Earticle

초록

영어

The Purpose of this paper is to answer to the EU and Asian academic and business circle’s question how IMF conditionality affects upon the corporate governance in Korea and what is the legal background of restructuring to attain corporate governance in reality. First of all, the legal background is based upon the Article 6, Constitutional Law of the Republic of Korea, as amended on October 29, 1987. Secondly, in order to seek IMF conditionality, the paper reviewed 10 memoranda which IMF and the Republic of Korea agreed upon starting from December 3, 1997 to July 12, 2000. The paper studied, word by word, 8 memorandums which prescribed corporate governance to the Republic of Korea in the chapter 2. Thirdly, the paper analyzed the effectiveness of the actual implementation of the aforementioned 8 corporate governance clauses. Due to the restraints of this study, the paper concentrated on 4 items, i.e. corporate restructuring with public fund, some adverse selection problem, impact on G-7, especially the U.S. and Japan, and finally the positive effect of adoption of IBRD’s Forward Looking Criteria(FLC) in order to prevent the misperformed loans in Korea. Finally, the paper concluded with Moral Hazard Provision with stringent conditionality of IMF to the Republic of Korea, a sharp contrast to the Liquidity Provision with soft conditionality of Mexican case.

목차

 Ⅰ. Introduction
 Ⅱ. First Stage IMF Policies toward Corporate Governance in Korea(Dec. 1997 - June 1998)
  1. Corporate Governance and Restructuring on the 4th Memorandum, Feb.7, 1998
  2. Corporate Governance and Restructuring on the 5th Update Memorandum onEconomic Program for the 2nd Quarterly Review, on May 4, 1998
 Ⅲ. Second Stage IMF Policies toward Corporate Governance in Korea(July 1998-July 2000)
  1. Progress Report on Corporate Restructuring Supported by the World Bank SALⅡ, the 6th Korea Memorandum on Economic Policies o
  2. The 7th Korea Memorandum on Economic Policies on October 27, 1998
  3. The 8th Korea Memorandum on Economic Progress on March 10, 1999
  4. The 9th Korea Memorandum on Economic Progress, on November 24, 1999
  5. The 10th(Final) Korea Memorandum on Economic Policies on July 12, 2000
 IV. Analysis of the Actual Implementation Effectiveness of IMF Corporate Governance in Korea
  1. Implementation of Financial and Corporate Restructuring with Public Fund but without Social and cultural Background
  2. Some Adverse Selection Problem
  3. Sharp Decline of Korea's GDP and Impact on G-7, particularly to the U.S. and Japan
  4. Adoption of FLC (Forward Looking Criteria) of IBRD
 V. Concluding Remarks
 Major References

키워드

저자

• Jai Woong Lee [ Guest Professor Myongji University ]

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  한국재무학회 학술대회

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  2006~2024

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  KDC 325 DDC 330