우리나라의 국․공채 관련법제의 문제점과 개선방안

The article examines the right direction for improvement of Management on legislation. 1) the limit to issue national bonds and public bonds must be considered by congress (local council). After considering maturity, condition, the face amount and other basic terms on the offered bonds, the congress must decide the limit to issue national bonds and public bonds because the issue of national bonds and public bonds will give a nation burden. 2) the total amount of national bonds and public bonds must be limited. Making a national debt, the government must have the congress’ approval but there is no limit for the amount of national bonds and public bonds so it is necessary to enact the amount of national bonds and public bonds in scale with GDP. 3) maturity for national bonds and public bonds is making a long-term. Making a long term for bonds promotes the negotiability of national bonds and operates as a useful cushion to reduce damage for a sudden change in bond market. Therefore, the government not only operates and manages the bond market effectively but also reduce the cost for issue of national bonds. 4) the selling methods of the national bonds and public bonds are made like developed countries such as Japan, United State America, and German. For instance, U.S. government makes a competitive bid for issue of national bonds and the other countries are tending to increase the competitive bid for issuing national bonds. 5) the interest rate on offering bonds must be made at the effective rate. Although national bonds are less risky than other corporate bonds, the interest rate is less than others. Moreover, recently corporate bonds have become stable and given investors high-yield interests. For this reason, national bonds are not attractive among investors. 6) the issue condition and the period of issue on national bonds must be standardized and formalized. If the purpose of issue and the issue condition on national bonds are so complicated, the purchasing power of national bonds can be decreased. Therefore, the government must enact the law that manages and controls the limit and time of issue and an issuer on national bonds. 7) it is to increase the demand for national bonds. 8) it is to control the debt on national bonds. The government debt must be more controled and managed than national bonds because the issue of national bonds is directly related to the national debt.