경제위기 분석과 상사법적 대응방안에 대한 검토 = Analysis about financial crisis and review about application of commercial Law

다국어 초록 (Multilingual Abstract)

Global financial crisis occurred in 2008 and in 2010, fiscal crisis hit southern European countries. In the past, financial and fiscal crisis seemed to be independent from each other, but nowadays, financial and fiscal crisisoccur simultaneously like two sides of coin. From such incidents, fiscal deficit problem which has been revealed by financial crisis has been exposed, once again. U.S. and other advanced countries, in effort to resolve fiscal deficit and support inactive economy, enforced monetary expansion regime. This aimed to inflict Korean policy which focused on maintaining weak Korean Won and the enforcement of the regime expected to raise the worth of Korean won. Of course, Korean economy recession started long before with collection of capitals by exorbitant stock market, foreign holding equity in comparison to total market value and etc. In every cases, the upsurge of the level of economic crisis is caused by excessive inflow and outflow of foreign currency. And the fact that variability of foreign currency inflow and outflow is peril of Korean economy, is perceived by the government and government has acknowledged this problem on press release regarding adoption of bank levy. Countermeasures according to mercantile law, would be found by reforming financial supervisory system. However, that may be the immediate cause but I believe in the background of this problem, lies on structural problem which is variability of foreign currency. Therefore, I suggest the methods to minimize foreign holding equity in comparison to total market value and exorbitant stock market, reviewing measures to prevent investing in risky derivatives and establishment of independent institution which protects financial consumers. I have already introduced the adoption of bank levy, an effort of government to restrict inflow and outflow of capital. But I have pointed out that bank levy system does not draw a significant effect. Fundamentally, basic outline needs to be established by strengthening competence of institutional investors through domestic conversion of capital market, and we should keep in mind the cases of Canada and Australia, which prohibits the investment public to invest in risky derivatives.