중소기업금융으로서 무역금융제도의 개선방안

박광서(Kwang So PARK),황지현(Ji Hyeon HWANG),주령커(Ling Ke ZHOU) 한국무역상무학회 2017 貿易商務硏究 Vol.75 No.-

Trade finance services have been played an important role in the Korea trade development history since 1960 s. These days the trade environment is confronted by the 4th Industrial revolution and new trade protectionism. So we need to improve the Korea Trade Finance Services in order to improve Korea trade volume. Bank of Korea(BOK) also revised the Rule of Korea Trade Finance in 2014 and enlarged the trade fund for commercial banks where they handle the trade finance to small and medium enterprises(SME) in 2016. This article handle the current state and problems of Korea trade finance services and suggest the improvement measures as follows; First, the commercial banks, which handle trade finance fund, should improve the customs and practice of judge loan for SMEs. Second, the export volume counting rule for trade loan should harmonize between BOK s Rule and Foreign Trade Management Regulation under the Foreign Trade Act. Third, the processing trade and intermediate trade also can use the trade finance like other trade. Fourth, Trade finance should be in balance between export and import finance to defend the new protectionism. It means that the trade finance should expand to import in the certain conditions. Lastly, the related trade promotion agencies and their employees should improve their skills and abilities for handling trade finance.

Anti-Fraud in International Supply Chain Finance: Focusing on Moneual Case

Ki-Moon Han,Sae-Woon Park,Sunhae Lee 한국무역학회 2020 Journal of Korea trade Vol.24 No.1

Purpose – This study analyzes the scope of due diligence and risks of banks and K-Sure in trade finance covered by EFF focusing on Moneual case, one of the latest and biggest trade finance fraud cases in Korea. Also, we suggest anti-fraud measures in trade finance on the part of banks and K-Sure in order to give them a desirable way of due diligence and reasonable risk management of export insurance. Design/methodology – Based on Moneual case of trade finance fraud, this study employs the methodology of an extended literature review and analysis of court decisions. Findings – Seoul High Court of Korea failed to decide whether K-Sure was wholly obliged to pay the insurance against the banks’ EFF claims, but issued a compulsory mediation order, judging that both the banks and K-Sure were responsible by 50:50. The court may have judged that both the parties had lacked their due diligence in the trade finance. It is quite difficult for trade finance providers to manually investigate whether the transaction is suspected of trade finance fraud, so digitalization of trade finance which can facilitate the prevention and detection of trade fraud needs to be realized quickly. Since there has been no international rule available for open account trade finance up till now, clearly stipulated EFF terms on the exporter’s genuine export obligation might have protected K-Sure from the disaster. Originality/value – This study investigates the due diligence of the banks and K-Sure in Moneual case which few researchers have considered, to the best of our knowledge. This study also suggests several practical methods (including block chain) to prevent complicating trade finance fraud amid increasing use of an open account, and further offers reasonable risk management of EFF employing international factoring rule which is also related to problematic open account trade finance.

금융위기이후 국제규제와 무역금융의 변화 전망

장명기(Myung-Ki Chang) 한국관세학회 2012 관세학회지 Vol.13 No.3

This study aims to show that trade cannot flourish without a stable financial system and financial stability under threat without a well functioning trading system. This paper discusses a number of issues related to the link between trade finance and international regulations about financial sectors since global financial crisis. Traditionally, trade finance has received preferred treatment on the part of trade finance claims, on the grounds that trade finance was one of the safest, most collaterized, and self-liquidating forms of trade finace. However, with the collapse of trade in late 2008 and early 2009, the regulatory treatment of trade finance under Basel II and III became an issue and was discussed by professional banking organizations, regulators, and internatioanl financial institutions. Classifying trade finance as a high-risk financial instrument, subject to higher capital adequacy requirements, could have a severe and adverse impact on the pricing and supply of trade finance. Banking and trade communities argue that trade finance should receive a more favorable treatment under the financial regulationss being considered in line with the Basel III framework. This paper is to clarify a number of issues related trade finance and regulatory treatment of trade finance in the context of the making of the new regulations to secure international financial stability including Basel III since global financial crisis.

무역금융제도의 운용상 문제점과 그 개선방안에 관한 연구

채진익 한국무역학회 2019 貿易學會誌 Vol.44 No.6

Trade finance promotes export performance, and every small- and medium-sized export business has the right to use policy finance. The credit line is also stipulated by relevant laws and regulations. However, trade finance has repeatedly been misused, so these matters can lead to substantial financial loss and damage to the related financial institutions. The lack of expertise of K-SURE and the backwardness of banks represent even bigger problems in the follow-up management. The existing trade finance system should be improved in the following ways from the institutional and legal perspectives. Firstly, follow-up management of beneficiary companies should be reinforced and systematized through examining business tendencies, financial status, and other important factors. There is also a need for advancement of following up management. An effective and streamlined financing system must be established by abolishing the Korea Trade Insurance Corporation. This study presents improvements and their implications by looking into the main issues under the current trade finance system. This study is based on documentary research and practical cases.

六朝시기 해상 교역과 상업, 국가 재정

김석우(Kim, Suk-Woo) 동북아시아문화학회 2016 동북아 문화연구 Vol.1 No.46

This article tried to explain the importance of maritime trade in the medieval southern China, Six Dynasties(六朝). Even though ‘the sea silk road’ opened in Han dynasty, the Indian Ocean and the South China sea trade was increased rapidly in the Six Dynasties period. The main reason of such growth was the development of ocean sailing technology. Ships were equipped with several sails and the sailors understood the effect of trade wind. Such technology made chinese merchant sail to the Indian Ocean much faster than Han sailors. And Han sailors used to sail along the coast, but the merchants of Six Dynasties made a voyage on the ocean. The port of Guang-Zhou became a starting point of a long ocean cruise. The growth of maritime trade stimulated the inner commercial trade of Southern Empires (南朝). Lingnan(嶺南), the center of maritime trade and Jiankang(建康), the capital of the dynasty, both became the two axis of inner commercial network. The energy of Jiankang’s market system partly depended upon the Lingnan’s maritime trade. It also stimulated the appearance of village market(草市), which was prohibited in Han times, it showed that the common village farmers were used to buy and sell in near small market. And Persian silver coin which was imported by maritime traders, was circulated in the Lingnan region. It strongly proved that the ocean trade was the matter to develop the inner commercial trade of Six Dynasties. Even though there was no official institution of state running system for maritime trade, which was appeared at Tang dynasty, the benefit of trade was integrated into the dynasty finance by several ways. Lingnan provincial governors tributed their imported goods to Jiankang. And the main part of dynastic financial income was not came from the collection of grain or silk, but came from commercial tax which was collected by currency. Such tax came from the commercial benefit, which was partly depended on the maritime trade. And there was a unique custom of ‘huanzi(還資)’, that was the tribute of a provincial governor who finished his terms. That custom was another way to collect the maritime imports, it also supported the dynasty finance. Like this, the maritime trade was essential part to maintain the Six Dynasties finance. It proved the importance of a maritime trade of Six dynasties.

17~18세기 대일무역 수세(收稅)와 동래부 재정

김영록 ( Young Rok Kim ) 고려대학교 민족문화연구원 2015 民族文化硏究 Vol.66 No.-

17세기 초 조선은 전란을 거치고 대외관계가 한층 안정화되면서, 청나라와 일본과 무역을 하였다. 대외무역은 국가 재정 그리고 지방 재정과 밀접한 관련을 가지고 전개되었다. 대일무역은 동래의 倭館에서 이루어졌다. 그렇기에 많은 재원이 東萊府로 집결되었고, 동래부의 재정은 다른 읍과 달리 규모 및 재원 구성에서 특수한 면모를 보인다. 동래부는 왜관의 開市貿易에서 무역세를 거두어들임으로써 재정을 충당하였다. 무역세는 일반적으로 1/10세를 걷었으며, 收稅文書를 작성하여 각 물품에 대해 세금을 매겼다. 人蔘稅와 銀稅가 주요 세원이었고, 특히 인삼세의 경우, 戶曹와 동래부 사이에서 收稅權을 둘러싸고 끊임없는 이권다툼이 있었다. 무역세는 주로 대일무역 및 외교비용에 그대로 쓰였다. 대일무역은 17세기 후반에 가장 왕성하였으며, 동래부에서도 많은 무역세를 거두어들일 수 있었다. 18세기에 들어서면서 개시무역의 규모는 현저하게 줄어들었다. 이에 무역세의 수세가 어려워지면서 동래부의 재정도 큰 타격을 입게 되었다. 그리하여 동래부는 公作米·公木등의 下納재원을 이용하여 料販(料辦)이라고 일컬어지는 殖利활동을 전개해 나가면서 재정의 확충을 도모하였다. 조선 후기 동래부는 대일무역의 수행으로 많은 재원이 집중되었으며, 대일무역 및 외교의 영향 아래에서 재정 운영이 이루어졌다. 이와 같이 동래부는 타 지방의 일반적인 재정 운영과 달리 대외관계의 영향을 받는 특수한 재정 운영의 양상을 보인다. Joseon started the foreign trade with Qing and Japan as their foreign relations were improved at the early 17th century after the war. The foreign trade was closely related to the national and local finance. The Joseon-Japanese trade was conducted at Waegwan in Dongnaebu. A considerable amount of financial resources were collected into Dongnaebu, thus the local finance of Dongnaebu had specific aspects on its size and construction compared to that of other local governments. Dongnaebu also collected the trade tax revenue from the open market at Waegwan to supply the local fiscal capacity. The trade tax was generally charged at 10%, and it depended on each product with a tax document. The total tax revenue was largely occupied by the taxes on ginseng and silver trade, and in particular, there had been strife between Hojo and Dongnaebu for acquisition of rights to the tax revenue on ginseng trade. The trade tax revenue was mainly utilized to cover the cost of foreign trade and diplomacy. The trade with Japan was vigorous at the end of 17th century and resulted in substantial revenue into Dongnaebu. However, at the beginning of the 18th century, the number of trades dropped rapidly. The decrease was also a severe damage to Dongnaebu’s local fiscal status as it was making less trade tax revenues. Dongnaebu aimed to expand the local financial capacity through a profitmaking activities, called Yopan, with Hanab, the tax paid to the local government of Dongnaebu. Dongnaebu was able to secure finance on a massive scale due to its crucial role for the Joseon-Japanese trade during the end of Joseon Dynasty, and its management was under the influence of the foreign trade and relations. For these reasons, Dongnaebu shows specific aspects on the fiscal operation compared to that of other local governments.

한국기업금융시장에서 기업간신용의 이론적 분석

정병욱(Byung Uk Chong) 한국경영학회 2009 經營學硏究 Vol.38 No.1

Trade credit is a non-bank financing offered by a supplier to finance the purchase of its product. Trade credit is one of the important sources of debt financing which can substitute bank loan. Trade credit is prevailing among riskier borrowers, competing with bank loan in corporate loan market. The prevalence of trade credit implies that there exist mutual economic benefits for both suppliers and buyers from transacting trade credits even though the default rate of trade credits is much higher than that of bank loans. This paper models the economic incentive for product suppliers to offer trade credits to riskier borrowing firms which might not be able to obtain financing from conventional and specialized financial institutions such as banks. When the product market is imperfect, a product supplier can obtain additional price-cost margin by increasing the sale of products. That is, there is a gain to offering trade credits to facilitate the purchase of inputs to riskier borrowing firms who cannot obtain bank financing. Therefore, trade credits service riskier borrowing firms than bank loans in the corporate loan market. Trade credit model is mainly based on the imperfect structure of product market in that suppliers would otherwise have no incentive to sell its product on trade credit. Borrowing firms would be indifferent between different financing sources if there exist perfect substitutes in the corporate loan market. In such an economy, the suppliers achieve no benefits by offering trade credits while firms can borrow at competitive interest rates from conventional financial institutions (banks) in the corporate loan market. Thus, the economic investigation of trade credits needs to be based on the imperfectness either in the financial market or in the product market or both. Incorporating the analytical and empirical outcomes of the previous studies, this paper provides a unique theoretical model where trade credits service riskier borrowers than bank loans in the corporate loan market. This paper models the equilibrium in the monopolistically competitive market where firms need to buy inputs to conduct business projects. Then, the model in this paper links the monopolistically competitive input market and the perfectly competitive loan market to characterize the prominence and features of trade credit when a firm’s purchase of input requires financing. Further, this paper applies the model to corporate loan market in Korea to investigate the effect of trade credit and internal transfer price on tunneling in Korean business groups(chaebols). This paper shows that the internal transaction between the firms within a chaebol can transfer the value of a firm to another firm through the high interest rate on trade credit combined with high transfer price of the product. In this tunneling, the firm on which owner-managers and/or controlling shareholders have dominant cash flow rights exploits the value of minority shareholders of the firm which purchases the product at high internal transfer price on trade credit with high interest rate. As a consequence, the controlling shareholders of chaebols in Korea can obtain private benefits through internal transactions on trade credits. This theoretical prediction is appropriate to explain possible agency conflict between controlling shareholders and minority shareholders of chaebol firms in Korea. The model in this paper provides a simple tool that can be used to investigate a unique corporate governance arrangements and resulting tunneling in Korean chaebols. As another extension for corporate finance practice in Korea, this paper models that the introduction of credit insurance increases the availability of trade credits for small businesses while improving profitability of product suppliers. It is widely known that financial markets in Korea are not developed enough to allocate funds efficiently to small businesses, which can easily be caught into financial distress and resulting

근대 영국 자유무역의 특성

조용욱 국민대학교 한국학연구소 2016 한국학논총 Vol.45 No.-

Free trade has been regarded not only as an essential element in the economic system of modern Britain, but as a pivotal concept that defined the Victorian era, the heyday of British empire. In particular, the repeal of the Corn Laws and the Navigation Acts in the later 1840s has usually been considered as a historic watershed ushering in a new era of free trade. Free trade, replacing protectionism and mercantilism, has been thought of as an indispensable and essential force in shaping Britain’s supremacy in modern international economy. On closer examination, however, the certainties and hegemony that free trade has been depicted to have possessed in the conventional interpretation of modern Britain need to be modified. First, the definition of free trade was very often variable and ambiguous. Did free trade simply mean an absence, or a low level, of tariffs? And were the customs duties imposed primarily to protect domestic industries, or intended to control government’s financial resources? For instance, in terms of tariffs measured as a percentage of the value of the imports, the acme of Britain’s free trade was not so much the mid-Victorian era as the late nineteenth and early twentieth centuries. In addition, the number of goods subject to protective customs remained relatively high throughout the middle decades of the nineteenth century. Secondly, free trade, both in theory and practice, coexisted with protectionism and mercantilism at least from the late seventeenth century, and the boundaries between the two were seldom clearly drawn. Free trade and protectionism resided side by side quite comfortably not only among the various sectors of economy, but within a section of an industry, or even within a single theorist. Free trade thus evolved gradually, and sometimes painfully, from its historical coexistence with mercantilist and protectionist theories and practices. Thirdly, contrary to the conventional view analyzing the rise of free trade in terms of the conflict between the manufacturing and agricultural interests, historical evidence shows that the commercial and financial sectors played a much more decisive role in the rise of free trade. Finally, it needs to be emphasized that the potency and hegemony of free trade, even in its heyday, were not so certain as have been assumed, because of its conceptual ambiguities, the complicated nature of its historical origins, and the conflicting and intermingling interests of the various sectors of economy. 자유무역은 근대 세계를 주도한 영국 경제체계에서 핵심 요소들 중 하나였고, 특히 영제국의 절정기였던 빅토리아 시대를 규정짓는 중심 개념이었다. 1840년대 후반의 곡물법과 항해법 폐지는 흔히 자유무역 시대의 도래를 알리는 당연하고도 확실한 선언으로 간주돼왔다. 중상주의와 보호무역을 제치고 등장한 자유무역은 20세기 초 영국의 경제위상이 결정적으로 흔들릴 때까지 강력하고도 확고한 힘과 영향력을 행사한 것으로 이해돼왔다. 그러나 더 자세히 살펴보면, 자유무역의 이러한 확실성과 강력함은 수정될 필요가 있다. 첫째, 자유무역이 무엇인가에 대한 정의가 유동적이고 불분명했다. 자유무역이 단지 관세장벽의 유무나 고저를 기준으로 규정된 개념인지, 아니면 부과된 관세가 국내산업의 보호를 위한 것인지, 혹은 국가재정수입을 겨냥한 것인지가 불투명했기 때문에 개념의 정의가 어렵게 됐다. 여하튼, 단순한 관세율의 수준이나 보호관세품목의 수를 놓고 보더라도, 흔히 주장되는 19세기 중엽보다는 19세기 말이 영국 자유무역의 전성기로 간주될 수 있음을 알 수 있다. 둘째로, 자유무역은 이론과 실제에서 적어도 17세기 말부터 중상주의나 보호무역주의와 공존하면서 진화해왔고, 자유무역과 보호무역의 경계는 늘 가변적이고 유동적이었다. 경제의 여러 부문들 간에는 물론이고, 한 업종 내에서도 이 두 입장과 주장이 혼재하며 뒤엉켜 있는 경우가 많았다. 따라서, 19세기 중엽에 와서 영국경제의 중심에 서게 된 자유무역은 중상주의나 보호무역과의 확연한 결별보다는 이들과의 역사적 공존 속에서 진화하고 발전된 것이었다. 셋째, 자유무역의 도래를 농업과 제조업 간의 대결구도 속에서 파악하려 한 해석의 전통과는 달리, 역사적 증거는 상업과 금융의 역할이 매우 중요했음을 보여주고 있다. 마지막으로, 이렇게 대두한 자유무역은 그것의 전성기라고 간주되는 시기에서조차도 개념의 모호함과 역사적 기원의 복잡함, 그리고 여러 경제 부문들의 이익 상충과 뒤엉킴 때문에 확고한 헤게모니를 확보할 수 없었다.

금융시장에 대한 국제적 규제 강화에 따른 무역금융제도의 개선방안

홍길종(Gil-Jong Hong),라공우(Kong-Woo La) 한국통상정보학회 2013 통상정보연구 Vol.15 No.3

지난 시기 우리나라는 수출진흥을 위한 정책적 수단으로 무역금융제도를 적극적으로 활용해 왔으며, 또한 그 효과에 있어서 의심의 여지가 없다. 그러나 2008년 리먼브라더스 파산으로 인한 세계금융위기를 겪으면서 국제사회는 유동성 리스크를 효과적으로 관리하기 위하여 바젤 Ⅲ를 새롭게 등장시켰다. 우리나라는 시중은행을 중심으로 무역금융을 지원하고 있으나, 국내 시중은행의 취약한 해외신용평가, 위험인수 역량으로 인해 다양한 무역금융기법의 활용이 부족한 실정이다. 이러한 상황에서 바젤Ⅲ 등 관련 국제규범 도입에 따른 무역금융 위축 가능성에도 대비해야 한다. 따라서 본 연구에서는 우리나라 무역금융제도의 현황을 분석하고, 금융시장의 국제적 규제 강화 추이에 적극적인 대응방안을 모색하고자 한다. 이를 위해 기존의 시중은행을 통한 저금리 융자를 통한 지원정책을 벗어나 공공부문을 통한 무역금융지원이 확대되어야 한다. 특히 수출입은행, 한국무역보험공사 등을 적극 활용하여 해외 진출기업에 대한 지원, 고 신용위험 국가와의 교역에 대한 지원, 중소기업의 지원확대, 바젤 Ⅲ 등 국제적 논의 참여 방안에 대하여 제시하였다. In the past, an policy measures for the promotion of the export has actively used trade finance, but also in its effect there is no doubt. However, in 2008 the bankruptcy of Lehman Brothers triggered the global financial crisis. As a result, the need to effectively manage liquidity risk posed, and was a debut for Basel Ⅲ. Focusing on trade finance banks are being made. Domestic commercial banks have not been able not utilize various trade finance techniques. In these situations, the introduction of Basel Ⅲ can discourage trade finance. Therefore, responses should be prepared for it. Therefore, this study analyzes the status of trade finance system. And international regulation of the financial market are investigated for changes. Based on this, the development direction of Korea s trade finance is proposed.

WTO협정상 디지털 무역의 블록체인 무역금융에 관한 법적분석 및 개선방향

장진숙(Jin-Sook Chang) 성균관대학교 법학연구원 2023 성균관법학 Vol.35 No.1

전후 2차 세계 대전 이후 전쟁의 반성고찰에서 세계 질서의 재건을 위해서 시작된 자유민주주의 국가들이 주도한 국제경제통합정책은 비록 실질적 기구로써 성공하지는 못했지만 GATT 협정이란 결실은 맺은 International Trade Organization(ITO)의 출발로 World Trade Organization(WTO)기구의 성공적 설립을 통해서 다자주의를 지향하는 정책적 목표아래 회원국 국가들 모두가 동등한 법적지위가 보장된 국제경제교류를 담보하였다. 이는 인류역사 안에서 국가 간 진정한 국제무역의 교류를 위한 법적기초를 놓은 것으로 인류문명을 한 단계 더 성숙한 진보적 단계로 이끈 업적이었다. 이러한 국제무역은 인간 문명의 과학기술과 긴밀한 관계 안에서 인류역사와 함께 발전되어 왔고 현재 인간문명의 과학기술은 WTO 국제경제통합의 흐름을 디지털 무역의 확대로 이끌어가고 있다. 이에 WTO는 법·정책적 대응을 준비하고 있다. 따라서 본 글은 WTO가 디지털 무역에 관해서 진행하고 있는 대응에 관한 법적분석 및 개괄적 검토에 관한 것으로 특별히 WTO협정상 디지털 무역의 분산원장기술의 한 종류인 블록체인 기술에 기반 한 무역금융에 초점을 두고 블록체인 기술로 말미암아 예상되는 전통적 국제무역에 미치는 변화와 이를 긍정적인 결실로 이끌어 가기 위한 법 체제 마련을 위한 분석이 목표이다. WTO협정상 블록체인 기술기반의 무역금융을 통해서 WTO가 인류가 한 단계 더 인류의 전체복지 향상의 목표에 가까이 다가가서 또 한 번의 더 성숙한 문명으로 진보하는 시대로 나아가는데 일조하기 위해서 제시 및 강조하고 있는 정책적 목표의 검토와 이를 위해서 마련해야 하는 법체계에 관한 분석 및 개괄적 논의에 관한 글이다. Learning lessons from the disasters of World War II and with the aim of reconstructing world order, international economic integration led by liberal democratic countries started from an unsuccessfully finished International Trade Organization that left the GATT agreement with us at least and came all the way down to the establishment of WTO in the pursuit of multilateralism. Above all, it should be noted that this international trade system ensures the international economic exchanges that guarantee a legal equality to all the nations. This was a remarkable outcome that paves the way of allowing a genuine trade relations among nations, which all in all advances human civilization one step further to maturity. This international trade always has developed in an intimate relationship with scientific technology development in our human history. Now, current scientific technology of human civilization is leading us into digital trade. WTO is certainly dealing with this new change, trade digitalization legally and on a policy basis. Thus, in this study, legal analysis is implemented on WTO's efforts and policies to cope with digital trade. Most specially, one of the distributed ledger technology, blockchain is the focus of this legal analysis on the ongoing digital trade in the field of WTO. This study is aimed at driving all the impacts of digital trade based on blockchain service into benefiting all the people. At the same time, this study is the work to find out legal mechanism and legal system that enables WTO to help human civilization into more matured status once again.