전자단기사채제도 도입을 통한 기업어음시장 개선에 관한 연구

초록

Institutional reform on money market is an important policy issue in Korea to improve efficiency and stability of financial market and financial institutions. We document several potential problems associated with the Korean commercial paper market which is an important source of short-term funds for corporations. Based on the identified issues, we attempt to make policy recommendations to reform the commercial paper market from the standpoint of issuers, investors, and regulators. In particular, we propose to introduce a book-entry system in which the physical commercial paper certificates are replaced by entries in computerized accounts. We also describe some policy issues regarding the new system including the disclosure of information, back-up line of credit, issue limit, and investor protection.

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