1) IMF * * * I. 1997 (International Monetary Fund: IMF) 210. 1) IMF IMF. 2), 2000 7 IMF, IMF 12 3.,, IMF, IMF, * (, ). **,. 1) 1997 12 IMF (stand-by credit) (Supplementary Reserve Facility; 1997.11.19 IMF ) 210. 100, 40, G-7 200 550. 2) 1997 12 4 (, ) (, ) 'IMF '.,,, 2000..
36 35 1. 2 IMF. IMF. II. IMF 1. IMF 1997 12 3 3) IMF. IMF IMF. 4) 1997 11 IMF. 11 23 IMF IMF (conditionality) 5)., IMF. IMF 1 1979 (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 210 2001 82.6, IMF 43.5. < http://www.joins.com/special/eco_imf/199712/19971209_2.html>
[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 210 15,. 1997 12 8,,. 10) 6),, 614 618. 7) IMF (agreement) (arrangements). IMF (swap agreement) (swap arrangements). 8). 9) IMF 1979 (macroeconomic variables) IMF. IMF (consultation)., IMF,. IMF., 616 617. 10). < http://www.joins.com/special/eco_imf/
38 35 1 IMF 12 23,,, 11) 20%, M&A, 2000. 12) IMF 1979 IMF., 13). 1997 11 (national default) IMF. 199712/19971209_2.html> <http://www.chosun.com /w21data/html/news/199712/199712080148. html>. 11) IMF IMF. IMF,. ( Usury Act 3 ). 12) IMF 1997 12 25 IMF 2,. <http://www.joins.com/special/eco_imf/199712/19971224_1.html; 19971226_14.html; 19971226_15.html> IMF 1998 1 9 IMF 1998, 3. 13) IMF IMF,. IMF,. < http ://www.joins.com/ special/eco_imf/99712/19971203_3.html>
[2000] IMF 39. IMF. IBRD 14) IMF,. 15),,. 16). 17) 14) IBRD( ) 5 10 IBRD. 15) 1997 12 3 IMF,, 3 IMF.. 3 " IMF ". 16) IMF IMF, IMF 50. IMF.,, < http://www.joins.com/special/eco_imf/199801/19980105_6.html> 17), 619 ; 1999 2 (CCA-IA) 3 T. IMF IBRD, IMF, (1997.12.19 International Herald Tribune). < http://www.daga.org/press/ia/glob/lob04.htm> (Die Globalisierungsfalle,,, 1997.11). 2000 6 30 IMF,, IMF.
40 35 1 III. IMF 1. IMF. IMF ( 15 ). 1997 12 IMF,,, ( 16 29 ). < 1>. 18) 2.. (1) IMF (corporate governance) ( 8, 34 ). 18),, 16 (1999.6.30),, 83 109.
[2000] IMF 41 < 1> IMF o (98.4.1) o (98.4.1) o (1 98.4.1; 2 98.9.14) o (98.4.1) o (97.11.23) o (2000.11.24) - - - - - - -, - - -, - - - o - (2000.11. ) (CRV) o (99.4.1; 2000.4.22) o (98.4.1) o (98.1.1), (98.4.1) -, - BIS - - - - : 1. ( ). 2.,,.
42 35 1 (Organization for Economic Cooperation and Development: OEC D) 19) (outside director system),,. 20), (2000.1.21 ) 2000 4 22. 21) IMF (directed lending) ( 34 ). (2) 22 3, 50%. 70%, 30%. 22), 19) OECD 1999 5,. < http://www.oecd.org/daf/governance/principles.htm> -, -, - -,, -, 20) 1999 12 31 2 (393 2),. (opt-in) 3, 3 2, (415 2). 21) (officer) (director) (auditor) (auditing committee). (SEC Rule) (NYSE) (1956) (1978). (i), (ii),,, (iii).,,,, 1999.7, 8 9. 22) 70 30,,,
[2000] IMF 43,, ( ),,,,. (3) 2000 1 (auditing committee) ( 23 2) (compliance officer) ( 23 3 2 )..,, (internal control standards) ( 23 3 1, 17 2), ( 16, 27, 28 ). ( 415 2), 2/3 ( 23 2 2 ).,. 23). (i), (ii). 24) ( 24 ),.. ( 26, 18 ). 23), 2/3, ( 54 5, 191 16). ( 191 11). 24), ( 6 ),, 2000, 494.
44 35 1. (1) (financial holding company).. (2000.11.24 ) (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). 1956 (Bank Holding Company Act of 1956). 2 (multi-bhc) (one-bhc). 1970 (FRB Regulation Y). 1994 (Interstate Banking and Branching Efficiency Act of 1994), 1999 - - (Gramm-Leach-Bliley Act; Financial Services Modernization Act). 26) P&A(purchase and assumption).,.. P&A 2 3 10 1 8, 14 2, 14 2.,,, 33 4 (2000.12),, 26 27.
[2000] IMF 45.,.,. (2). (European Union: EU), 1999 - (financial holding company). 27) (Universal banking), (mergers and acquisition: M&A) 28)., P&A, P&A. 27) - - 1999 11 12 ( 18 ).. ' ' (statutory) (complimentary),., (anti-trust review). (national treatment). < http://www.senate.gov/~ banking/conf> 28)..
46 35 1. 29) (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),,,,,.,.
[2000] IMF 47 (prudential regulation).. (Bank for International Settlements: BIS),, IMF ( 28 ). BIS,,, (forward looking criteria: FLC)... 1999 2 5 (1999.4.1 ) (global standards)., BIS (core capital: Tier I) (supplementary capital: Tier II) 30) ( 2 1 5, 1 2). 30) (2000.1.31 ). 1. ( ),, ( ),,, 2., ( ) 45/100, ( ), 10 10,,, 5 5, 1 3.,.
48 35 1, ( ) ( 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) 1988 8 (Report on the Basle Supervisors Committee on International Convergence of Capital Measurements and Capital Standards). BIS 1992 BIS (consolidated basis) 8%,.
[2000] IMF 49,.. (1999.9.17 ) 1999 12 31, 2000 6 30 FLC. FLC (future credit risk),.,. 32),...,,. 3, < 2>,,,, 5.,, ( ),,,, ( 30 2)., (RP), ( ). 33) 32), FLC,,, 2000.2, 33. 33), (FLC),,
50 35 1 < 2> -, ( ) -, - 1 3 ( ) -, - 3 -, ( ), - -, - 3 12 ( ) -, - 12 -,, ( ) : < 3>., 2000.1, 55.
[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. 35), 30.
52 35 1 4.. (1) IMF 36). BIS 8%, 37). 38) ( ).., (asset-backed securitization: ABS) (structured financing). 1998 9 1999 1 2 60%. 39) 2000 CBO(collateralized bond obligation) 40) 11, 5 8 36) 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, 1998. 37) ( ) ( ) IMF 200%. 38) 1999 12 31 (KAMCO). 39),, 2000,, 2000.12.2, 9. 40) Primary CBO B BBB. ( CP) SPV SPV CBO
[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 <http://www.mofe.go.kr; http://www.fsc.go.kr> ( ). 42) Bankruptcy remote ( ), (special purpose vehicle: SPV). 43), ABS-,, 1999, 19 21.
54 35 1. 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).
[2000] IMF 55 ( 4 ).., SPV SPV SPV.. 46),,., CP( ),,. (5) SPV., 1, 1.. [ ] (servicer).,... (1) IMF, 46),, Samil Financial Review, 2000 (Vo.4),, 2000.11, 4 17 < http://www.samil.com >
56 35 1.,..,. 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, 117 1 )., 9 1 47) CRC 1999 5 J&P,, 19 2000,,, 2000 10 51. CRC ( ) 2000 2 97 3,117 538, 1 2,634. 5. CRC KTB 230. Joins.com 2000.10.30
[2000] IMF 57 30. CRF(corporate restructuring fund). (mutual fund).,,. CRF (closed-end type) 50% 5 ( 78, 36 ). VF(vulture fund) CRF,,. CRC ( 15, 12 14 ). (work-out) 2000 10 CRV(corporate restructuring vehicle) 48). CRV. CRV. CRV CRC, CRV, CRC. CRV 6 ( 2 ) CRV 2006 10. SPV(special purpose vehicle). (non-recourse financing), 48) Vehicle,, AMC. CRV 5 ( 7 ), CRV AMC 20 ( 20 ).
58 35 1 SPV 1 ( 17 1 ) (servicer). (3) (CRV) 2000 10 6,275 CRV (SPV). CRV, ( 7 1 ). CRV 2 3 5 49), 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.
[2000] IMF 59. (loan portfolio) (lead) (participant), (IT) (bank loan secondary market). (term loan), (revolving credit facility), FRN( ), (distressed loan). 1999 (underlying asset),,, (bid/offer). LMA(Loan Market Association),. 50) LMA. (withholding tax), ( 361 ). IMF. IV. IMF IMF,. 50) LMA 1999., 24 (secondary loan trading).. < http://www.debtdomain.com>
60 35 1. 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.30-31. 52) 2000 12 9 CLO( ). < http://www.mofe.go.kr/cgi-pub> BIS CLO CLO 50% ( : credit enhancement). CLO BIS. CLO, BIS, IMF. 2000.12.9.