외환규제 법제에 관한 연구 -환율정책과 외환선진화 방안을 중심으로-

Recently rising and spread of financial crisis in emerging markets amplified instability of international financial market, and had negative influence on international economic growth. Thus International financial markets recently strengthen researches regarding the desirable policy management to prevent financial crisis in emerging markets, which means regulation on foreign exchange and exchange rate is getting closer to global standard. After currency crisis, South Korea put multilateral efforts such as transforming to clean float, expanding foreign exchange reserve, and financial/corporate restructuring. So that enabled South Korea to overcome financial crisis early. However, in the light of international financial argument trend, policy-making authorities need to put greater effort to improve following issues. First, when it comes to application of exchange rate policy, government should not intervene in the market when expectations over currency appreciation are heightened. Basically exchange rate should be decided by supply-demand situation. Only in case of drastic depreciation of exchange rate, limited intervention will be needed for smoothing operation. Second, in order to manage Inflation Targeting system successfully, neutral management of Financial Services Commission should be guaranteed. Third, government needs to reinforce entire economic fundamentals but also foreign financial cooperation to minimize ripple effects from crisis in other countries. For the past decade, Korea has experienced currency crisis and global financial crisis. The highest priority of Korean financial market is setting up the system, which aware of the market instability or possibility of speculation in advance and deal with it promptly. Finally, in order to develop financial market and intensify financial structure, reinforcing posterior financial risk management should be highlighted along with easing the proactive financial regulations.