韓國金融制度改編의 基本方向 = A Study on the Direction of the Korean Financial Reform

다국어 초록 (Multilingual Abstract)

During the economic development period in the 1960s and 1970s, the commercial bank system was diversified including the local banks and foreign bank branches. Various specialized banks were established for the purpose of supplying funds to special sectors. Different kinds of non-monetary financial institutions were institutionalized in order to absord curb market funds and to provide diversified financial instruments to the public. As a result, the speciaization or segmentation became to dominate the financial system.
The current system however, is but a product of government initiative. The diversification and specialization has proceeded not according to carefully thoughtout plans based on premeditated principles, but according to stop-gap measures of a fire-fighting style. Hence, soume problems are inherent in the current system.,
The specialized banks established by special laws were supposed to raise their necessary lending resources mainly through borrowing government funds or from overseas, but they are now raising 50-80 percent of their resources through the taking of deposits or the issuing of debentures to the public competing with commercial banks. Therefore, in order to promote the managerial efficiency of the specialized banks and to enhance fair competition between them and the commercial banks. the specialized banks should be denationalized and transformed into commercial banks.
With the introduction of some new financial instruments in the first half of the 1980s, each group of financial institutions attempted to expand its business domain: causing some overlapping of business activities, imbalanced competition and blurred compartmentalized boundaries, and as a result the market share of the banks' is lowered. For instance, commercial banks are dealing with some non-intrinsic banking business such as the sale of commercial bills and government and public bonds on repurchase agreements, while some NMFIs, such as the Investment and Finance Companies and the Mutual Savings and Finance Companies, are raising resources through deposit taking or borrowing from other institutions. there is also some overlapping business between the NMFIs and securities companies, and between different types of institutions within the NMFIs.
Hence, it is necessary to make a fundamental review or the overall financial system and to restructure it according to the principle of enhancing competition, promoting efficiency, maximizing productivity, providing maximum convenience to the public and securing the sound management of each institution.
The general consensus concerning the long-run direction of the restructuring seems to be going toward a universal banking system. In general, a universal banking system has some advantages over a specialized system such as promoting competition, renewaling greater managerial flexibility under the everchanging business environemnt and enabling comprehensive financial service to clients. A universal banking system would be superior to a specialized one, if the economies of scale or the economies of diversification is valid. On the other hand, a universal banking system contains some disadvantages such as the lack of specialization, the possibility of overconcentration leading to monopolistic practices and difficulties of control and supervision.
However, although the universal banking style is considered to be the ideal form in the long-run, the cost of transition from the current system has to be taken into account. A radical reform would cause many undesirable side effects in an environment in which banks managerial autonomy is not fully achieved, most interest rates are strictly controlled and NMFIs are still vulnerable to unprotected competition. Therefore, most people support the approach of gradual transformation toward a universal banking system suggesting that the current compartmentalized system should be maintained for some time and subsidiary system should be permitter inherent. Of course the supervision and inspection must be strengthen and adapted too.
For the enlarged effect of reform, the gradual deregulation of interest rate is necessary. The desirable order should be; deregulation of the securities market should precede that of the intermediary financial sector; within the intermediary financial institutions, lending rates and long-term rates should be freed earlier than deposit rates and short-term rates.

목차 (Table of Contents)

• Ⅰ. 머리말
• Ⅱ. 한국금융제도의 변천
• Ⅲ. 한국금융제도의 현황과 문제점
• 1. 금융기관체계 및 업무영역 현황
• 2. 한국금융제도의 구조적 특징
• 3. 한국금융제도의 문제점
• Ⅳ. 금융제도 개편의 기본방향
• 1. 주요 개편논의 종합
• 2. 제도 개편의 기본방향
• 가. 합리적 업무영역 조정
• ⑴ 분업주의와 겸업주의
• ⑵ 타업종진출 방식
• 나. 겸업화에 대비한 예금자보호 및 감독기능 정비
• ⑴ 예금자보호장치 강화
• ⑵ 이익상충 방지장치 강구
• ⑶ 자회사 감독체계
• ⑷ 금융재벌에 대한 감독체계
• 다. 금리의 체계조정 및 단계적 자유화
• Ⅴ. 맺는말