韓國의 金融先物去來制度에 관한 硏究 = (A)study on the financial futures transaction system in Korea
저자
발행사항
수원: 京畿大學校, 1991
학위논문사항
발행연도
1991
작성언어
한국어
주제어
KDC
327.83 판사항(4)
DDC
332.645 판사항(21)
발행국(도시)
경기도
형태사항
iv, 209장: 삽도; 26cm
소장기관
Since 1970s, the international economy has experienced inflation under the instabilities of the interest rate, the exchange rate, and market.
Covering risks comes out as a serious problem in the evaluation of financial assets accompanying with the transfer of capital, foreign trades and international investments.
Therefore, the financial futures transaction has been developed into the method of hedging in the international financial market.
In these changes of the international economic environment, interest in the methods of escaping risks by financial futures transaction has increased and the need for a financial futures market in Korea has become urgent.
This is because of the following reasons ;
1. the financial futures transaction gives the opportunity for systematic and standardized hedging that covers the risks caused by a change of interest rate, foreign exchange rate and stock price.
2. the stability and utility of the financial market should be improved.
3. the prediction of spot prices in the future gives useful information for the management of investors' assets.
4. a new opportunity of investment and an activation of financial business should be induced.
The financial futures transaction system was introduced to our country in Oct. 1987. But it has been showing broad with other financial techniques.
A systematic foundation has, however, not prepared yet to meet the demands and actually there are a lot of problems in the domestic enterprises.
Most domestic enterprises hope that the restrictions of foreign exchange control should be improved and that the domestic financial futures market shoud be opened.
These desires can be settled by establishing the domestic financial futures exchange and supporting to make use of overseas financial futures markets.
Most of Korean enterprises who replied questions and real investigations might be indicated as follows ;
1. the lack of international convertablility of WON as the most serious porblem.
2. the absence of the domestic financial futures market.
3. the insufficient of internationalization of the financial markets.
4. the limits in capital movement under the foreign exchange control policy. 5. the stiff management of the financial market caused by the intervention of the authorities concerned.
Most of these enterprises hope to see the relaxation of political control, and this implies the recovery of validity in the open competitive market.
To get rid of these problems and activate the transaction, authorities concerned should do their best
1. to take measures to improve the international convertability of WON.
2. to relax restrictions on foreign exchange control.
3. to amplify the financial futures transaction system.
4. to enlarge the short-term bonds market.
5. to increase their supporting policy.
and enterprises concerned should do their best
1. to enforce the research and cultivate the ability of business practice in the financial futures transaction.
2. to educate specialists.
3. to expand their departments handling financial futures transactions.
For the activation of the financial futures transactions in Korea, the financial futures exchange is needed, and it is possible to transact between WON and US DOLLAR among foreign currency futures considering possible articles under several situations, and above all possible articles, stock index futures should be selected.
Therefore, the idea of the initial financial futures exchange suggests a stock index futures exchange and it is recommandable that the present stock exchange should be applied.
The stock index, now in use, should be improved so as to display the accurate total movement of markets. Also, it is necessary that only corporations be qualified to be members of the exchange not individuals.
Finally, as there are several studies precedent on the effect of hedging and the measurement of the market's efficiency in financial futures bargaining, an actual analysis is omitted. However, studies on techniques and efficiency of cross hedging are so important that further studies should be undertaken.
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