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KDI - Korea Development Institute

KDI - Korea Development Institute



Research Monograph Strengthening the Financial Soundness of Korean SOEs November 15, 2019


Series No. 2019-02

Research Monograph KOR Strengthening the Financial Soundness of Korean SOEs #Corporte Finance #Public Enterprises Studies
DOI P-ISBN979-11-5932-489-5 E-ISBN979-11-5932-513-7

November 15, 2019

  • 프로필
Korean SOEs have the highest debt level in the world, and it is expected that low birth rates and an aging population will raise it even further. Due to an implicit guarantee that the government will repay SOE debt if the SOEs are not able to repay the debt by themselves, SOEs are able to expand their debt with ease. However, the existing guarantee system needs to be improved. The vast majority of bonds issued by SOEs are not included in the “official” guaranteed debt category, placing them in the blind spot of the government’s official management and control. Even if classified as such, no regulatory actions are being taken to impose guarantee fees, among others, that are essential for improving the efficiency and soundness of guaranteed debt.

This study highlights the problem of implicit guarantees based on existing theoretical frameworks and shows, through empirical analysis, that existing government rules and regulations and market discipline have been ineffective in solving the problem although the implicit guarantees can actually have a significant effect on the financing of SOEs. Based on these results, this study formulates and suggests a SOE-customized bail-in system and the risk-adjusted guarantee fee system as a way to maintain the balance between publicness and financial soundness.
요 약

제1장 서 론

제2장 문제 인식
 제1절 공기업 부채의 현황과 문제점
 제2절 지급보증의 현황과 문제점
 제3절 지급보증에 대한 옹호론과 반론

제3장 경제학적 분석
 제1절 (이론적 틀) 이중 도덕적 해이와 위기의 악순환 문제
 제2절 (실증분석) 지급보증의 자금조달비용 축소효과

제4장 제도개선 방안
 제1절 청산, 정부지원 조항 삭제 및 민영화의 실효성
 제2절 채권자 베일인 제도
 제3절 위험조정 보증수수료 제도

제5장 결 론

부 록
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