바젤Ⅱ(신BIS협약)가 자본시장에 미치는 영향 및 과제

Abstract

After several years of extensive consultations with and opinion-gathering from member banks and supervisory organizations, the Basel Committee on Banking Supervision decided on June 24, 2004 to adopt the Basel II Accord, a revised version of the standards governing the capital adequacy of internationally active banks. The three major elements of Basel II are: Pillar I, which provides more specific and comprehensive methods for quantifying credit risk and operational risk; Pillar II, which strengthens the monitoring functions of supervisory authorities; and Pillar III, which aims at enhancing the regulatory functions of the rules that apply to capital markets. This paper examines the potential impact that the Basel II Accord may have on the capital markets of and businesses in Korea in such areas as BIS ratio, lending and fund investment practices conducted by banks, government bond markets, corporate bond markets, stock markets, and credit derivatives markets. Since January 2008, Korea has chosen the standardized approach over the internal ratings-based approach (IRB) and also plans to adopt the advanced IRB from January 2009. The author concludes that, unlike Basel I, the potential impact that Basel II may have on the country’s businesses and capital markets seems very minimal and unsubstantial at this point in time. A matter of policy made to the Korean government in the study include: 1. The necessity of strengthening the government’s ability to regulate its capital markets, especially in macro terms, in order to enhance the security levels of the country’s financial markets as a whole. 2. The introduction of hedge funds to the country’s financial markets as this may benefit many of the banks through enhancing their capital adequacy. 3. The necessity of further enhancement of security levels in order to ensure capital adequacy of the financial system as a whole through the rapid establishment of a more effective system for liquidity monitoring/supervision and a better network for efficient coordination with the financial supervisory organizations of foreign countries.