國際短期投機펀드의 法的 規制에 관한 硏究

• 영문명: A Study on Leagl Regulation of International Short-Term Speculative Fund
• 발행기관: 국제법평론회
• 저자명: 김하룡(Ha Ryong Kim)
• 간행물 정보: 『국제법평론』제25호, 277~303쪽, 전체 27쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2007.04.30

영문 초록

If neo-liberalism in favor of free movement of capital proceeds to extremes, it will be subordinate to speculation. On such days, various funds like hedge funds and private equity funds are likely to be major means of investment. These funds have the attributes that avoid dangers and maximize returns. But there were cases that such funds threw an international capital market into confusion. Asian financial crisis and LTCM case were parts of such instances, which were due to a dilemma of risk management system. These experiences aroused international societies to have discussion on the establishment of a new international finance system, and to contemplate the necessity of regulation on speculative capital like hedge funds, in spite of meeting with opposition by multinational investment capital of which the U.S. has taken the initiative. However, our country, after the financial crisis, has been placed in a delicate position to aggressively accept foreign capital, thereby, having had little critical mind on short-term speculative capital. There have been a lot of discussions merely on reorganization of an international finances system, but no fundamental regulatory awareness in our country. The Korean government also has not taken active regulations on harmful effects of short-term speculative capital and barely taken out a scheme for nourishment of native private equity funds as a countermeasure of hostile M&A. Thereby, the awareness that systematic legal regulations on speculative foreign capital are needed, started to gather strength. This paper emphasizes that international investment, in broad sense, is to focus on the protection of investment and is to mean expansive notions including all kinds of assets, and points out that the international investment norms so far have functioned as devices which guarantees free movement of short-term speculative capital. Such an existing international investment norms exposed the limitation - they are not appropriate for regulations on currently urgent short-term speculative capital. The short-term speculative capital that is down for discussion at this time has characteristics referred to as the nature of private equity, intention of short-term earnings and detour. This paper pays attention to hedge funds and private equity fund among short-term speculative capital, finds out present situations and controversial points, especially considers behaviors of speculative foreign capital in our country in all aspects and derives a necessity that short-term speculative capital should be regulated. As a process for a specific countermeasure, this paper examines international norms regarding regulations on short-term speculative capital, and puts international movement into shape that started to be discussed after Asian financial crisis and LTCM case. In addition, it examines regulatory measures of each country including not only major developed countries but also Chile, Malaysia, arranges recent regulatory systems of our country and then, for efficient management of short-term speculative capital, suggests several plans, such as an introduction of Korean version of Exon-Florio law and regulations through tax law and securities act. Especially, as a regulations by international law, it suggests regulations by bilateral treaty and international organiz- ations, and it also proposes a scheme to establish international code of conduct to action in order to regulate short-term speculative capital. Moreover, as a political proposal to regulate short-term speculative capital, this paper suggests the reformation of public announcement of information to enhance transparency and predictability, and proposes to nourish domestic investment capital. In conclusion, because regulations which are on short-term speculative capital are not enough to control immense capital freely crossing borders, this paper emphasizes that mutual assistance system and establishment of global regulations should be

목차

Ⅰ. 문제의 제기

Ⅱ. 短期投機펀드와 國際投資規範의 현황 및 문제점

Ⅲ. 短期投機펀드의 부정적 행태와 규제논의

Ⅳ. 短期投機펀드에 대한 國際法的 규제방안

〈ABSTRACT〉

키워드

단기투기펀드 헤지펀드 사모주식펀드 롱텀캐피털 핫머니 국제금융법 국제투자법 양자투자조약 Short-Term Speculative Fund Hedge Fund Private Equity Fund Long Term Capital Management(LTCM) Hot Money International Monetaty Law International Investment Law Bilateral Investment Treaty(BIT)