IMF구조조정.PDF

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1 1) IMF * * * I (International Monetary Fund: IMF) ) IMF IMF. 2), IMF, IMF 12 3.,, IMF, IMF, * (, ). **,. 1) IMF (stand-by credit) (Supplementary Reserve Facility; IMF ) , 40, G ) (, ) (, ) 'IMF '.,,,

2 IMF. IMF. II. IMF 1. IMF ) IMF. IMF IMF. 4) IMF IMF IMF (conditionality) 5)., IMF. IMF (Guidelines on Conditionality for the Use of the 3) IMF.. 4), (, 1998), 612 ; E. Denters, Law and Policy of IMF Conditionality (Kluwer Law International, 1996), p.5. 5) IMF IMF 4 7% (remuneration). IMF , IMF <

3 [2000] IMF 37 Fund's Resources and for Stand-By Arrangements). 6) IMF 7) ( 3 ). (letter of intent: LOI) IMF 8), IMF. IMF 9), 12 4 IMF IMF. IMF (agreement) IMF. 2. IMF IMF IMF , ,,. 10) 6),, ) IMF (agreement) (arrangements). IMF (swap agreement) (swap arrangements). 8). 9) IMF 1979 (macroeconomic variables) IMF. IMF (consultation)., IMF,. IMF., ). <

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5 [2000] IMF 39. IMF. IBRD 14) IMF,. 15),,. 16). 17) 14) IBRD( ) 5 10 IBRD. 15) IMF,, 3 IMF.. 3 " IMF ". 16) IMF IMF, IMF 50. IMF.,, < 17), 619 ; (CCA-IA) 3 T. IMF IBRD, IMF, ( International Herald Tribune). < (Die Globalisierungsfalle,,, ) IMF,, IMF.

6 III. IMF 1. IMF. IMF ( 15 ) IMF,,, ( ). < 1>. 18) 2.. (1) IMF (corporate governance) ( 8, 34 ). 18),, 16 ( ),,

7 [2000] IMF 41 < 1> IMF o (98.4.1) o (98.4.1) o ( ; ) o (98.4.1) o ( ) o ( ) , - - -, o - ( ) (CRV) o (99.4.1; ) o (98.4.1) o (98.1.1), (98.4.1) -, - BIS : 1. ( ). 2.,,.

8 (Organization for Economic Cooperation and Development: OEC D) 19) (outside director system),,. 20), ( ) ) IMF (directed lending) ( 34 ). (2) 22 3, 50%. 70%, 30%. 22), 19) OECD ,. < -, -, - -,, -, 20) (393 2),. (opt-in) 3, 3 2, (415 2). 21) (officer) (director) (auditor) (auditing committee). (SEC Rule) (NYSE) (1956) (1978). (i), (ii),,, (iii).,,,, , ) 70 30,,,

9 [2000] IMF 43,, ( ),,,,. (3) (auditing committee) ( 23 2) (compliance officer) ( )..,, (internal control standards) ( , 17 2), ( 16, 27, 28 ). ( 415 2), 2/3 ( ).,. 23). (i), (ii). 24) ( 24 ),.. ( 26, 18 ). 23), 2/3, ( 54 5, ). ( ). 24), ( 6 ),, 2000, 494.

10 (1) (financial holding company).. ( ) (mezzanine holding company) ( 7 ), ( 19 ). (interstate banking), 25) (bank holding company),., 1998 (P&A) 26) 25) (McFadden Act of 1916) - (Glass-Steagall Act of 1933) (Bank Holding Company Act of 1956). 2 (multi-bhc) (one-bhc) (FRB Regulation Y) (Interstate Banking and Branching Efficiency Act of 1994), (Gramm-Leach-Bliley Act; Financial Services Modernization Act). 26) P&A(purchase and assumption).,.. P&A , 14 2, 14 2.,,, 33 4 ( ),,

11 [2000] IMF 45.,.,. (2). (European Union: EU), (financial holding company). 27) (Universal banking), (mergers and acquisition: M&A) 28)., P&A, P&A. 27) ( 18 ).. ' ' (statutory) (complimentary),., (anti-trust review). (national treatment). < banking/conf> 28)..

12 ) (3) 8 100%, 30%, 50% ( 8 2)., ( ), 4% ( 15 1 ). ( 3 ). 4%, ( 8, 9 ), 4% ( 14 )., ( 15 )., ( ) ( 5 1, 2 )., ( 50, 55 ). 3.. IMF 29),,,,,.,.

13 [2000] IMF 47 (prudential regulation).. (Bank for International Settlements: BIS),, IMF ( 28 ). BIS,,, (forward looking criteria: FLC) ( ) (global standards)., BIS (core capital: Tier I) (supplementary capital: Tier II) 30) ( 2 1 5, 1 2). 30) ( ). 1. ( ),, ( ),,, 2., ( ) 45/100, ( ), 10 10,,, 5 5, 1 3.,.

14 , ( ) ( 2 7 ). ( 2 2 ). ( ) 15%( ), 30%( ) 20% ( 35 3 ). ( ) 25%( 45%) ( 35 1 ), 10%( 15%) 5 ( 35 4 ).., ( 20 ).. (FLC) (1) FLC 1995 BIS 31)... IMF 31) BIS ( Cooke Committee) (Report on the Basle Supervisors Committee on International Convergence of Capital Measurements and Capital Standards). BIS 1992 BIS (consolidated basis) 8%,.

15 [2000] IMF 49,.. ( ) , FLC. FLC (future credit risk),.,. 32),...,,. 3, < 2>,,,, 5.,, ( ),,,, ( 30 2)., (RP), ( ). 33) 32), FLC,,, , ), (FLC),,

16 < 2> -, ( ) -, ( ) -, - 3 -, ( ), - -, ( ) -, ,, ( ) : < 3>., , 55.

17 [2000] IMF 51,,.. (2) FLC FLC 2.,,. FLC 34) (industry risk) (management risk) (operating risk) (financial risk) (cash flow risk)... 35) (risk management).. FLC. IMF (financial intermediation). 34). YCR= F(X0, XF, XM, XI, Xo) YCR: Corporate Risk( ), XO: Operating Risk( ), XF: Financial Risk( ), XM: Management Risk( ), XI: Industry Risk( ), Xo: Other Risk( ).,, ), 30.

18 (1) IMF 36). BIS 8%, 37). 38) ( ).., (asset-backed securitization: ABS) (structured financing) %. 39) 2000 CBO(collateralized bond obligation) 40) 11, ) LHS Funding (left hand side balance sheet funding) (asset-based financing),,,. Lupica, Lois R. Asset Securitization: The Unsecured Creditor's Perspective, 76 Texas Law Review 596, ) ( ) ( ) IMF 200%. 38) (KAMCO). 39),, 2000,, , 9. 40) Primary CBO B BBB. ( CP) SPV SPV CBO

19 [2000] IMF 53,, CLO(collateralized loan obligation) 41) 40. (2) ABS, ( ). (originator) (cash flow),. 42) ABS. (SPV) (credit event). (credit enhancement) (liquidity) (credit rating). 43) (3) ABS ABS (structuring). CBO, CLO, CP,. 41) ABS < ( ). 42) Bankruptcy remote ( ), (special purpose vehicle: SPV). 43), ABS-,, 1999,

20 ABS. IMF A. ABS (SPV) SPV (true sale) 44),. ABS. ABS. (homogeneous). ABS. ABS, (prepayment). (future cash flow). SPV (true sale/transfer) 45). (4).,.,,,, 44) (derecognition) off-balance [sheet]. 45) 13., (i) (ii) (iii) (recourse), (iv).

21 [2000] IMF 55 ( 4 ).., SPV SPV SPV.. 46),,., CP( ),,. (5) SPV., 1, 1.. [ ] (servicer).,... (1) IMF, 46),, Samil Financial Review, 2000 (Vo.4),, , 4 17 < >

22 ,..,. AMC, CRC, CRF, CRV, SPV, VF (ABC ),.., CRV. (2) AMC(asset management company) ( ) (, ).. AMC (mutual fund) ( 33 ), ( 34 ). CRC(corporate restructuring corporation). AMC ( ). 47), ( 55, )., ) CRC J&P,, ,,, CRC ( ) , , 1 2, CRC KTB 230. Joins.com

23 [2000] IMF CRF(corporate restructuring fund). (mutual fund).,,. CRF (closed-end type) 50% 5 ( 78, 36 ). VF(vulture fund) CRF,,. CRC ( 15, ). (work-out) CRV(corporate restructuring vehicle) 48). CRV. CRV. CRV CRC, CRV, CRC. CRV 6 ( 2 ) CRV SPV(special purpose vehicle). (non-recourse financing), 48) Vehicle,, AMC. CRV 5 ( 7 ), CRV AMC 20 ( 20 ).

24 SPV 1 ( 17 1 ) (servicer). (3) (CRV) ,275 CRV (SPV). CRV, ( 7 1 ). CRV ), 50%, ( 12 1 ). CRV (100% ) (50% ) ( ). CRV (mutual fund) AMC, AMC ( 30 1, 36 1 ). ( 39 ),, ( 4 1 ). CRV 5 (1 ) ( 8 ), 2 ( 20 1 )., CRV ( 22 ).. BIS 49) CRV.,, CRV. CRV.

25 [2000] IMF 59. (loan portfolio) (lead) (participant), (IT) (bank loan secondary market). (term loan), (revolving credit facility), FRN( ), (distressed loan) (underlying asset),,, (bid/offer). LMA(Loan Market Association),. 50) LMA. (withholding tax), ( 361 ). IMF. IV. IMF IMF,. 50) LMA 1999., 24 (secondary loan trading).. <

26 IMF IMF.,.. (ABS). 51) BIS, (FLC)., BIS 8% IMF.. 52) 51). ABS,,. Richard Henderson, "Securitization in the shipbuilding industry", International Financial Law Review, April 2000, pp ) CLO( ). < BIS CLO CLO 50% ( : credit enhancement). CLO BIS. CLO, BIS, IMF

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untitled 정책과제 2008-18 관광사업의 자금조달 실태 및 개선방안 연구 2008.12 한국문화관광연구원 연구책임:김희수 (한국문화관광연구원 책임연구원) 서 문 관광은 이제 하나의 산업으로, 신성장동력으로 인식되고 있습니다. 하지만 아직도 산업 정책을 수립하기 위해서 기초적으로 뒷받침 되 어야 하는 산업통계 산출 측면에서는 취약한 모습을 보이고 있습니 다. 이것은