특집 IMF 구제금융 이후 한국사회의 법적 변화 : 1997년 경제위기와 IMF 구제금융이 금융법에 미친 영향 = Changes in Korean Law agter the IMF Bailout Financing in 1997 : Impact of 1997 Economic Crisis and IMF Bailout Financing on Financial Laws in Korea

다국어 초록 (Multilingual Abstract)

This paper reviewed the changes implemented in respect of financial laws and regulations in Korea in three areas (financial supervisory system, financial industry and financial products) during the 1997 economic crisis of Korea and the ensuing stand-by credit arrangement with IMF. The reform of Korean financial laws was already discussed and pursued in Korea before the 1997 economic crisis. The crisis and the ensuing IMF stand-by credit arrangement facilitated the reforms which became the basic framework of the current laws regulating the financial system in Korea. The reform of financial laws made during that period can be regarded as a process to find the appropriate level of financial regulation as a government-driven financial system was changed to that mandated to private sector. The consolidated supervisory system adopted during the credit arrangement with the IMF improved efficiency. When revisiting the supervisory system, improvements need to be made by further clarifying regulatory objectives, enhancing the accountability of regulators and requiring regulators to cooperate with each other. The laws and regulations regulating the Korean financial industry were improved in terms of corporate governance, prudential regulation and treatment of distressed financial institutions. Corporate governance of financial institutions should be structured to ensure effective risk management. If the reliance on autonomous management of a financial institution does not ensure compliance with prudential regulation and consumer protection as was the case in the Korean mutual savings banks scandal, the regulatory measures need to be strengthened and transparency should be improved. New types of financial products such as asset-backed securities and shares in investment companies were introduced during the 1997 crisis and the resulting credit arrangement with the IMF and further deregulation was carried out thereafter. As new financial products have been developed and sold in Korea, disputes have increased between the selling financial institutions and customers. Sales of financial products should not be treated simply as a source of profit for financial institutions. From a regulatory perspective, macro-prudential supervision as well as the investor protection should be taken into consideration.