이 중심인 간접투자시장에 비해 주식, 채권시장이 중심인 직접투자시장은 비록 20여년간 어느 정도 발전하였지만, 선진국에 비해서는 규모가 작고, 규범화가 덜 된 문제점을 가지고 있다. 이러한 문제점들로 인해서 중국의 주민들은 상대적으로 안전하고, 유동성이 강하고, 수익이 안정적인 은행예금을 선호할 수 밖에 없게 되었다. 그리고 이는 중국의 높은 저축률로 이어졌으며 준화폐(Quasi-Money)와 M2의 빠른 증가로 이어져 결과적으로 M2/GDP 비율을 끌어올리는 원인이 되었다. 이를 해결하기 위해 중국은 우선적으로 자본시장을 발전시켜서 간접투자시장과 직접투자시장간의 불균형문제를 해소하여야 한다. 이를 위해 다양한 파생상품을 적극적으로 도입하여 주민들이 금융시장에 투자할 수 있는 여러 수단을 만들면, 주민들의 금융자산과 중국의 금융시장은 자연적으로 은행 위주에서 벗어날 것이며 중국의 M2/GDP 비율 또한 상승속도가 느려지거나, 어느 정도 하락할 것으로 전망된다. The financial system occupies a core position in the modern economy. The fast development in the financial institution, instrument, and market becomes the undeniable economic fact. According to the existing studies, managing the stable financial system exerts a very important effect on the economic development of a country. As the financial system began to change constantly according to the development of the financial system and the innovation of financial derivatives in the 1960s, scholars began to be interested in effects of this change on the economic development. The most representative scholars were E.S.Shaw and McKinnon. They maintained that the ‘financial deepening’ policy with the liberalization of interest and exchange rate as the main agenda had to be adopted to develop the economy of a developing country and the financial system. In addition, they suggested M2/GDP rate that gross domestic product (GDP) was divided by broad sense money as an index of showing the level of financial deepening. Goldsmith, another economist, asserted that the M2/GDP rate showed a reverse U-type shape according to the economic development level of a country, while Friedman and Schwartz supported Goldsmith’s assertion through an empirical analysis. Since then, the M2/GDP rate became an index used when the level of financial deepening and reform results were studied in a country where liberalization reform of the financial system was pushed ahead. A change in the M2/GDP rate is used in judging the level of financial deepening, the development level of the financial market, and the level of economic development in all the countries of the world because M2 is widely used in currency statistics and research in the financial field. Viewing the increasing trend in Chinese M2/GDP rate, the M2/GDP rate has been increased along with the constant deepening of reform, opening, and financial reform in every year except six years from 1978 to 2009. If concretely reviewed, the rate had been increased 31.8% in 1978, 81.9% in 1990, 106.9% in 1996, 178% in 2009, recording about six times for thirty-one. When considered that it took forty-six years for American M2/GDP rate to be increased from 40% to 80% and 75 years for English M2/GDP rate to be increased from 50% to 80%. Chinese M2/GDP rate and the increase rate can be said to be a world-class level. This study conducted to investigate these after judging that high Chinese M2/GDP rate was caused by Chinese own unique factors, different from other countries. The Chinese financial market had developed very fast after China had joined WTO in 2001. The total amount of savings and loan in the banking business had been increased three times, while the daily average volume in the stock market and premium income in the insurance business had respectively been increased ten times and four times. Moreover, the number of foreign financial organization that advanced to China was increased more than three times compared with 2001 according to the growth of the financial market. The Chinese financial market developed from the mono banking system that People’s Bank of China took charge of financial works of Central Bank, China Commercial Bank and Chinese Government from 1949 to 1978 to the two-tier banking system that the function of Commercial Bank was separated from People’s Bank after China after China’s reform and opening. Chinese government has currently promoted a variety of financial organizations and financial market to make the multi-layered financial system. However, there are still many problems such as the market monopoly of state-owned financial institutions, thorough division of labor, and the financial market based on banking in the Chinese financial market that developed from the traditional socialist system. The Chinese capital market has no choice but to develop comparatively less due to the financial market based on banking and soon this problem led to the imbalance between the direct and indirect investment market. The direct investment market based on the bond market had developed to some degree for 20 years compared with the indirect investment market based on banking, but its size is small and a problem that the standard is less completed compared with advanced countries. Chinese people have no choice but to prefer the bank savings that is comparatively safe, has strong liquidity, and stable profits due to these problems. This led the Chinese high rate of savings and a fast increase in quasi-money and M2, and finally caused to increase the M2/GDP rate. China should solve the serious imbalance problem between the indirect and direct investment market by developing the capital market on the preferential basis to resolve these problem. If various derivatives are actively introduced to make many means which can induce people to investment in the financial market, it is expected that people’s financial assets and the Chinese financial market can naturally get out of the bank-oriented system, the increasing rate of Chinese M2/GDP rate will also be slowed or dropped to some degree.

국내 부동산 금융시장의 활성화 방안에 관한 연구

이윤홍 경기대학교 국제·문화대학원 2004 국내석사

참여 정부의 부동산 정책은 강력한 투기억제 정책으로 요약된다. 후분양 제도 추진, 주택거래 신고제 도입, 건물 원가공개 및 토지 공개념 추진 등은 모두 부동산 투기 억제책의 일환이며 이로 인해 향후 미분양 사태를 비롯하여 부동산 시장의 찬바람이 예상된다. 그러나, 그 동안의 사례를 통해 볼 때 정부의 투기억제 정책은 서민의 주거안정이라는 그럴싸한 명분에도 불구하고, 현실을 외면한 정책 선택으로 인해 서민의 주택 구입을 실질적으로 어렵게 하는 등 많은 문제를 안고 있었다. 물론, 투기 억제 목적도 대부분 성공하지 못했다. 이러한 과거의 경험으로 볼 때, 모기지론 등을 통해 부동산 투기를 억제하려는 최근의 정부 정책이 성공할 지는 여전히 의심스럽다. 모기지론의 본래 취지는 실수요자의 주택 마련을 쉽게 함으로써 미주택자를 볼모로 한 부동산 투기를 억제하려는 것이지만, 금융권 이윤을 외면한 모기지론은 금융권의 모기지론 회피를 통해 실수요자의 주택 구입을 어렵게 할 수 있다. 뿐만 아니라, 투기자들의 부동산 구입이 더 쉬워지고 그로 인해 부동산 투기 억제책은 결국 실패한 수도 있다는 것이다. 시장 논리를 외면한 정부 정책은 부동산 투기 문제 뿐 아니라 부동산 금융 활성화에도 지장을 줄 수 있다. 이제 본격적인 부동산 투자 시대가 도래하고 있지만, 우리나라 금융시장은 선진국처럼 발달하지 못한 데다가, 부동산 시장에 대한 정부 개입이 너무 많고 강도도 크다는 문제점도 있다. 미국의 경우 택지 개발 및 주택공급은 민간영역에 맡겨져 있고, 주택정책도 간접적인 수준에 머물러 있다. 하지만 우리나라는 아직도 부동산 시장에 대한 정부 개입이 높은 수준이고, 주택금융의 보증시스템이 체계적으로 도입되지 못했다. 따라서 주택 시장에 대한 민간화와 주택금융보증이나 자본시장 육성과 관련된 제도 개선이 필요하다. 결론적으로 본 논문은, 부동산 시장은 부동산 금융의 활성화를 바탕으로 할 때 비로소 정상적으로 발전하고 국가 경제에도 이바지할 것이라는 시각에 입각해서, 부동산 금융의 시장적 문제점을 짚어보고 시장 활성화 방안을 강구하는데 주안점을 두고 있다. The real estate policy of the Participatory Government can be summarized as a tough measure to control speculation. All the measures such as the so called "post-sale" system which does not allow property transactions until after the completion of construction, reporting system on housing transactions, requirement for the disclosure of building costs, and introduction of public concept of land ownership can be seen as the efforts to crack down on property speculation. However, those policies are not likely to bring about desired results. Rather, they could have negative effects on real estate market, causing unsuccessful housing sales. Judging from the past governments' experiences, it is safe to say their anti-speculation real estate policies had a lot of problems despite the plausible cause of stabilizing housing prices for low income families. Since they failed to consider the reality, those policies often ended up making it harder for low income people to purchase houses, not to mention of the failure to achieve the intended goal of curbing speculation If the past experiences are any guide, it is very doubtful that the government's latest real estate policy aimed at curbing speculation by introducing mortgage loan system will succeed. The original purpose of mortgage loan is to make it easier for home buyers to buy houses so that speculation taking advantage of those possessing no homes can be curbed. Mortgage loan, however, carries the risk of making it more difficult for the real demanders to buy houses when it ignores financial institutions' interest in profits. It is because they tend to avoid lending mortgage loans due to its unprofitability. This can also lead to easier purchases of houses by speculators. Government policies that disregard market principles can also undermine the effort to foster the real estate financial market. Although the era of real estate investment is approaching, the development of Korea's real estate financial market is still at its early stage. For United States, the private sector is in charge of developing land and supplying houses and the government plays only a supporting role. In Korea, however, the level of governmental intervention in the real estate market is too high and the guarantee system on housing finance has yet to be introduced. Therefore, it is necessary to increase private sector's role in real estate market as well as put in place institutional measures to improve housing finance guarantee system and capital market. In conclusion, this paper will look into problems in the real estate financial market and focus on market-boosting measures based upon a view that the real estate market can develop properly and contribute to the nation's economy only when it is backed by sound and vibrant financial market.

우리나라 金融市場의 開放과 對應策 : 銀行의 國際競爭力 分析을 中心으로

김준호 慶北大學校 經營大學院 1993 국내석사

We recognize that in the course of economic development, particularly in the latter half of the 1970's economic development in the real sector has made significant progress. But on the other hand, progress in the financial sector has been slow. Especially, Korean banks have greatly focused their activities on furnishing major industries with funds needed to promote economic development of Korea by following government's guide and control. Though their volume and operational areas have significantly expanded, their efficiency and competitiveness in management are still insufficient to cope with the recent trends of changing environment under worldwide financial market innovations. Foreign financial institutions, based on high management techniques, widenetworks, fluent capital and thorough commercialism, came to the domestic market for customs and profit. To actively meet with the rapid change in the financial environment, it can not be denied that the improvement in the market function of financial sector relatively lagging far behind compared with real economy and the pursuit of financial innovation take presedence of all others for continuous economic growth. Therefore the purpose of this thesis is to establish the strategies and directions of financial innovation in Korea. To cope with tough competition in the financial market after market opening, Korean government has to lessen its regulations on its financial sector. Banks themselves also have to adapt new strategies appropriate to a new financial environment. Those strategies are as follows: 1. increasing their volum for the economies of scale such as cost reduction, promotion of efficiency in management by universal banking system etc. 2. setting up new risk management system to manage new risks. 3. reconstructing the developed systems to elastically face the rapid changes in the financial environment. 4. financial innovation must also be established with the introduction and development new financial-technics. 5. developing the qualities of bankers, organization for business efficiency. 6. utilizing retail strategies by marketing technics. And the bank should have a sprite of enterprise by evaluating creative minds and positive behaviors high. 7. computerizing the banking system such as EDPS, ATM and CD etc.

우리나라 사금융시장 현황과 축소방안에 대한 연구

정은균 연세대학교 경제대학원 2002 국내석사

사금융시장이란 정부당국에 의해 정식으로 해당 금융행위를 하는 것이 인정되지 않은 사채업자에 의해 금전의 대부, 금융중개, 알선 등의 금전거래가 이루어지는 시장으로서 거래되는 금융자산의 유형, 거래조건, 시장진입 등이 정부에 의해 규제되거나 파악되지 않아 불법, 탈법적인 금융거래 또는 탈세 현상이 발생하는 금융시장으로 정의될 수 있다. 이러한 사금융시장은 어느 나라, 어느 시대를 막론하고 제도권으로 흡수되지 못한 채 항상 존재해 왔으며, 특히 금융시장이 발달하지 못한 국가일수록 경제 내에서 상당한 비중을 차지하고 있다. 우리나라의 경우에도 60년대 초반에는 소규모제조업기반을 가진 경제구조에 적합하지 않은 제도금융구조, 고도경제성장을 위한 정부 주도의 대기업, 제조업 위주의 자금배분정책과 저금리정책은 사금융시장의 성장배경이 되었다. 또한, 개인들은 사금융시장은 이러한 정부의 정책과 신용할등 등으로 제도금융시장으로부터 소외된 중소기업 및 개인들의 금융수요를 충족하였고 경제성장과 더불어 사금융시장은 제도금융시장을 보완하면서 영역을 확대해왔다. 사금융시장의 기본 구조는 제도금융시장과 마찬가지로 금융거래부실자, 신용 및 담보부족 중소기업, 신용할당에서 차별화된 금융수요자 그리고 자금출처 기피자로 구성된 자금수요자와 직장인, 퇴직자 등의 다양한 자금공급자 그리고 이들을 중개하는 사채업자로 구성되어 있다. 사금융시장은 자금의 익명성과 음성적 거래, 경제구조의 변동에 민감하게 반응하는 탄력적 시장, 특정금융상품에 전문화한 업종별로 분업화 및 전문화된 시장, 대출절차가 신속하고 편리한 시장 그리고 제도금융시장에 비해 높은 금리의 제도금융시장과 차별화된 시장특성을 가지고 있다. 사금융시장은 제도금융시장을 보완하여 금융의 한 역할을 담당하는 긍정적인 측면이 있는 반면, 고금리및 탈법적 거래로 인한 이용자의 후생손실, 금융시장의 질서교란 그리고 금융자원의 비효율적 배분 등 부정적인 측면이 강하다고 할 수 있다. 사금융시장의 규모를 정확하게 파악하는 것은 불가능하지만 추정자료에 따르면 경상 GNP 규모의 4~11%의 규모로 국가경제에서 차지하는 비중은 상당하다. 그러나, 외환위기 이후 금융자율화와 초저금리 지속으로 제도금융기관들이 중소기업금융과 소비자금융을 전략적으로 확대한 결과 사금융시장의 규모는 상당부분 축소된 것으로 추정된다. 금융환경변화에 따라 전반적으로 사금융시장 규모는 축소된 반면에 사금융시장을 이용하는 서민금융수요자들니 일부사채업자들의 초고금리 및 폭력 등으로 인해 입는 그 폐해가 더욱 더 심각해지고 사회 문제화되고 있는 실정이다. 이에 따라 정부에서는 사금융시장을 제도금융권으로 흡수할 수 있는 방안으로 대부업제도를 도입을 위한 법안을 제정을 추진하기에 이르렀다. 대부업제도 법안의 가장 핵심은 최고이자율을 60%로 제한하는 것 인데 최고이자율 제한때문에 논란이 많아 법안 통과가 지연되고 있다. 그러나, 법안의 제정취지가 고금리로 인한 서민금융이용자의 피해를 줄이고 음성적인 사채업자들을 제도권으로 흡수하는 것이 목적이기 때문에 법 시행초기에는 대부업자의 등록을 확대하는 것이 보다 중요하다고 할 수 있다. 따라서 도입 초기에는 최고이자율 제한수준을 현재 사금융시장에서 형성된 금리 수준에 근접하도록 정하여 가능한 한 많은 대부업자들이 등록하도록 유도한 후 점진적으로 사금융시장의 상황을 고려하면서 최고이자율을 조정하는 것이 필요하다고 할 수 있다. 하지만 제도도입만으로 사금융시장을 축소시키고 그 폐해를 줄이는 데는 한계가 있다. 사금융규모를 축소시키고 폐해를 줄이기 위해서는 대부업제도의 도입과 함께 제도금융기관들이 사금융수요자들의 다양한 금융수요에 대응되는 대출행태의 변화, 상품개발 및 체계적인 신용평가시스템 확보를 하는 제도금융시장내의 자생적 대안제시가 필요하다. 그 대표적인 대안으로 제도금융기관들의 소액대출시장의 활성화를 들 수 있다. 제도금융기관이 체계화된 신용평가 시스템과 규모의 경제를 통한 경쟁력을 가지고 소액대출시장을 활성화한다면 사금융시장의 이자율은 제도금융시장에 상응하는 수준으로 낮추거나 경쟁력에 밀려 점차 축소될 것이다. Unregulated financial market is defined as the market where money lending and borrowing is done without government regulation. Unregulated financial market has existed in any time but it is especially important in the developing countries. In Korea, unregulated financial market has grown satisfying the capital demand of small and medium enterprises and individuals rejected by official financial market. With the market characteristics of secrecy and anonymity, it is impossible to estimate the exact scale of the unregulated financial market. The estimated scale of this market in Korea was around 4~11% of GNP in 1993 and 1994. Financial crisis and the changes of financial environment have made the Korean financial institutes expand loans to small and medium enterprises and individuals. The bank loan for purchasing raw materials of enterprises and the guarantee system on bills have reduced the use of the unregulated financial market by small and medium enterprises. As a result, the unregulated financial market in Korea considerably has shrunk. However, the misbehaviors of some brokers to individuals in the unregulated financial market have become critical social issues. It is almost impossible to eliminate the unregulated financial market from the economy. However, to have the financial system under systematic control of government, it is necessary to transform the money lending business into a part of the official financial system. But the legislation of the law of money lending business is not enough. It is also necessary to change the lending practice of financial institutes. In order to reduce the scale of the unregulated market, financial institutes have to change the current practices of lending on collaterals without proper credit rating system and to expand the small amount loans to individuals.

한국 금융업의 해외금융시장진출 증대방안에 관한 연구

한웅철 단국대학교 1992 국내석사

Since the 1960s, the Korea economy has shown great growth and dramatic transformation in economic scene with the helf of the consecutive five year economic development and the government's export oriented policy. But the International financial industry has fallen behind relatively. From the viewpoint of the fact that the international financial industry supports the growth of real economy, the international financial industry in Korea is inevitable and it should be driven actively with the proper supplemently measures - liberalization of capital movement, Import and foreign Exchange - to Korea's situations. The ways to promote the effective on expanding method of International finance Market of Korean Banking institutions are suggested as follows : First, diversification of nations and the pattern of advance abroad. Second, diversification in the business of international finance. Third, training the specialist in the business of international finance. Next, counter measures for opening the financial market in korea are as follows : First, raising the profit rate through business rationalization. Second, the improvement of the policy of foreign exchange control. Third, the pursuit of development of financial techniques and New circumference banking business. Fourth, Guarantee of real liberalization for the domestic financial institutions. But, it should be noted that the balance between the real economy and financial sector are very important in the process of implementing the above mentioned strategies. In conclusion, a political consideration and effort from the Korean banks themselves are also needed to drive efficiently of advance toward international financial market. Especially, the cooperation between banking institutions and the academia shoudl be achieved in the point of national perspective.

金融先物市場의 導入方案

한근석 慶北大學校 經營大學院 1993 국내석사

Recently, advanced countries are giving pressure to Korea to open up her market, including the financial markets. Therefore, the introduction of futures's market system in Korea is being seriously considered. But the financial environments of Korea are in the first stage of liberalization of the interest rates, use of Korean currency in the international societies is restricted, foreign exchange rate is not self-regulated, and Korean stock market is not well developed. On the other hand, prospects of futures trading in the international financial markets are increasing by demand rise due to the affirmative effect, and increasingly more new products are listed. However, there are some preconditions for introduction of futures's market system in Korea. ①Early establishment of the definite rules - because this can advance a chance of introduction. ②Establishment of computer system - these are indispensable to futures markets to succeed ③Training of specialist - specialists play important part for transactions. ④Education of investors ⑤Internationalization Korean currency - it is possible to cover risks on Korean money positions and foreign exchange positions that result from transactions with customer in the domestic, also to improve a international position of korea. ⑥It need to have liquidity in the short term market.- with the possibility of exchange, ⑦Government must admit social functions of speculations in futures markets - because they accept risks of hedger, government ought to provide conditions for attractions in systematic market. ⑧Introduction of real-name banking system. Advanced countries are using futures market because of their necessity in those. America, England, and Singapore introduced currency futures first, Canada, Australia, France, and Japan introduced bond futures to use for national bonds, and Germany, and Hongkong introduced stock index futures first. To decide on introduction's order of futures market in Korea, I think we must do first, stock index futures and currency futures. second, bond futures. third, deposit Interest rate futures Interest rate futures transaction is a leading product in the international financial markets, since it float greatly. We need to activate the short-term market in Korea, and to reflect on the truth interest rate, for it is very irregular. Also in the international financial markets, the leading part of interest rate futures are bond futures, and I think the stablization's bond of currency are useful, for it has most wide flotation, circulation, is possible to be standardized. For the problem to be solved from now on, these are need to establish auction system of national bonds, to activate circulating markets, to reflect on market rate in the short-term, and need to contribute to activate for bond markets. If we introduce currency futures market now, I think Korean currency against U. S.$ futures is most suitable. Also in Korea, stock index futures is regarded as the most influential product, but is difficult to introduce stock index futures because the conditions stock market are not ready. Now, the international financial markets is going to be integrated and to be globalized. And we are strongly conscious of the necessities of introduction in Korea. For the introduction of futures market in Korea, it is reasonable to have a time. Therefore, the another problems is that it is difficult to forecast the success. and are not sure whether introduction of futures's system will succeed. The most important thing to do is that the government have to provide good conditions to activate futures market.

한국금융선물시장의 활성화 방안 연구

이철룡 京畿大學校 國際大學院 2001 국내석사

본 논문은 우리 나라의 금융선물시장의 활성화 방안을 제시하는데 그 목적을 두고 있다. 먼저 우리 나라의 금융선물시장의 활성화를 논하기에 앞서 선진 각국의 선물거래 기원과 선물거래의 기능을 알아보았고, 그 다음 각국의 거래제도와 거래현황 등에 대하여 간략하게 알아보았으며, 우리 나라 금융선물시장의 현황과 새로이 도입된 금리선물, 통화선물, 국채선물, 미국달러옵션, 관계법령 및 규제제도에 대하여 살펴보았다. 우리 나라는 1980년대 중반이후의 대내외 환경의 급변화와 리스크의 증가 등으로 금융질서의 개편이 요구되었고, 1993년에는 외국인에 대한 국내주식시장 개방을 시작으로 본격적인 개방체제로 진전되었으며, 아울러 선진금융기법의 개발과 도입이 불가피하게 되었다. 그리하여 1996년 5월 주가지수선물이 도입되었고, 1999년에는 선물거래소를 설립하기에 이르렀다. 그러나, 현재의 우리 나라 금융선물시장은 선물거래소의 충분치 않은 회원수, 정부의 규제 강화, 접근하기 어려운 상품 및 제도 등 여러가지 문제점을 내포하고 있듯이 선물거래소의 설립만으로는 선물거래시장의 활성화를 기대할 수 없다. 이에 활성화 방안을 요약하면 다음과 같다. 첫째, 회원확보를 위한 법적자본금의 축소가 필요하다. 거래소의 정관에는 10개 이상의 회원을 유지하지 못하면 해체해야하는데 현재 12개로 아직 안정적인 회원수를 확보하지 못했다. 회원사인 선물중개회사의 자본금이 높을수록 투자자들이 선물회사를 신용할 수 있어 안심하고 선물시장에 참여할 수 있게 될 것이나, 법적자본금이 너무 높으면 선물업자의 선물시장 진입을 제한하게 됨으로써 선물산업이 위축되게 된다. 둘째, 자율규제 시스템의 확립이 필요하다. 정부규제는 선물중개업자와 선물거래소 운영에 관한 규제와 선물시장이 실패할 경우에 대비한 규제에 국한되어야 하며, 선물시장의 활성화의 순기능을 강화하는데 필요한 거래, 업무, 공시, 포지션 제한 등과 관련된 규제는 선물협회와 거래소의 자율적 규제로 추진되어야 한다. 셋째, 선물거래에 대한 단일법의 확립이 필요하다. 우리 나라는 기초상품이 실물이든 금융상품이든 모든 선물 및 파생상품거래는 선물거래법의 규제를 받게 되어 있다. 그러나, 한국증권거래소에 상장된 주가지수선물과 한국선물거래소에 상장된 선물은 다른 법을 적용받아서 법적용에 형평성의 문제가 있으며 효율성도 떨어지는 것으로 나타났다. 넷째, 신규 상품의 개발이 요구된다. 선물시장은 현물시장과 달리 거래소가 상장하지 않으면 거래조차할 수 없다. 따라서 고객에게 인끼있는 상품 개발을 위하여 꾸준히 노력하여야 한다. 우리가 독창적으로 창조하는 것도 중요하지만, 이미 성공한 외국 상품을 수입하여 국내실정에 맞게 변형·운용하여 거래소의 활성화를 모색하는 것도 필요하다. 다섯째, 선물거래소는 홍보와 교육이 필요하다. 선물거래소는 여러 가지 교육자료를 발간하고 대학과 연계한 교육프로그램을 통해 선물관련 인력과 투자자들의 이해를 도우며, 거래소 자체 교육 프로그램과 세미나를 주최하여야한다. 특히, 선물시장이 개설초기인 만큼 선물시장의 효과 중 사회적인 편익 부분을 홍보하여 선물시장의 필요성에 대한 공감대를 형성하고, 이를 통한 시장참여를 유도하는 것이 중요하다. This thesis is about how to improve Korean Financial Futures Market (KFFM). First of all, before discussing the plan to promote KFFM, the function and origin of the commodity transactions of the respective countries had been mentioned. The next, the transactions system and the present condition of the transactions about foreign countries had briefly been confirmed. As the last, we had looked through the present condition of KFFM, interest futures, currency futures, futures of a national debt, US dollar option, related law and regulation system. After the middle of 1980s, it was necessary to reorganize the financial order in Korea for abrupt changes of in-out circumstances causing the rapid financial risk. In 1993, owing to permitting a foreigner to go into the domestic stock market, the full-scale opening system began. The advanced financial method was inevitably introduced and developed. Consequently, the stock index futures was introduced on May, 1996 and the futures exchange was built in 1999. However, only with building the futures exchange we hardly expected the activity to deal in futures. It was because there are lots of problems for example the insufficient companies of futures exchange, the strict control of the government, the easily unattainable goods and system and so on. Accordingly, the plan to improve futures transactions as follows: The first, Reduction of legal capital in order to safely assure the figures of members. According to the articles of Exchange, if Exchange doesn't maintain more 10 companies it'll have to dissolve. Korea Exchange isn't in a stable state yet because of having 12 members now. The higher capital of the futures companies is, the more creditable and comfortable investors are about the futures companies. Nevertheless, since the legal capital increases too much, it will be hard for futures dealers to enter into futures market and it will make futures industry dwindle. The second, System of self-imposed control. The government only has to control between futures intermediary and operation of futures exchange or to prepare to prevent futures market from going wrong. The futures association and the exchange have to fairly and legally handle the regulation related transactions, business, position and public announcement: it will let the promotion of futures market hasten. The third, The single law on futures transactions. In Korea, regardless of actual commodity or financial commodity, every futures and derived commodity transactions is applied by the Futures Transactions Law. However, between stock index futures listing from Korea Stock Exchange and futures listing from Korea Futures Exchange are applied by the different law. As a result, it will be the matters of the equality of applying the law and the decline of the efficiency will appear. The fourth, Development of new commodity. Generally speaking, it is quite different with a spot market. In a futures market commodities must be listed with a view to be deal with. Therefore, we need steady efforts to develop popular goods. Believe that this is one of the best ways to modify goods made from other countries into useful things in Korea. The fifth, Promotion and Education about futures exchange. What futures exchange have to do is to publish various materials of education, to make cooperative programs to be together with a university, which helps both investors and the engaged understand, and to hold the regular seminar and education in parallel with education program Exchange gets. Especially, it is just time to start. Therefore, the more important things are to lead to attend market through promotion of its social benefits and in sympathy with need of futures market .

金融市場의 國際化에 대한 우리나라 金融産業의 對應方案 : EC 金融 統合化에 대한 對策을 中心으로

유천희 淸州大學校 1992 국내석사

Korea will be faced with the reality of competitive intensification between financial institutions and other nations sooner or later because the radical change in the international financial environment promote the open, liberal and international financial industry. After starting the first five year plan of economic development, korea established splend economic growth. As the result of that, Korea became a newly industrialized country(NICs are Korea, Taiwan, Singapore, and Hongkong) and was regarded as the second Japan. Sequentially, there is pressure on Korea to open market from other countries, including America. Fundamentally, the Korean economy aiming for an open system lacks capital and natural resources. We must open the domestic market to increase the exports. Recently, Korean's domestic market, conforming to insternationalization and openization in both the goods and finances has met keener competition between financial institutions and other nations. The purposes of opening the domestic money market to the foreign counterpart are not only to itroduce foriegn capital efficiently but also to accelerate the growth of financial industry through competition, and to answer appropriately the pressure to open our markets. Foreign financial institutions, based on high management techniques, wild networks, fluent capita] and thorough commercialism, came to the domestic market for customs and profit. The internalization of the Korean money market from the late 1970s, continues to expand and improve business and the results of operations. Now, foreign countries increasing their business are threatening the Korean mony market. their sales increased suprisingly and still they demand to open the domestic market even more. therefore, making the new financial order, which leads to the overall development of the fianacial industry needs to seek the sound development of the korean financial industry. The goverment's plan should be the following: First, the competition between financial industries, based on creativity and efficiency and propelling practical autonomy, must continue. Second, nomalization in the operation of commecial finance must be achieved by means of efficient distribution of capital through the guidance policy finance at least in the part of voluntary investment that the civl side can't afford. We need to arbitrate the guidance policy finance reasonably. Third, as the policy finance competes the measures for insolvent loaned money of the financial industry, the structure of the assets of the financial industry, the structure of the financial industry must become sound. Fourth, not indiscriminately considering the internationalization of the domestic money market but by considering the competitive relationship between financial industries in general, the minus effects resulting from an open market must be minimalized step by step. Fifth, policy finance which makes then the financial industry reasonable and the competitive conditions fair, (circumstnces under which conflict decreases) must be established. Sixth, the offhore financial market must be the basic of the final international money market of financial internationalization. Next, there are countermeasures for the financial industry. First, the financial industry should escape from the passive management stance of the past, and must pursue the profit and efficiency. Second, the system must reconstruct to elastically face the rapid changes in the financial environment. Third, corporat strategies, financial techniques, and fund raising must be employed efficiently. Fourth, with long term appreciation, maxmizing the money market must diminish, and the advence into the foreign market must be efficient. Fifth, with the introduction and development of these endlessly new financial techniques, financial innovation must also be established. Finally, the reason for the weakness of Korean money market, when it is compared with foreign market can be attributed to the Korean internal environment as apposed to the external environment of the foreign market. Therefore, improvement of external environment (nameiy, the improvement of the system by the government) and the improvement of the habitude of internal environment, must be achieved simultaneously.