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학술저널

資本自由化와 우리나라 證券市場의 課題에 관한 硏究

A Study on the Capital Liberalization and Main Problems in Korea Securities Market

The securities market in Korea has made remarkable progress since the Government started its positive policy to foster the market function at the end of 1968. However, there are many problems to be solved in order to carry out an open-door economic policy and capital liberalization. In other words, even though there are some economic advantages, there are some economic dis-advantages. In consequence of them, if they are carried out without the interior preparations, Korea economics will be faced to significant risk. Therefore, they should be considered significantly and be accomplished in due manner. On jan. 14, 1981, the Goverment embarked on a basic long-range plan for a gradual liberalization and internationalization of the securities market. By good luck, the practice planned to performance gradually in parallel with economic growth of Korea. In the other hand, the step-by-step liberalization plan of the securities market is described as follows. The first stage: 1981~1984. (1) International securities investment trust fund for foreign investors will be launched in the form of an open-end fund provided by domestic investment trust. (2) Opening of representative offices of foreign securities firms or investment banks in Korea will be permitted. The second stage: Around 1985. Foreign investors will be permitted to invest directly in securities within certain limitations. The third stage: Late 1980s. Direct portfolio investment without any restriction will be allowed for foreign investors. The yourth stage: Early 1990s. Full liberalization of the securities market will be accomplished. What then are the economic effects of open-door economy and capital liberalization? The benefits of them from the viewpoint of a single country are commonly enumerated as follows: First, they uplift and promote the functions and activities of the financial and securities market to provide a flexible situation in obtaining foreign capital. Second, they help tp improve the economic structure in order to approach toward advanced economy in parallel with the sustained growth of the national economy. Third they contribute to a country’s overall expansionary growth by promoting transactions in capital, technology, and trade, from a long-term point of view. However, it should be remembered that a country with a relatively weak economy may face the following kinds of problems: First, the imported capital can result in subordination of the economy because of a limit to controlling foreign capital. Second, capital liberalization calls in frequent the in-and outflows of hot money for speculation, as a neccessary consequence. So a country with a weak economic structure is likely to lose them. Third, if preparations to accomodate foreign capital in the securities market are not adequate turbulence affecting the market mechanism is likely to increase. To sum up the above contents, capital liberalization can contribute to better efficiency and growth for both a single economy and the world economy as a whole, but it can also act as a negative factor. For that reason, although capital liberalization in korea is inevitable its pace should be slowed downafter all measures, enlarging and modernizing the securities market-are taken.

Ⅰ. 序論

Ⅱ. 資本自由化의 意義 및 背景效果

Ⅲ. 우리 나라의 資本自由化 計劃의 內容과 推進狀況

Ⅳ. 資本自由化의 先例

Ⅴ. 資本自由化의 先行條件과 對應戰略

Ⅵ. 結論

參考文獻

SUMMARY

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