시장연동형 최고금리 도입에 관한 비교법적 연구

Abstract

Korea's economic growth rate keeps falling. The governor of the Bank of Korea recently said, "Korea is already in a phase of secular stagnation. This is because the low birth rate and aging population are severe. However, trying to solve it through a short-term policy that lowers interest rates and solves it by releasing money is a shortcut to the country's collapse," Since the 2008 global financial crisis, however, Korea has continued its short-term policy of lowering interest rates to solve the problem by releasing money. As a result, despite the recession, with unprecedented liquidity, we are facing a period of steep interest rate hikes like the 1970s. At this time, Korea's legal maximum interest rate, which is limited to 20% per year, is pushing vulnerable borrowers into the illegal private loan market. In response, the Korea Financial Services Commission(FSC) is also considering introducing a market-linked interest rate cap. If the legal interest rate cap does not reflect market interest rate fluctuations when the economy is in a recession, it restricts the credit market. If the fund intermediary function is not smooth, it can lead to a liquidity crisis in the consumer financial market in conjunction with an external bench mark rate hike. This paper first examined through a legal and historical review that the introduction of the market-linked interest rate ceiling is consistent with the purpose of enacting the 「Interest Limitation Act」 and the「Act On Registration Of Credit Business And Protection Of Finance Users(『Credit Business Act』 as follows)」 It also argues that the uniform and inelastic legal interest rate cap is not for financial consumers. This article then verified that the market-linked interest rate cap is the dominant regulatory model for consumer finance in the UK, the US, and the European Union. In addition, as part of the interest rate marketization in China and Taiwan, there is no interest rate regulation on financial products and only the highest interest rate regulation on private interest-related disputes. Finally, this article proposes the introduction of a market-linked maximum interest rate, although interest rate marketization is desirable.