동아시아 국제증권결제제도의 대안

채희율,이영섭 대외경제정책연구원 2005 East Asian Economic Review Vol.9 No.2

The establishment of cross-border securities settlement system is a very important element of regional capital market integration. Despite its importance, relatively few arguments, both theoretical and practical, have been advanced on the subject. This paper aims to examine the alternatives of cross-border securities settlement system in East Asia, and analyse the feasibility and the advantages and disadvantages of each alternative. The paper underlines the need to develop a multi-currency DVP securities settlement system. The conceivable alternatives of East Asia's cross-border securities settlement system can be divided into decentralized system and centralized system. It is possible to consider a large array of institutional settings according to the depository/settlement methods. The comparison of the alternatives is based on economic efficiency, feasibility and institutional location of settlement system. In view of these criteria, it is argued that a 'big-bang' approach toward imperfectly cenralized system is the most desirable alternative. 역내 자본시장의 연계와 통합을 통해 지역 자본시장을 육성하기 위해서는 동아시아 국제지급결제시스템의 구축이 중요한 의미를 지닌다. 그럼에도 불구하고 이에 관한 실무적ㆍ학술적 연구는 일천한 실정이다. 본 논문은 이러한 문제의식에서부터 출발하여 동아시아 국제증권결제시스템에 대해 몇 가지 대안을 제시하고 그들의 실현 가능성 및 장단점을 검토한다. 또 본 연구는 이종통화 증권동시결제시스템의 구축방안에 대한 기본 틀을 제시하는 데 의의가 있다. 동아시아 국제증권결제시스템의 대안들은 크게 분산모형과 집중모형으로 구분된다. 집중모형은 예탁ㆍ결제 기능이 제공되는 방식에 따라 다양한 방식을 상정할 수 있다. 본 논문은 경제적 의의, 실현 가능성 및 한국으로의 유치 가능성을 감안할 때 일정한 준비단계를 거쳐 집중모형으로의 빅뱅 접근법을 따르는 것이 필요함을 제안한다.

Lessons of the Eurozone Sovereign Debt Crisis for East Asian Monetary Integration

채희율 한국EU학회 2015 EU학연구 Vol.20 No.1

What are the lessons of the Eurozone sovereign debt crisis for East Asian monetary integration? For some, the Eurozone experience reinforces the skepticism about pursuing monetary integration in East Asia. For others, Europe’s lesson should not be that a monetary union among sovereign countries is impossible. This paper tries to evaluate these contrasting views by reviewing Eurozone’s experience with special reference to the following four areas: labor market flexibility, fiscal integration, financial market integration, and finally banking union. After analyzing the issues related to those four areas successively, the paper concludes that the monetary unification in East Asia is indeed a goal hard to achieve in the near future. But the paper maintains at the same time that East Asia should not discard definitely the goal itself for a number of reasons.

Balance Sheet Problems and Currency Crisis in Korea

채희율,송치영 한국국제금융학회 2011 국제금융연구 Vol.1 No.1

Currency and maturity mismatches are among the most important causes of the currency crisis in Korea in 2008 as they were in the 1997 crisis. This paper shows that this time, however, the seriousness of the balance sheet problems is qualitatively different from the previous crisis. Then it asks why Korea suffered from the currency crisis, and what should be done to minimize the occurrence of similar events in the future. Based on empirical test and institutional investigation, this paper argues that maintaining sound balance sheet figures, effective foreign currency liquidity regulation, and global financial safety nets are important elements to enhance financial stability.

미테랑 대통령 재임 14년간 프랑스 경제정책의 평가

채희율 한국EU학회 2000 EU학연구 Vol.5 No.1

Based on the historical survey of the evolution of the French economic policy, this study identifies its main characteristics and tasks for the future. The period covered is centered on Mitterand's 14 years presidency. Among diverse policies, the focus is given to the industrial policy. During socialist presidency, France was able to overcome the economic crisis and expect to enter into a stable growth path. This study argue that such an outcome have to do with the fact that the economic policies of the government were largely appropriate and timely. In particular the state played an important role in establishing market economy order and corporate governance mechanism. Nonetheless, French state have yet a lot to do in order to establish a democratic and effcient corporate governance mechanism. Finally, French state have to overcome a leadership crisis due to the dismissal of statist pattern of economic policy making caused by both ongoing europeanization of economic policy and loss of policy tools along with privatization and deregulation.

상호금융 기업지배구조의 글로벌 추이와 시사점

채희율 한국EU학회 2022 EU학연구 Vol.27 No.3

상호금융은 태생적으로 경영진의 대리인문제에 취약할 수 있기 때문에 상호금융의 지배구조에 대해서 주식회사 금융기관에 비해 오히려 더 많은 주의가 필요하다. 그럼에도 불구하고 한국 상호금융은 금융회사 지배구조에 관한 법률의 적용 대상에서 제외되어 있는 가운데 지배구조가 취약한 것으로 평가된다. 따라서 향후 상호금융 지배구조 개선을 위해 노력할 필요가 있다. 이 글은 이러한 관점에서 글로벌 금융위기 이후 유럽 등 해외 상호금융의 동향에 대한 분석을 통해 한국 상호금융 기업지배구조에 관한 시사점을 도출하였다. 이 글이 제시하는 시사점은 상호금융 기업지배구조에 대한 감독 방향, 수직적 계열화의 강화 필요성 및 상호금융 자본 확충으로 요약될 수 있다. 감독 개선을 위해서 가칭 “상호금융 지배구조에 관한 법률”을 제정할 필요가 있다. 이를 위해 국제신용협동조합 감독당국네트워크(ICURN)의 기업지배구조 원칙을 기반으로 하고 세계신용협동조합연합(WOCCU)이 강조하는 비례성 원칙을 존중하여야 한다. 내부통제 및 리스크관리의 효율성 제고와 자본 확충을 위해서는 신협과 새마을금고에서 각각 이탈리아 및 네덜란드에서와 같이 조합의 영업 및 재무 수직계열화를 고려할 수 있다. 아울러 인도에서와 같이 상호금융의 외부자금 조달 제약 완화 정책도 고려될 수 있다.

Will the European Experience Help to Establish a Better Regional Financial Safety Net in East Asia?

채희율 한국국제금융학회 2019 국제금융연구 Vol.9 No.1

The East Asian financial safety net, which is now built on the institutional framework of the CMIM and the AMRO, has made considerable progress during the last decade. But it has still serious shortcomings and might not be effective to prevent and resolve financial disturbances in the region. There was no effective regional financial safety net either in Europe right after the GFC and the European fiscal crisis. Europe, on the other hand, has effectively provided provisions to overcome crises by swiftly introducing new systems and improving existing ones. Europe has also shown peculiar example of cooperation between the IMF and regional institutions. Based on these considerations, this paper outlines the history of establishing regional financial safety net in the two regions respectively with critical assessments, and draws four lessons from the European experience for East Asia’s safety net in terms of the predictability, the fund size, the surveillance, and the cooperation between the IMF and regional institutions.

금융개혁과 금융감독

채희율 한국규제학회 1997 규제연구 Vol.6 No.2

<토론문>자본주의의 장래와 한국경제의 선택: 금융부문을 중심으로

채희율 한국국제경제학회 2014 한국국제경제학회 학술대회발표 논문집 Vol.2014 No.-

KIF 금융논단 '95 : 제 2 장 / 은행 ; 은행 자기자본비율규제와 회계방식

채희율 한국금융연구원 1995 기타보고서 Vol.1995 No.-

A Roadmap of Monetary Cooperation in East Asia: Some Lessons from the European Experience

채희율 한국EU학회 2008 EU학연구 Vol.13 No.1

Finance ministers of Korea, China and Japan announced recently that they would take steps to introduce a common currency in East Asia. This news makes one to suspect that the monetary cooperation will become an important policy agenda in East Asia. This paper provides a reflection on the necessity, feasibility, and modality of East Asia's monetary cooperation process. The paper starts with some preliminary but fundamental questions about monetary cooperation in East Asia. It is argued that, despite a number of obstacles, the time is ripe to pursue the monetary integration in East Asia. This paper proceeds to propose a roadmap of monetary cooperation in East Asia, from a loose cooperative stage with many symbolic actions and weak political commitment to the introduction of more formal and constraining institutions requiring stronger political commitment. The European experience provides a lot of lessons to East Asia's monetary integration through its success and failure stories as well.