KCI등재후보
우리나라 외환관리의 발전방향 = Proposals for improving Foreign Exchange Control in Korea
저자
서문식 (금융감독원)
발행기관
학술지명
권호사항
발행연도
2008
작성언어
Korean
주제어
등재정보
KCI등재후보
자료형태
학술저널
수록면
149-200(52쪽)
KCI 피인용횟수
5
제공처
Ⅰ. Introduction
Since 1997 when Korea received bail out money from International
Monetary Fund(IMF) Korea has expedited foreign exchange liberalization policy
according to Memorandum of Understanding contracted between Korean
government and IMF. Deregulation on foreign exchange control have some
positive effects; it removes obstacles on transactions with nonresidents, reduces
transaction cost, increases worldwide trades so that eventually contributes to global
economic interest. However, liberalization makes a country give up her own
policy measures to cope with deficit of balance of payments. Moreover, opening
foreign exchange market or stock exchange market makes it difficult to protect
her country from attacks by foreign capital. Korea experienced this kind of
problems in September, 2008, when I am writing this thesis, as well as in 1997.
Therefore, I think we need to examine the speed and priority of foreign exchange
liberalization policy at this time.
Ⅱ. Foreign Exchange Control in Korea
The usual type of foreign exchange control which had been set up
through the two World War looks like this; All foreign currencies resident acquired
should be deposited or sold to government or his agent to a central pool in return for local currency at specified rates. Foreign exchange is then distributed
from the pool, through licensing or similar devices, to those persons who meet
the criteria of the particular governmental plan. Korea also adopted this structure
in the Foreign Exchange Control Act of 1961. The act is based on three basic
rules; 1. All foreign exchange should be pooled, 2. Foreign exchange can be
used by only one who has actual demand, 3. All foreign transactions should be
monitored by banks.
There are various ways to pool foreign currencies; sales, deposit, custody
and registration. Sales pooling can be said to be the strongest measure. Korea
established sales pooling system in 1961. Afterward, the duty of pooling have
been alleviated. One example is that government permits individuals to retain
foreign exchange below 3,000 dollars in 1978. In February 1995, government
abolished the duty of pooling foreign exchange, so that residents become to freely
retain foreign exchange. The second rule, actual demand rule, is required to
forbid insufficient foreign currencies to be wasted or to be used for speculative
purpose. Foreign exchange can be bought from banks only when residents prove
actual demand until in 1994 government allows corporation or individuals to buy
foreign exchange without proving actual demand within a limited amount. This
ceiling was eliminated in January, 2001, so that actual demand rule was abolished.
Now a resident can buy foreign exchange without limitation even for the purpose
of speculation. Actual demand rule in future, swap transactions was also
abolished in April, 1994. The third basic rule is that all foreign transactions should
be settled through banking system. This makes government be possible to
monitor all foreign transactions, get statistics concerning outflow/inflow of foreign
exchange. Thus, a bank that wants to do foreign exchange business have to
equip certain physical or personal requirements and get a license from
government.
Moreover, the Foreign Exchange Control Act of 1961 of Korea was
designed under the triple checking system copying the Foreign Exchange and
Trade Act of 1949 of Japan. There are three barriers to pass in order to complete
foreign transactions; barrier at the step of underlying transactions, barrier at the
step of remittance or receipt, and barrier at airport or seaport. For example, one
who want to export or import have to report to authorities with required
documents. This is a regulation at the step of underlying transactions. When the
person pays or receives money to/from counterpart, banks examine whether the
underlying transactions were permitted or not. This is a regulation at the step of
remitta...
Ⅰ. Introduction
Since 1997 when Korea received bail out money from International
Monetary Fund(IMF) Korea has expedited foreign exchange liberalization policy
according to Memorandum of Understanding contracted between Korean
government and IMF. Deregulation on foreign exchange control have some
positive effects; it removes obstacles on transactions with nonresidents, reduces
transaction cost, increases worldwide trades so that eventually contributes to global
economic interest. However, liberalization makes a country give up her own
policy measures to cope with deficit of balance of payments. Moreover, opening
foreign exchange market or stock exchange market makes it difficult to protect
her country from attacks by foreign capital. Korea experienced this kind of
problems in September, 2008, when I am writing this thesis, as well as in 1997.
Therefore, I think we need to examine the speed and priority of foreign exchange
liberalization policy at this time.
Ⅱ. Foreign Exchange Control in Korea
The usual type of foreign exchange control which had been set up
through the two World War looks like this; All foreign currencies resident acquired
should be deposited or sold to government or his agent to a central pool in return for local currency at specified rates. Foreign exchange is then distributed
from the pool, through licensing or similar devices, to those persons who meet
the criteria of the particular governmental plan. Korea also adopted this structure
in the Foreign Exchange Control Act of 1961. The act is based on three basic
rules; 1. All foreign exchange should be pooled, 2. Foreign exchange can be
used by only one who has actual demand, 3. All foreign transactions should be
monitored by banks.
There are various ways to pool foreign currencies; sales, deposit, custody
and registration. Sales pooling can be said to be the strongest measure. Korea
established sales pooling system in 1961. Afterward, the duty of pooling have
been alleviated. One example is that government permits individuals to retain
foreign exchange below 3,000 dollars in 1978. In February 1995, government
abolished the duty of pooling foreign exchange, so that residents become to freely
retain foreign exchange. The second rule, actual demand rule, is required to
forbid insufficient foreign currencies to be wasted or to be used for speculative
purpose. Foreign exchange can be bought from banks only when residents prove
actual demand until in 1994 government allows corporation or individuals to buy
foreign exchange without proving actual demand within a limited amount. This
ceiling was eliminated in January, 2001, so that actual demand rule was abolished.
Now a resident can buy foreign exchange without limitation even for the purpose
of speculation. Actual demand rule in future, swap transactions was also
abolished in April, 1994. The third basic rule is that all foreign transactions should
be settled through banking system. This makes government be possible to
monitor all foreign transactions, get statistics concerning outflow/inflow of foreign
exchange. Thus, a bank that wants to do foreign exchange business have to
equip certain physical or personal requirements and get a license from
government.
Moreover, the Foreign Exchange Control Act of 1961 of Korea was
designed under the triple checking system copying the Foreign Exchange and
Trade Act of 1949 of Japan. There are three barriers to pass in order to complete
foreign transactions; barrier at the step of underlying transactions, barrier at the
step of remittance or receipt, and barrier at airport or seaport. For example, one
who want to export or import have to report to authorities with required
documents. This is a regulation at the step of underlying transactions. When the
person pays or receives money to/from counterpart, banks examine whether the
underlying transactions were permitted or not. This is a regulation at the step of
remittance or receipt. Besides these, one who carry foreign ...
분석정보
연월일 | 이력구분 | 이력상세 | 등재구분 |
---|---|---|---|
2027 | 평가예정 | 재인증평가 신청대상 (재인증) | |
2021-01-01 | 평가 | 등재학술지 유지 (재인증) | KCI등재 |
2018-01-01 | 평가 | 등재학술지 유지 (등재유지) | KCI등재 |
2015-01-01 | 평가 | 등재학술지 유지 (등재유지) | KCI등재 |
2015-01-01 | 평가 | 등재학술지 유지 (등재유지) | KCI등재 |
2011-01-01 | 평가 | 등재학술지 선정 (등재후보2차) | KCI등재 |
2010-01-01 | 평가 | 등재후보 1차 PASS (등재후보1차) | KCI후보 |
2008-01-01 | 평가 | 등재후보학술지 선정 (신규평가) | KCI후보 |
기준연도 | WOS-KCI 통합IF(2년) | KCIF(2년) | KCIF(3년) |
---|---|---|---|
2016 | 0.77 | 0.77 | 0.8 |
KCIF(4년) | KCIF(5년) | 중심성지수(3년) | 즉시성지수 |
0.7 | 0.65 | 0.772 | 0.44 |
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