한국은행의 조직 및 기능과 그 법적 문제점에 관한 고찰 = Legal Analysis on the Organization and Functions of the Bank of Korea

다국어 초록 (Multilingual Abstract)

The role of a central bank in a country is great and important. Typically, a central bank conducts monetary and credit policy and through that, pursues price stability in a country. In addition, a central bank performs the function of a lender of last resort, which is very important especially during the period of financial and economic crunch, as seen in Korea during the latter half of 2008. In some countries, the function of a
central bank expands into financial stability or financial market stability, which becomes a hot issue in Korea during the recent financial crisis. In Korea, the Bank of Korea acts as a central bank, and conducts monetary
policy, including the function of a lender of last resort. But, yet, it is generally understood that the Bank of Korea Act does not confer to the Bank of Korea the function of financial stability as one of its
establishment purpose, although that issue has been raised since the recent economic and financial crisis.
This article is to review some legal issues in relation to the various functions of the Bank of Korea under the Bank of Korea Act, and to suggest some recommendations from the legal perspective. First, the current Bank of Korea Act provides that it only applies to banks and bank holding companies, but does not include special banks (such as the Korea Development Bank and the Industrial Bank of Korea) and other financial institutions (such as a credit union's association and a savings bank's association), as its applicable financial institutions, although those banks and financial institutions are subject to the Bank of Korea Act in certain areas according to their respective establishment laws. Thus, it is recommended that for more clarification, those special banks and financial institutions be included in the scope of the applicable financial institutions under the Bank of Korea Act. Second, since the scope of the permitted foreign exchange business under the Bank of Korea Act is not clear, it is controversial whether the Bank of Korea may engage in such foreign exchange business permitted by the Foreign Exchange Transaction Act. So, it is desirable to clarify the scope of the foreign exchange business permitted under the Bank of Korea Act. Third, the scope of the financial institutions subject to open market operations, currently prescribed by the Bank of Korea's regulations, should be clearly inserted in the Bank of Korea Act. Fourth, the system for sharing of financial information among the Bank of Korea and other relevant financial government departments and regulators, including the Ministry of Strategy and Finance and the Financial Services Commission, should be improved. For example, it should be considered to set up an independent financial information sharing council or agency, which will facilitate financial information
sharing more efficiently, and further to include the Financial Supervisory Service and the Korea Deposit Insurance Corporation as one of financial information sharing institutions, respectively.

목차 (Table of Contents)

• Ⅰ. 머리말
• Ⅱ. 한국은행의 조직과 기능
• Ⅲ. 법적 문제점과 개선 방안
• Ⅳ. 맺음말
• Abstract

참고문헌 (Reference)

1 고동원, "중앙은행의 목적 및 기능에 관한 비교법적 고찰" 건국대학교 법학연구소 152-153, 2005

2 한국은행 법규실, "주제별 해설 한국은행법"