우리나라 金融先物去來制度의 導入에 관한 硏究

다국어 초록 (Multilingual Abstract)

The financial futures trading began in the early 70's in response to the fluctuations in interest rates, stock prices and exchange rates triggered by the implementation of the floating exchange rate system. The financial futures trading is now centered around Chicago and has come a long way since then.
With capital market liberalization due to begin soon in Korea as part of the opening of the economy, financial futures trading is inevitable to minimize the price fluctuation risk that invariably goes with foreign currency trading and international securities trading. However, the introduction is hampered by several factors :
1. Foreign Currency Futures ; The exchange rate fluctuation tends to be easily predictable since it is adjusted under the Government intervention and there is a lack of experts on both foreign currencies and data service systems. Moreover, the forward exchange transactions have been successfully used to hedge against currency risk for sometime now.
2. Interest Rate Futures ; Interest rates are practically determined by the Government and the spot bonds market is underdeveloped. In addition, there aren't any qualified goods suitable for being used as underlying securities.
3. Financial Futures Options ; These are unlikely as even stock options have yet to be introduced.
4. Stock Index Futures ; These would call for a selection of one index out of the two in existence and for an alternative stock index. Furthermore, the stock market base is thin and the market's efficiency is also significantly low, compared with those of advanced countries.
Under these circumstances, attempts to introduce the futures trading may result in failure. Thus, the introduction should be gradually implemented or delayed according to the current circumstances.
1. Foreign Currency Futures ; These should be reserved for quite a long time as a prerequisite of its introduction, the free floating exchange rate system has yet to be implemented, due to the huge outstanding foreign debt and the balance of international payment. Other alternatives include forward exchange transactions and international futures markets which can be used as alternative hedging methods against currency risk.
2. Interest Rate Futures ; These should be considered after interest rates are fully liberalized.
3. Financial Futures ; Options These should be preceded by stock options.
4. Stock Index Futures ; Their prerequisites, such as development of proper stock index for futures transactions, development of the spot market, and enhancement of market efficiency can be met easier than those of other financial futures trading. Also the stock market is being institutionalized and the necessity of hedging is increasing due to the growing fluctuations in prices. Moreover, there is the added benefit of having used a similar form of trading prior to 1969. In addition, Stock Index Futures are imperative in order to obtain stock index futures-related trading practices.
In conclusion, it is crucial that more research is done on the financial futures trading system, and that experts are trained and encouraged. Also it is necessary that speculation should be generally-perceived as a justifiable investment strategy by educating investors on futures transactions and increasing their sense of responsibility. All this may very well guarantee the successful introduction of financial futures trading system.

목차 (Table of Contents)

• 目次 = 0
• 第 一 章 序論 = 1
• 第 一 節 硏究의 目的 = 1
• 第 二 節 論文의 構成 및 硏究方法 = 3
• 第 二 章 金融先物去來制度의 理論的 考察 = 4
• 第 一 節 金融先物去來의 槪念과 特徵 = 4
• 1. 金融先物去來의 意義 = 4
• 2. 商品先物去來, 先物換去來와의 差異點 = 5
• 第 二 節 金融先物去來의 經濟的 機能 = 7
• 第 三 節 金融先物去來의 種類 = 13
• 1. 外換先物去來 = 17
• 2. 金利先物去來 = 17
• 3. 株價指數先物去來 = 17
• 4. 先物「옵션」去來 = 18
• 第 四 節 金融先物市場의 「메카니즘」 = 19
• 1. 金融先物市場의 構造 = 19
• 2. 賣買去來節次 = 25
• 第 五 節 金融先物의 價値決定理論 = 26
• 1. 先物價格의 決定 = 26
• 2. 「베이시스」와 收？現象(Convergence) = 29
• 第 三 章 金融先物去來의 利用 = 33
• 第 一 節 「헷징」 = 33
• 1. 「헷징」의 意義 = 33
• 2. 金融先物種類別 「헷징」例 = 35
• 3. 「헷지」比率의 決定 = 40
• 第 二 節 「스프레드」와 裁定去來 = 45
• 1. 「스프레드」去來 = 45
• 2. 裁定去來 = 47
• 第 四章 海外金融先物市場의 實態 = 48
• 第 一 節 美國의 金融先物市場 = 48
• 1. 去來의 生成背景 = 48
• 2. 主要 金融先物去來所 現況 = 49
• 3. 去來現況 = 51
• 4. 賣買去來方法 = 54
• 第 二 節 英國의 金融先物市場 = 56
• 1. LIFFE의 創設背景 = 56
• 2. 去來現況 = 57
• 3. 賣買去來方法 = 59
• 第 三 節 「싱가포르」의 金融先物市場 = 61
• 1. SIMEX의 創設背景 = 61
• 2. 去來現況 = 61
• 3. 賣買去來方法 = 62
• 第 四 節 日本의 金融先物市場 = 63
• 1. 制度의 創設背景 = 63
• 2. 制度의 特徵 = 65
• 3. 去來玄黃 = 66
• 4. 賣買去來方法 = 66
• 第 五 章 우리나라 金融先物去來制度의 導入與件 分析 = 68
• 第 一 節 우리나라 先物去來制度의 實態 = 68
• 第 二 節 우리나라 金融先物去來制度 導入의 必要性 = 70
• 第 三 節 우리나라 金融先物去來制度의 導入與件上 問題點 및 改善方向 = 72
• 1. 外換先物去來制度의 導入與件 = 73
• 2. 金利先物去來制度의 導入與件 = 80
• 3. 株價指數先物去來制度의 導入與件 = 87
• 4. 先物「옵션」去來制度의 導入與件 = 95
• 第 六 章 우리나라 金融先物去來制度의 導入方向 = 96
• 第 一 節 基本方向 = 96
• 第 二 節 株價指數先物去來制度 導入方向 = 98
• 1. 株價指數先物去來制度 導入의 意義 = 98
• 2. 具體的인 制度導入方向 = 101
• 第 七 章 結論 = 106
• 參考文獻 = 108
• 英文抄錄 = 112