[Insight Into Korea 6]

한국 자본시장 역사상 전환점이라 지목받는 자본시장통합법을 둘러싼 주요 이슈들을 다루며, 우리가 당면한 도전 과제에 대한 깊이 있는 분석을 제시한다. 증권연구원 필진은 미국의 금융위기가 투자은행 모델 자체의 실패에서 기인한 것이 아니라고 주장한다. 문제의 근원은 미국 월가 투자은행들의 ""free lunch"" 비즈니스 모델에 있다고 날카롭게 지적하면서 미국의 금융감독 실패와 투자은행들의 파생금융상품 리스크 관리 실패를 반면교사로 삼아, 한국은 현재 추진 중인 금융개혁을 일관성 있게 진척시켜야 하고 금융기관들의 리스크 관리 역량을 꾸준히 키워나가야 한다고 강조한다. 나아가 이 책은 한국 실정에 맞는 투자은행 모델을 모색하고 자본시장 발전을 도모하는 전략을 궁구한다. 또한 이 책은 한국 자본시장의 역동적인 발전과정에 대한 역사적 사료 가치를 담고 있다.
한국에 외국 투자자를 위한 한국 자본시장 관련 영문 자료나 서적이 턱없이 부족한 상황에서 이 책은 금융정책 수립자, 금융기관 일선 실무자, 외국투자자, 자본시장에 관심 있는 일반 독자에게 한국 금융시장에 대한 깊은 이해를 돕는 매력적인 지침서로 평가된다.

The book analyzing the challenges Korea faces in its bid to create a vibrant capital market offers 22 in-depth articles assessing the Korean government’s scheme to create a big bang in the capital market. It offers a thorough analysis of the ""revolutionary"" law Korea has enacted to upgrade its capital market. The KSRI researchers explain in great detail the new initiatives prescribed by the Capital Market and Investment Services Act.
The authors of the book emphasize it is not investment banking per se that is challenged. What has been found defective is the Wall Street model of investment banking. The authors provide a penetrating analysis of the problems of what they call Wall Street’s ""free-lunch model.""
The researchers also stress that the U.S. financial meltdown should not derail the Korean government’s own push for financial deregulation. Korean financial industry needs to be further deregulated for future development. They emphasize that financial companies should foster a sound risk management culture. Korean regulators and financial companies should seek to build a model which addresses the weaknesses of the Wall Street benchmark. The authors also discuss other changes indispensable to the creation of a well-functioning capital market. One such change concerns regulatory practices. They argue that the failure to adopt a new regulatory approach reflecting changes in the market environment is a sure recipe for disaster.
The book is intended to help market participants better understand the challenges they will face when the new law takes effect. It is also designed to introduce foreign investors to the far-reaching reforms Korea has been pushing to upgrade its capital market.

Preface

Introduction
The power shift in global financial markets

․Creating a Big Bang in Korea's capital markets
․U.S. subprime crisis and challenges for Korea
․Capital market key to industrial success
․Aging society's impact on the capital market
․Innovative ways to fund infrastructure projects
․Korea as Asia's international financial center
․The building blocks of fair M&A markets
․Enhancing Korea's power in global markets
․Cultivating homegrown hedge funds and PEFs
․Making bonds a pillar of the capital market
․Lessons from the U.S. securities industry
․Reforming capital regulation on financial investment firms
․Efficient markets vital to growth of venture firms
․Derivatives market requires paradigm shift
․Market discipline needed for asset managers
․Cultivating effective fiduciary capitalism
․Foreign capital could fix Korean capital market problems
․Perception gap in corporate governance reform
․Korea embraces global accounting standards
․KRX needs to adopt global listing standards
․Diversified portfolios key to global investing