자유변동환율제도하에서 수출유망중소기업의 환위험관리에 관한 연구

이신학 연세대학교 경제대학원 2009 국내석사

최근 우리나라에서 원/달러 환율 변동폭 제한이 사라진 자유변동환율제도 이후 환율 변동은 기업의 영업이익에 직접적인 영향을 미치고 있다. 대부분의 대기업과 금융기관들은 환위험관리의 중요성을 인식하고 신속하고 적극적인 대처 방안을 강구해 왔다. 그러나 중소기업은 환위험관리의 중요성이 부각되고 있음에도 불구하고 환위험관리에 관한 인식과 전문 인력의 부족 등으로 인해 사실상 환리스크에 방치되어왔다.우리나라 중소기업들은 아직까지 환위험관리 수준이 낮고 제도적으로도 많은 문제가 있는 것이 사실이다. 본 연구는 다른 일반적인 환위험 연구와 달리 수출유망중소기업의 실정에 맞는 최적의 환위험관리 과정과 전략은 어떠해야 하는지에 중점을 두었으며, 또한, 최근 급격한 환율변동에 따른 중소기업의 환위험 관리 실태를 평가하고 여러가지 환위험관리 기법 중 중소기업에 맞는 효율적인 관리전략이 무엇인지 파악하고자 하였다.수출기업의 경우 환율의 움직임에 따라 환차손 또는 환차익이라는 필연적인 결과가 나타나게 되고 이는 기업의 수익에 직결되게 된다. 따라서 기업들, 특히 중소기업들은 환율정책에 있어 미래의 수익실현을 위한 과정이 아닌 환율변동에 의해 초래될 수 있는 미실현 환차손의 최소화에 그 목표를 두는 것이 바람직 할 것으로 판단된다.또한 내부적 환위험 관리방안은 비용측면에서 영세한 수출중소기업들이 쉽게 사용할 수 있다는 장점을 가지고 있으며, 외부적 환위험 관리방안들은 중견중소기업들이 사용하기에 알맞은 방법으로 사료된다. 단기적이고 일회성에 그치는 외부적 환위험 관리방안보다는 내부적 환위험관리가 장기적으로 기업의 체질 개선과 환위험관리에 대한 기본체계를 확립할 수 있다는 점에서 영세수출중소기업의 환관리 방안으로 적합하다고 판단된다.그리고 무엇보다 CEO가 먼저 환율변동에 대한 위험의 심각성을 깨닫고 각 중소기업 차원에서 적합한 환율대응 방안을 찾아 상시적으로 운영하는 것이 바람직 할 것이다. 또한 금융관련기관들과의 상시적인 교류를 통해 환율관련 정보를 습득하고 정보의 비대칭으로 인한 위험 부분을 스스로 축소시켜 나가는 것이 환변동에 기인한 위험을 최소화 하는 기본이라 할 수 있다.현재의 자유변동환율제도에서는 시장의 수요와 공급에 의해 환율이 결정되기 때문에 정부의 인위적인 개입이나 환율조작이 허용되지 않는다. 하지만 정부는 환율의 움직임이 예측가능한 수준 내에서 유지될 수 있도록 외환시장의 건전성과 투명성 제고에 최선을 다해야 할 것이다.마지막으로 설문을 통해 나타난 것처럼 대부분의 수출중소기업들이 환위험 관리 방법으로 이용하고 있는 환변동보험 및 기타 금융상품에 대한 보완이 시급할 것으로 판단된다. 환변동보험과 함께 거래적 환위험의 대응방안으로 고려되는 선물환, 옵션 등과 같은 금융상품은 영세중소기업들이 활용하기에는 비용적인 측면이나 관련 제도의 이해 등이 용이하지 않아 수출중소기업들의 접근가능성이 낮다는 문제점을 가지고 있다. 또한 해당 전문금융기관들이 헤지규모가 작은 영세수출중소기업들을 받아주지 않는다는 점 또한 환변동을 헤지해야 하는 수출중소기업 차원에서는 동시에 해결되어져야 할 부분으로 고려된다.

換率制度와 通貨政策의 獨立性에 關한 實證分析 : 變動換率制度의 經驗을 中心으로

안창모 서울大學校 大學院 1983 국내석사

韓國外換政策의 變遷過程에 關한 硏究

배효열 慶北大學校 敎育大學院 1977 국내석사

This thesis is focused on analyzing the changing process of Korea Foreign Exchange Policy and policy direction in future For the puporse of this study, I divided changing process of Korea Foreign Exchange Policy into Four Stages from the view point of Exchange rate and Exchange control System. 1) The first stage as burgeoning period of Exchange system; Exchange policy had not been implemented efficiently, because of institutional incapability. But, an official Exchange Rate system was adopted as a major policy tool. 2) The second stage signified as confusive period; To solve many problems on Foreign Exchange policy, mixed measures were adopted. But, multifle-fixed Exchange Rate system, one of these measures had not been carried out stably. 3) The third stage, transitional period; though government authorities took various Exchange policy tools, because of declination in Foreign Exchange reserve asset, Effect of import and Export policy result in that Import Rights Premium Market was all much the same as multifle Exchange Rate. 4) The forth stage considered as the period of free Foreign Exchange policy. Unitary Floating System and Exchange rate realization were adopted, and contributed to sucessful 40% increase in Exports and economic growth. Korean Foreign Exchange policy which had been illustrated through Four stages should be directed as follows. 1) Government should strengthen economic structure and should improve our Foreign Exchange policy to achieve balance of international payments and to meet obligation of Arbicle 8 of I. M. F. Agreements. 2)Government should reduce Exchange risks from dependence on key currency losing its position gradually in Foreign Exchange market, should take an emphasis on strong accent currency and SDR in our Foreign Exchange reserve asset 3) Government should equalize Effective Export Exchange rate with Effective Import Exchange rate accounted purchasing power parity indes, and should maintain optimal Exchange rate which does not decline export. 4)Government should permit free Foreign Exchange transaction, and international investment to reduce of Exchange risks, and promote international exchange of culture, knowlege and information. 5)Government should give priority in establishing international monetary market based on free Foreign Exchange transaction to make prelimenery condition of economic integration in Asaa.

外部與件의 變化와 經濟政策이 國內經濟에 미치는 效果分析 : 變動換率制度下에서의 交易財·非交易財 模型

김종섭 서울大學校 大學院 1985 국내석사

韓國 換率制度 變遷에 關한 硏究

조우길 全南大學校 大學院 1981 국내석사

The foreign exchange rate has been defined either as the price of one unit of foreign currency expressed in terms of the units of home currency or as price of one unit of the home currency expressed in terms of the units of foreign currency. Like the determination of price of a commodity in a free commodity market, the foreign exchange rate is also determined in the free foreign exchange market by the demand for and supply of foreign money. Exchange rate is an important factor that determines the national economic welfare. The foreign exchange rate not only affects the volume and pattern of trade but brings about the adjustment problems of balance of payments. The latter is deeply linked to the level of production, employment and prices as well as the rate of economic growth. The exchange rate policy may be regarded as one economic policy that attains the external balance, internal balance and the continuous high rate of economic growth through the adequate operation of the exchange rate system. The foreign exchange regime can be classified into fixed and flexible systems and the relative merits and drawbacs of the two systems have long been a topic for discussion in international economics. It is now opportune to compare the two kinds of systems to try to evaluate gains and losses connected with either one of them. The great virtue of flexible exchange rate is that such a system will free the government from considerations about the balance of payments. The proponents of flexible rates usually argue that such a system would make it easier for a country to reach its domestic economic aims and would remove the constraints that could results from concern about external balance. The case for fixed exchange rates rests on the argument that they would stablize trade and improve resource allocation. The advantages of fixed exchange rates are much the same as those derived from having a common national currency and a reasoned case for fixed exchange rates builds substantially on the theory of optimum currency areas. Now, we can summarizes the history of the foreign exchange rate regime. It may be stated as follows. (1) Due to the merits and demerits of the two foreign exchange systems and the problems of the balance of payments, Korea has ever experienced various types of foreign exchange rate regimes such as fixed exchange rate system since 1945, flexible exchange rate system Since 1964, and recently multi-currency basket pegged system. (2) Our currency was overvalued under the fixed exchange rate system from 1945 till 1964, and devalued more than ten times during that period. (3) Exchange rate system was changed from fixed to flexible rate. But exchange rate didn't fluctuate freely due to the BOK's intervention in the market. (4) To adjust the balance of payments deficits, our government decided to operate the multi-currency basket pegged system on Feb. 1980, with our currency devalued on Jan. 12. 1980. It is conceivable that the exchange rate has been regarded not so much the automatic price mechanism as an exogenous post-parametric policy device. We can suggest that four policies should be needed to impose functions as symptomatic variables to exchange rate system. Four policies needed are : (1) Elastic operation of exchange rate. (2) Reinforcement of the forward market. (3) Curb of inflation. (4) Reinforcement of foreign exchange market.

變動換率.變動金利制度下의 國內企業의 外貨資産 外貨負債 管理方案에 關한 硏 究 : 換 및 金利危險管理方案

이해정 延世大學校 1985 국내석사

變動換率制度에 관한 硏究

곽철욱 계명대학교 무역대학원 1983 국내석사

變動換率制度下 換率의 過剩反應에 관한 一考察

박민수 仁荷大學校 1990 국내석사

變動換率制度의 經驗과 그 代案에 관한 考察

강성중 西江大學校 1991 국내석사

우리나라 환율의 변천과 현행 변동 환율제도에관한 고찰 : 국제통화제도와 관련하여

허성범 단국대학교 대학원 무역학과 국제경제전공 1984 국내석사

This paper investigates the economic efforts towards the in-temational currency and exchange rate system from Bretton Woods agreement of 1944 up to present. Particular attention is given to changes from the single exchange rate system in May 1964 to multi-currency basket system on Feb. 27, 1980, and presented the ways for its improvement. The Govemment carried out a series of realistic measures to raise exchange rate and to recorgnize the system early 1980's. The purposes were to adapt ourselves to the changing international environments, whereat multi-currency basket exchange system con-nected with S.D.R. basket is introduced. It is indicated that S.D.R. basket connected with single basket is efficient only for the extemal competition and import-restriction. The basket should reflect the accurate value of Won and maintain its value stable, for which it is deemed desirable that the basket be constituted with four currencies such as the U.S.A. Dollar, Japanes Yen, Gennan Mark and pound sterling. And in the application of the policy on exchange rate activa-tion of foreign exchange market is deemed needed, I have examined several measures for the activation. In any case, exchange rate must reflect demand and supply. And so, entry to and exit from exchange market ought to be free. For that purpose is to revive foreign exchange certificate system, and to develop private money market like in Hong Kong and Singapore.