It is an undeniable fact that short-term external debt may pose a serious threat to Korea’s financial system. External short-term debt in foreign currency could put a heavier burden on the financial system by causing maturity and currency mismatch depending on banks’ management system on foreign currency funds. Also, a rapid outflow of short-term foreign debt could lead to a crisis in foreign currency liquidity.

To prevent such risks, it is necessary to understand the management methods of banks on short-term external debt. Most of Korea’s short-term debts go through an intermediary process of banks and the degree of risks is determined by the types of intermediary process. For this reason, this study examines the following issues: the types of intermediary process that banks use to manage short-term debts, and the status of each type, risks and benefits produced. In particular, by analyzing the panel data of banks, the study also examines which type turns out relatively significant and statistically meaningful, and then based on the result the study draws implications for relevant policies.

Above all, based on the status of banks’ main foreign asset management, this study finds that the main methods for managing short-term debts are the provision of foreign currency denominated loans to real sectors—such as export-import finance, foreign currency loans and foreign currency securities—and the provision of foreign currency to financial sectors—such as interbank loans in foreign currency and monetary derivatives. The analysis on the status of foreign asset management and monetary derivatives by domestic banks and branches of overseas banks reveals that short-term debts by domestic banks are likely to be injected into real sectors which are deemed to bring relatively positive impacts on the Korean economy, whereas branches of overseas banks are more likely to use short-term debts for managing monetary derivatives. The study also estimates an econometric model using banks’ panel data in order to gain more detailed results, and the analysis finds that as for domestic banks, the management through real sectors such as export-import finance and foreign currency loan turns out to be more significant than other methods as expected initially, whereas for branches of overseas banks, the management through foreign currency loan turns out to be more important than interbank loans in foreign currency and monetary derivatives.

In this context, it would be appropriate that regulations on short-term debt needs to be steered in a way that could prevent short-term debt risks such as maturity and currency mismatches and at the same time, could allow benefits from short-term debts. In other words, given that the Korean economy is already provided with short-term debts through various management methods, the regulations need to be able to allow methods that could offer benefits to the Korean economy, for example, by foreign currency denominated loans to real sectors, while at the same time limiting methods such as monetary derivatives, which deemed to have comparatively less or unclear benefits. Likewise, risks factors need to be considered when deciding on the magnitude and scope of regulations. Based on this point of view, recent regulations on short-term external debt seem to be set towards a proper direction in terms of risks and benefits of various management methods. However, it may be necessary to consider revising the base rate of Bank Levy so that private and social costs held by users of foreign fund would become equal in the long run.

발간사
요 약

제1장 연구의 목적 및 배경

제2장 단기 외화차입의 운용경로상 특징과 함의
　제1절 은행의 단기 외화차입, 외화자금 운용 및 통화 관련 파생상품 현황
　　1. 은행의 단기 외화차입
　　2. 은행의 외화자금 운용 및 통화 관련 파생상품
　제2절 단기 외화차입금의 운용경로에 대한 함의
　　1. 자본자유화의 편익과 위험
　　2. 단기차입의 차별성
　　3. 단기차입의 편익과 위험
　　4. 우리나라 단기차입의 운용경로상 특징 및 시사점

제3장 단기차입의 운용행태에 대한 분석
　제1절 방법론
　제2절 자료 및 표본 구성
　제3절 분석 결과 및 시사점
　　1. 충격반응분석
　　2. 분산분해분석

제4장 단기 외화차입 관련 규제에 대한 시사점
　제1절 단기차입 관련 규제
　제2절 규제에 대한 시사점

제5장 결 론

참고문헌
ABSTRAC