國際的 協力을 통한國際投機펀드의 法的 規制 방안

Abstract

In today’s global financial industry, the typical investment vehicles are investment funds such as hedge funds and private equity funds. Since the objective of these funds is only to maximize returns without regard to the consequences on the financial market where they invest, they sometimes caused disorder in the market and are likely to cause similar cases again in the future. Asian financial crisis and LTCM case are the examples of such instances. Those crises were due to the lack of risk management system over short-term speculative capital. These experiences aroused international societies to consider the reformation of the international financial system and regulation of short-term speculative capital such as hedge fund and private equity fund. They are exempted from regulations as long as they are privately offered to a limited number of qualified investors. The existing international norms on investment are only concerned about the protection of free movement of capital, but are not working to regulate the problematic behavior of the short-term speculative capital. There have been disputes among pros and cons over regulations of short-term speculative capital. Nevertheless, it is notable that the international society becomes sincerely aware of the necessity of mutual assistance system, recognizing that the regulation of national level is not sufficient to regulate short-term speculative capital which is freely crossing national borders. International cooperation, including information exchange and monitoring through international organizations or bilateral treaties, would be a very effective measure for preventing negative behaviors of short-term speculative capital, and furthermore, countries could collaborate to cope with financial turmoil if necessary. To make this happen, systematic approach is required on regional and global level. Korea also needs to actively participate in regional and global regulatory activities. Finally, regulations on foreign capital should be made to regulate the short-term speculative capital that is hurting the order of financial market, but not to hinder the inflow of foreign capital that can create health tension in the market. It should be remembered that all these efforts should be made without damaging the principle of market economy.