IMF에 의한 구제금융 이후 민사법의 변화 － 이자제한법, 도산법, 자산유동화법을 중심으로 －

On December 3, 1997, the Republic of Korea (hereinafter ‘Korea’) decided to receivean IMF bailout to avoid a national default crisis caused by foreign currencydownturn. In return for the bailout, Korea was forced to enact new laws and amendexisting ones including laws affecting civil affairs. Soon after receiving the bailout,the Interest Limitation Act was abolished; the Corporate Reorganization Act,Settlement Act and Bankruptcy Act (the “3 Insolvency Laws”) were amended; and the Act on Asset Securitization was enacted. The financial crisis brought about anew era of financially driven legislation. In this paper, I review the enactment of major civil legislations after December1997, in particular the abolishment of the Interest Limitation Act, amendment to the 3 Insolvency Laws and the introduction of the Act on Asset Securitization. Then Ibriefly explain how these laws changed over time and then analyze the impact ofthese laws. In particular, I focus on the following three perspectives and review theirimportance: the legislation after the IMF bailout is of significance in terms of the relationshipbetween law and economy, fairness and efficiency and a new trend of adopting other legal systems. From the perspective of law and economics, post IMF legislation clearly showseconomic considerations dominating legal concerns. Between fairness and efficiency,efficiency prevails. Furthermore, the adoption of the U.S. law during the period hasimportant meaning from a legal history perspective. Legislation following the IMFbailout could be characterized as a type of emergency legislation or crisis management legislation to address an imminent financial crisis. Yet, the laws establishedthen still convey a significant meaning today. To further benefit from this importantexperience of surviving an economic crisis, we need to augment the positive aspectsof the experience while minimizing the any negative aspects.