韓國資本市場 國際化에 대한 小考 : -Korea Fund를 中心으로- -Focusing on the Korea Fund Inc- = A Study on the Internationalization of Korean Securities Market

다국어 초록 (Multilingual Abstract)

Ⅰ. Introduction
By dint of the government's positive policy, Korean securities market has made remarkable progress since the end of 1968.
However, there are many issues to be resolved in order ot sustain stable growth of the national economy.
In short, it is imperative that equity financing be drastically increased in order to redress the problem of debt financing.
On the other hand, as the need for an opendoor economic system is increasing, capital liberalization must be considered more seriously and should be accomplished in due manner.

Ⅱ. Internationalization policy
1. General background.
The key points the government eyed for in designing the internationalization plan were.
(1) to avoid the foreign loans and bank loans on which the nation heaviliy relied up to present to lighten the foreign debt burden by diversifying capital sources.
(2) to adapt effectively to the world-wide trend of the open economic system
(3) to pursue the advancement and balanced developement of securities market
2. Four steps to internationalization
The government set forth guidlines on capital liberalization in Jan. 1981, taking into account internal and external economic factors
(1) 1st step(1981-1984): establishment of receptive capacity
1) increase of capital stock, training of personnel concerned, renovation of related system
2) issuance of beneficial certificates for foreigners by the domestic investment trust companies
3) establishment of the Korea Fund
4) establishment of firm relationship between securities institutions in Korea and abroad.
(2) 2nd step(by around 1985): limited liberalization
Allow limited direct investment in Korean securities by foreign investors.
(3) 3rd step(by late 1980s): toward full-dress liberalization
1) allow no-limit investment in Korean securities by foreign investors.
2) permit korean securities to be listed on the overseas stock exchanges
3) permit limited securities business by securities firms in and abroad on the basis of reciprocity
(4) 4th step(by early 1990s): no-limit liberalization
1) allow domestic investors to invest in foreign securities
2) permit foreign securities to be listed on the Korean stock exchange.
3) permit no-limit liberalization of sevurities business by securities firms home and abroad.

Ⅲ. Korea Fund
1. Korea Fund is a corporate type investment trust, which is established (and issued) in foreign markets, and invests its assets in the korean securities (mainly in stocks)
2. Korea Fund is regulated by the law legislated by KSEC
The degree of the regulation is somewhat strict as compared with that of Japan Fund and Mexico Fund.
3. The performance of Korea Fund during past year was not good.
But the stock price of Korea Fund maintains high level reflecting foreign investors buying enthusiasm.

Ⅳ. Conclusion
Internationalization of securities market should be followed by the internationalization of trade and foreign exchange.
But the present stage of Korean economy is not sufficient for those preceding conditions for internationalization of securities market.
Considering the above, there will be little problem for 1st and 2nd step.
But prudent attitude will be necessary from 3rd step in which no-limit investment in Korean securities by foreign investors will be allowed, for it is doubtful for Korean economy to achive continuous surplus in trade balance within two or three years.

목차 (Table of Contents)

• Ⅰ. 序 說
• Ⅱ. 資本市場國際化
• 1. 資本市場國際化의 槪要
• 2. 各國의 資本市場國際化
• 3. 韓國의 資本市場國際化
• Ⅲ. Korea Fund의 設立
• 1. Korea Fund의 槪要
• 2. 外國의 Fund와 比較
• Ⅳ. Korea Fund에 대한 規制
• 1. 序
• 2. Korea Fund에 대한 規制
• 3. 外國 Fund와 比較
• Ⅴ. Korea Fund의 成果 및 改善方向
• 1. 成果
• 2. 改善方向
• Ⅵ. 맺는말