국가의 채무불이행과 채무조정 그리고 책임금융

Today, with the progress of globalization, sovereign debts have been increased with the expansion of international finance. Historically, sovereign defaults have been repeated, which are no longer the problem of developing countries. The sovereign defaults are usually accompanied by foreign currency reserve crises and banking crises. In case of sovereign default, the restructuring is made by consensus outside the court due to the absence of the international bankruptcy regime, and is accompanied with the IMF’s rescue package . Sovereign defaults have a variety of causes ranging from liquidity crisis to substantial bankruptcy. The 1997 crisis in Korea was not a matter of sovereign debt, but was the imprudent short-term borrowing of private financial institutions, which, however, eventually burdened the Korean government and its people. This is inconsistent with market discipline and accountability, and raises the issue of equity and justice. International finance has elements beyond the control of a country. Korea was not prepared for external volatility in the process of opening the market. Sovereign debts are also a contractual relationship. Both the lender and the borrower are required to act responsibly, and the odious debt must be invalidated. If debt restructuring is inevitable, it should be done in an orderly and fair manner. The sovereign debt crisis will occur in the future and may be different from the past. Above all, it is necessary to diagnose the cause and nature of the crisis properly and to respond accordingly.