17 research outputs found
IMF ꡬμ κΈμ΅ μ΄ν νκ΅μ¬νμ λ²μ λ³ν
IMF μΈνμκΈ°λ λ¨μν μΈνκ΄λ¦¬μ μ€μ±
μμ λΉλ‘―λ κ²μ΄ μλλΌ μ°λ¦¬λλΌμ κ³ λΉμ©Β·μ ν¨μ¨ κ²½μ κ΅¬μ‘°κ° κ·Έ κ·Όλ³Έ μμΈμ΄ λμλ€. λμ λΆμ±λΉμ¨μ 견λμ§ λͺ»νκ³ ν보, κΈ°μ λ± λκ·λͺ¨ κΈ°μ
μ΄ νμ°νλ©΄μ μ°λ¦¬λλΌλ IMFμ κ°λ λμ κ°ννλ‘κ·Έλ¨μ λ°μλ€μ¬μΌ νλ€. κ·Έ κ³Όμ μμ νμ¬λ²μ λ³νλ ι©ε½ημ΄λΌλ ννμ΄ λ¬΄μνμ§ μμ μ λλ‘ κΈκ²©νκ³ μμ²λκ² μ΄λ£¨μ΄μ‘λ€. IMFμ κΈ°μ
μ§λ°°κ΅¬μ‘° κ°μ μꡬμ λ°λΌ μλ―Έμ κΈ°μ
μ§λ°°κ΅¬μ‘°κ° μ΄μλκΈ° μμνμμΌλ©°, κΈ°μ
νμ€μμ νμ¬λ²μ΄ μ€μ§μ μΈ κ·λ²λ ₯μ κ°μ§κΈ° μμνμλ€. μ²μμΌλ‘ λνμμ‘μ΄ μ κΈ°λμμ λΏλ§ μλλΌ, κ²½μκΆ λΆμ λ± λ€μν κΈ°μ
νμμ λνμ¬ λ²μμ νκ²°μ΄ κ³μ μ΄μ΄μ‘λ€. μ΄λ¬ν νμμ λͺ¨λ IMF μΈνμκΈ°λ‘ μΈνμ¬ μ’
λμ μλͺ»λ κΈ°μ
κ²½μ κ΄νμ λ°λ‘μ‘μμΌ νλ€λ μΈμμ΄ λμμ§κ² λ κ²μμ κΈ°μΈνλ€. μ΄ κΈμμλ λ¨Όμ IMF μΈνμκΈ°λ‘ μΈνμ¬ κΈ°μ
νκ²½μ΄ μ΄λ»κ² λ¬λΌμ‘λμ§ μ΄ν΄λ³Έ λ€μ, κ·Έ μ λμ λ³νμ λͺ¨μ΅μ λ κ°μ§ μΈ‘λ©΄μμ λΆμνμλ€. ν κ°μ§ μΈ‘λ©΄μ λκ·λͺ¨ μμ₯νμ¬μ μ§λ°°κ΅¬μ‘°μ μμ΄μ λ―Έκ΅μ κ°μ체κ³κ° λμ
λμλ€λ κ²μ΄λ€. μ¬μΈμ΄μ¬μ κ°μ¬μμν μ λμ λμ
μ κ·Έ ν΅μ¬μ΄λ€. μ΄μ¬νκ° κ°λ
κΈ°κ΄μΌλ‘ μΈμλλ©΄μ λ΄λΆν΅μ μ μ€μμ±λ μμΈλ¬ λΆκ°λμλ€. λ€λ₯Έ ν κ°μ§ μΈ‘λ©΄μ κ·Έ μ΄μ μλ μ ν μ΄μ©λμ§ μμλ μ΄μ¬μ μ±
μμ΄ μ€μ νμ¬λ²μ μ λ©΄μ λ±μ₯νκΈ° μμν κ²μ΄λ€. κ·Έ κ³Όμ μμ λ¨κ²¨μ§ λ§μ νλ‘λ νμ¬ νμ¬λ²μ 골격μ νμ±νκ³ μλ€. λ²μμ΄ λ¨μν λ²ν΄μμ κ·ΈμΉμ§ μκ³ λ€μν λ²νμ±μ μλν κ²λ μ£Όλͺ©ν λ§ν νμμ΄λ€. μ΄λ¬ν νλͺ
μ λ³νλ νμ¬λ²μ κ·λ²λ ₯μ΄ νλλλ©΄μ κΈ°μ
μ λλ¬μΌ μ΄ν΄κ΄κ³μ λλ¦½μ΄ μ΄μ λ²μΉμ£Όμμ νμμ ν΄κ²°λκΈ° μμνλ€λ μλ―Έλ‘ μ΄ν΄ν μ μλ€. μΈλΆμ μλ ₯μΌλ‘ λ―Έκ΅μ μ§λ°°κ΅¬μ‘°κ° μ΄μλκΈ°λ νμμΌλ κ·Έ κ²°κ³Ό νμ¬κ²½μμ ν¬λͺ
μ±μ΄ λ€μ λμμ‘κ³ , νΉν μ’
μ μ κ΄νμ΄ λ²μμμ λΆμ λλ©΄μ κΈ°μ
κ²½μμ μλ‘μ΄ κΈ°μ€μ΄ μ 립λκΈ° μμνμλλ°, μ΄λ¬ν νμμ΄ κΈ°μ
κ²½μμμμ λ²μΉμ£Όμμ νμ°μ κ°μ Έμλ€λ κ²μ΄λ€. λ¬Όλ‘ κ·Έ νκ³λ λ°κ²¬λκ³ μλ€. IMFμ μνμ¬ κ°μ λ λ―Έκ΅μ κΈ°μ
μ§λ°° κ΅¬μ‘°κ° μ°λ¦¬λλΌμ μ§λ°°μ£Όμ£Ό μμ€ν
κ³Ό μ‘°νλμ§ μλ λ¬Έμ λΌλ κ°, μ§λ°°μ£Όμ£Όμ μμ¬κ²°μ μ κ²°μ μ μΈ μν₯μ μ£Όλ κ²½μκΆμΉκ³μ μΈμΌν°λΈκ° λ²μμμ μ μ νκ² κ³ λ €λμ§ μκ³ μλ€λ λ±μ λ¬Έμ κ° λ°λ‘ κ·Έκ²μ΄λ€.The IMF financial crisis resulted not only from the failure of foreign currency policy of Korean government but primarily from high-leveraged capital structure and pursuit of private benefits of Korean corporate groups, or chaebols. Korean government could not help implementing the institutional reform requested by the IMF, and it dramatically changed the Korean corporate law and business environments. Anglo-American style governance systems were transplanted, for instance, and most importantly, the corporate law was actually enforced for the first time in Korean history. The first derivative suit was filed, and courts were involved to solve many disputes for corporate control. In the first decade after the IMF crisis, it was commonly accepted that the structure as well as the behavior of Korean chaebols should be subject to certain regulations or liabilities.
Against this backdrop, this paper emphasizes two significant phases of such institutional changes since the crisis. On the one hand, Anglo-American corporate governance system was introduced especially in big conglomerates firms. The mandatory outside directors and audit committee were good examples, to name a few. The monitoring function of the board of directors was statutorily recognized, and as a result the directors duty to establish internal control system was also emphasized. On the other hand, the court started to hold the directors liable to the company, which was never thought to be possible before the IMF crisis. Many legal doctrines were emerged from such litigations, and currently they were fairly said to constitute a core of Korean corporate law. Such dramatic changes may be summarized that the rule of law or the normative power of corporate law began to actually emerge in Korean business sector. The corporate governance system which was transplanted by the outside request nevertheless worked to some extent, and thus resulted in enhancement of corporate transparency and liability to some degree. To be sure, such changes were never perfect. Current monitoring system by the board of directors, for instance, may not perfectly fit into the controlling shareholder system of Korean chaebols. The controlling shareholders incentive of managerial succession to their next generation has not been recognized in the court. Such limits may address new challenges of Korean corporate law theory.μ΄ λ
Όλ¬Έμ μμΈλνκ΅ λ²νμ°κ΅¬μ κΈ°κΈμ 2012λ
λ νμ μ°κ΅¬λΉ μ§μμ λ°μ
Regulation on Intra-Group Transactions - Economic Analysis -
The transactions between the group-affililated firms, which I label as intragroup
transactions, are strictly prohibited in Korea. The Antitrust and Fair Trade
Law, for instance, regards such deals as illegal, if the prices on which the
contracting firms voluntarily agreed do not satisfy the arm's-length deal
conditions, since it is believed that such subsidy enables the group firms to
dominate the relevant markets. If the wealth is transaferred from firm A to firm
B in a corporate conglomerate, moreover, the Korean corporate law also allows
the shareholders of the firm A to make its directors liable for such losses. The
directors of the firm A do not owe any legal duties to the shareholders of the
firm B, and therefore, it does not matter whether all the shareholders of the firm
A and firm B are better off as a whole. This paper tries to examine whether
such legal policy is socially desirable, and particularly argues that the intra-group
transactions β and wealth transfer effect associated with such deals β should be
allowed if the value of the whole corporate group is increasing due to such
transactions.
First of all, the intra-group trades themselves do not have any negative or
harmful externalties to the competition in the relevant market. Although it is sure
that the subsidized firm will take better position to compete, this is just like an
entrepreneur having a rich father who is ready to finance the venture. To put it
another way, such benefit from group-affiliation is merely financial one in
essence.
From the corporate law perspectives, on the other hand, I argue that the...μ΄ λ
Όλ¬Έμ μμΈλνκ΅ λ²νλ°μ μ¬λ¨ μΆμ° λ²νμ°κ΅¬μ κΈ°κΈμ 2004νλ
λ νμ μ°κ΅¬λΉ
μ μ§μμ λ°μμ
Valuing a Firm Revisited in Corporate Law
λΉμμ₯νμ¬λ₯Ό λλ¬μΌ λ§μ λ²μ λΆμμμ κΈ°μ
μ κ°μΉνκ°κ° ν΅μ¬μ μΈ μμ μΌλ‘ λ±μ₯νλ κ²½μ°κ° λ§λ€. μμ°νκ°μ κ΄ν μ¬λ¬΄μ΄λ‘ μ λ°μ μλ λΆκ΅¬νκ³ , λ²μ λΆμμ μμ΄μλ β λ―Έλμ νκΈνλ¦ λ° κ·Έ ν μΈμ¨μ΄ λ€μνκ² μΆμ λ μ μκ³ , β‘ κ·Έ κ²°κ³Ό μ λ¬Έκ° μ¦μΈμ νκ°κ²°κ³Όμλ ν° μ°¨μ΄κ° μκΈ°λ κ²½ν₯μ΄ μμ΄ λ²μλ κ³€νΉμ€λ¬μΈ κ²½μ°κ° λ§λ€. μ΄μ²λΌ μ λ¬Έκ° μ¦μΈ μ¬μ΄μμλ κΈ°μ
κ°μΉνκ°μ ν° μ°¨μ΄κ° λκ² λλ©΄ λ²μμ νλ¨μ΄ μ€λ₯λ₯Ό λ²ν κ°λ₯μ±μ΄ λμμ§κ³ , μ΄λ μ¬μ μ μΌλ‘ μ΄ν΄κ΄κ³μμκ² κΈ°νμ£Όμμ νλμ ν μΈμΌν°λΈλ₯Ό μ 곡νλ€. νμ¬ λ²μμ΄ μ¬μ©νκ³ μλ κ°μ€νκ· λ²μ κ°κ΄μ μΈ μμΉμ κ·Όκ±°νκ³ μμΌλ μ΄λ‘ μ μΌλ‘ λΆμ νν λΏλ§ μλλΌ, λΉμ¬μλ€λ‘ νμ¬κΈ 무리νκ² μμ μκ² μ 리ν μμΉλ₯Ό μ μΆνλλ‘ μ λνλ λ¬Έμ κ° μλ κ²μΌλ‘ 보μΈλ€. μ΄ κΈμμλ λ¬Έμ μν©μ λ κ°μ§λ‘ λλμ΄ λμμ μ μνλ€. 첫 λ²μ§Έ μν©μ 곡μ ν κ°μ‘μμ νμ νκ² λ²μ΄λ¬λμ§λ₯Ό νλ¨ν΄μΌ νλ κ²½μ°μ΄λ€. λ²μμ μ΄λ¬ν μ νμ μ¬κ±΄μμ μ΄ν΄κ΄κ³κ° λ°μλ μ μλ 곡μ ν μ μ°¨κ° μ§μΌμ‘λμ§μ λν΄μ λ μ£Όλͺ©νμ¬ νλ¨νλ κ²μ΄ λ°λμ§νλ€. λ λ²μ§Έ μν©μ 곡μ ν κ°μ‘μ΄ μΌλ§μΈμ§ νλ¨ν΄μΌ νλ κ²½μ°μ΄λ€. μ΄λ‘ μ μΌλ‘ κ°μ₯ λ°λμ§ν λμμ λΉμ¬μκ° μ μΆν μμΉ κ°μ΄λ° λ³΄λ€ μ€λλ ₯ μλ μμΉλ₯Ό λ²μμ΄ 100% λ°μλ€μ΄λ μμΉμ μΈμ°λ κ²μ΄λ€. κ·Έλ κ² λλ©΄ μ μ λΉμ©μΌλ‘ νλ¨μ μ€λ₯λ₯Ό μ€μΌ μ μλ€. μ΄λ¬ν κ²°λ‘ μ λͺ¨λ λ²μμ νλ¨μ¬λμ μΆμνλ λ°©ν₯μ΄λΌκ³ μμ½ν μ μλ€.μ΄ λ
Όλ¬Έμ μμΈλνκ΅ λ²νλ°μ μ¬λ¨ μΆμ° λ²νμ°κ΅¬μ κΈ°κΈμ 2011νλ
λ νμ μ°κ΅¬λΉ μ§μμ λ°μμ
Limited Implication of Economic Approach to Legal Analysis
μμΈλνκ΅ λ²νμ°κ΅¬μμμ 2013λ
12μ 23μΌμ κ°μ΅ν κ²½μ νμ λ²ν λ°©λ²λ‘ μ μ μ©μ±μ κ΄ν μ€νμ λ
Όμ 곡λμ°κ΅¬ νμ λνμμ λ°νλ κ²μ μμ ν κ²μλ²κ²½μ νμ λ―Έκ΅μ μ€μ¬μΌλ‘ λ²νμ μ€μν μ°κ΅¬λ°©λ²μΌλ‘ λ±μ₯νμκ³ , μ΄λ―Έ μ°λ¦¬λλΌμμλ λ€μν μ°κ΅¬κ° μ΄λ£¨μ΄μ§κ³ μλ€. μ΄ κΈμ μ΄λ¬ν λ²κ²½μ νμ μ°κ΅¬ λλ λ
Όμ¦μ΄ μ ν΅μ μΈ λ²νμ μμ, μ¦ λ²μ μ μ μ΄λ ν΄μμ μΌλ§λ μ€μ§μ μΌλ‘ κΈ°μ¬ν μ μλμ§ μ΄ν΄λ³΄μλ€. μΆμμ μΈ κ°λ
λμ ꡬ체μ μΈ μ¬λ‘λ₯Ό κ°μ§κ³ μ€λͺ
ν¨μΌλ‘μ¨ λ
Όμλ₯Ό λ³΄λ€ κ΅¬μ²΄ννκ³ μ νμλ€. λ¨Όμ κ²½μ νμ΄ λ²μ λ
Όμμμ μ΄λ ν μ§μλ₯Ό κ°μ§ μ μλμ§μ κ΄ν μ£Όμ₯μ μ΄ν΄λ³΄λ©΄μ, κ²°κ΅ μ¬μ©νλ κ²½μ νμ΄λΌλ μ©μ΄μ μλ―Έκ° μλ‘ λ€λ₯΄λ€λ μ μ μ μ μμλ€. κ²½μ νμ 곡리주μμ μ¬κ³ λ°©μμΌλ‘ κ΅ννκ² λλ©΄ μμ°μ€λ½κ² λ²μ μ¬κ³ μλ μ‘°νλκΈ° μ΄λ ΅λ€. λ°λλ‘ κ°μΈμ΄ 무μμ μΆκ΅¬νλ ν©λ¦¬μ μΌ κ²μ μꡬνλ μ¬κ³ 체κ³λ‘ μ΄ν΄νκ±°λ, μλλ©΄ μ¬νμ κ±°λλΉμ©μ κ°μμν€λ €λ μ¬κ³ λ°©μμΌλ‘ 보λ κ²½μ°μλ λ²μ²΄κ³λ₯Ό μ€λͺ
νλ μ λ ₯ν λ°©μμ΄ λ μ μλ€. μ΄ κΈμ μ΄λ¬ν κΈ°μ‘΄μ λ
Όμμ λ€λ₯Έ μ°¨μμμ κ²½μ νμ μ μ©μ΄ λ²μ μ μ λ° ν΄μμ μ νμ μΌ μλ°μ μλ μ΄μ λ₯Ό μ μνκ³ μ νλ€. μ΄ κΈμμ λ²κ²½μ νμ μ΄ν΄νλ ν΅μ¬μ μΈ κ°λ
μ μ¬μ μ μΈμΌν°λΈμ΄λ€. μ΄λ¬ν μ¬μ μ μΈμΌν°λΈλ₯Ό κ°μ‘°νλ μ λλ λ² μμλ§λ€ λ€λ₯Έλ°, μ ν΅μ μΈ λ―Όλ²μ΄λ νλ²μ μ΄λ₯Ό κ·Έλ κ² μ€μνκ² κ³ λ €νμ§ μλλ€. λ°λΌμ μ¬μ μ μΈμΌν°λΈλ₯Ό μ£Όλ‘ μ°κ΅¬νλ λ²κ²½μ νμ μ΄λ¬ν μμμμ λ²μ μ¬κ³ μ μΆ©λν κ°λ₯μ±μ΄ λλ€. μ΄ κΈμμλ λ²κ·λ²μ μ¬μ μ μΈμΌν°λΈ ν¨κ³Όμ λͺ κ°μ§ μλ₯Ό μ€λͺ
νκ³ , κ·Έκ²μ΄ μ΄λ»κ² κΈ°μ‘΄μ λ―Όλ²μ΄λ νλ²μ λ
Όλ¦¬μ μΆ©λνλμ§ μ΄ν΄λ³Έλ€. κ·ΈλΌμλ λΆκ΅¬νκ³ λ²κ·μ μ΄λ ν΄μμ΄ κ°μ Έμ€λ μ¬μ μ μΈμΌν°λΈ ν¨κ³Όμ λν μ°κ΅¬λ λ²νμ΄ κ³Όνμ λΆμμ΄ λκΈ° μν 첫걸μμ΄λΌλ μ μμ, κΈ°μ‘΄μ λ²νμ μ€μν μλ―Έλ₯Ό κ°μ§λ€.The economic analysis of law has prevailed in the U.S. legal studies, and currently more and more legal scholars in the European and Asian countries also employs such an economic approach. This paper examines the extent to which the law and economics approach contributes to the traditional legal scholarship, as well as the legislation and legal interpretation. Examining conflicting arguments on the relationship between economic analysis and traditional legal thought reveals that the origin of such debate lies on their different use of the notion of economics. An economics as a thought of utilitarianism, for instance, inevitably limits its relevance to the legal approach. On the other hand, if it is claimed in the name of economics that individuals are assumed to be rational whatever they pursue, or that law is a system of reducing transaction costs, an economic analysis will successfully explain the traditional legal system such as civil law and criminal law. This paper argues from different direction that the economic analysis might have limitation in applying to traditional legal system. This paper emphasizes that the economics is a study of each individuals ex ante incentives, which have not been much taken into account in traditional civil law and criminal law. Therefore, the policy recommendation based on the economic analysis is unlikely to be in harmony with current legal scholarship. This paper illustrates several examples of such conflicts, but this paper also emphasizes that, in spite of such limitation, law professors, lawyers, and legislators should be equipped with the economic analysis which will lead them to more scientific or refutable understanding of law.μ΄ λ
Όλ¬Έμ μμΈλνκ΅ λ²νλ°μ μ¬λ¨ μΆμ° λ²νμ°κ΅¬μ κΈ°κΈμ 2013λ
λ νμ μ°κ΅¬λΉ μ§μμ λ°μ
Economic Analysis of Civil Procedure -A Survey-
This survey provides an overview about the current debates of economic
analysis of law of civil procedure. Built on the efficiency perspectives, the
economic analysis of law assumes that rational individuals regard the legal
system as imposing implicit prices for their choosing certain kinds of behaviors,
and thus such ex ante incentives of individuals are determined by specific
legal rules. Civil procedure provides the most interesting examples, because there
are explicit conflicts of interests, in which the gain of one party means the loss
of the same amount of the other opposing party. Several theories have been
developed, and this paper tries to explain them in more understandable ways.
In the Chapter II, the paper start with asking why trials should occur. In
other words, what are the social costs and benefits of civil procedure system. By
identifying the social costs and benefits of suits, it should be emphasized that
the private incentive to suit is highly likely to diverge from the socially optimal
level of suits. Plaintiffs make their filing decision based on a comparison of
their private costs and benefits, but social costs and benefits are not
internalized in that calculation. In the following Chapter III, the basic model of
civil procedure β so called differing-perception model β is closed examined.
According to this model, litigants disagree about the likelihood of a trial
outcome based on different opinions, and the level of suits and settlements is
determined by the degree of such disagreement.
The Chapter IV deals with the most interesting topic in this area, which is
the theories of frivolous or strike suits. Such kind of suits attracts attentions,...μ΄ μ°κ΅¬λ μμΈλνκ΅ μ μκ΅μ μ°κ΅¬μ μ°©κΈμΌλ‘ μ§μλλ μ°κ΅¬λΉμ μνμ¬ μνλμμ
θͺε·±ζ±εΌμ κ΄ν η‘η©Ά
νμλ
Όλ¬Έ(μμ¬)--μμΈλνκ΅ λνμ :λ²νκ³Ό μλ²μ 곡,1998.Maste