우리나라 국가신용등급과 해외차입에 관한 연구

Abstract

It soaks but it established 1970's economic development phase and when the flag ringing from, the importance of foreign currency introduction is embossed all national power was started in economic growth. 70's it passes and 80's from the economic growth which is quick it soaks from turning point with economic development but it starts the aspect where the shedding of blood of the foreign exchange influx is different. If the fundamental investment against the base facility the foreign exchange until previously for an economic growth is and from 80's after it suits one phase against our country economic each portion of the foreigner with the features which is developed indirect it. it invests directly in fundamental investment and flipper turn with the direction which induces a custody. Zone one effect of like this overseas influx custody the fact that it is going mad is national credit grade. National credit grade the domestic outside debt which the government possesses it decides a contract broad way execution percentage ability and the doctor and it indicates with a grade and with the fact that it puts, the upper limit which decides the individual trust grade of the individual economic units which is belonged to that country because reflects all politics where the corresponding nation is holding and an economic dangerous primary factor (ceiling) as function also the description below. The representative agency which decides like this national credit grade the Mooy's, the S&P and the Fitch cider. These people observes all cotton of politics and the economic back of one country in schedule one standard and report indication and it does to occur with the rating system which is the possibility of knowing easily diminish the investment desire regarding that country. It soaks at 80's first but by the national credit grade evaluation agency it received a trust evaluation and this time but trust grade by the industrial economic development which our country is quick to maintain the A grade which is an investment qualified phase steadily with him it was caused by and the overseas influx with our country increased quickly. But, it is undergone 1997 foreign exchange crisis and with our country trust grade depreciates at the B grade which is an investment unfitness phase. It raised the risk against the investment of the foreigner the decrease of the overseas influx which is sudden came to accomplish. The decrease of overseas influx brought our country foreign currency retention intentional decrease and from IMF it borrowed until unyielding spirit it did a disgrace relief finance and. 97 the latter half base it soaks from the economic depression which is started to sprout but and hazard blood tear I slant an effort from 99 it recovers, start a trust grade. The recovery of trust grade brought luring of overseas influx and it started and our country overseas funds retention the continuity which will select it increased and and it went out. It soaks but the form of overseas borrowing publishes the public vice-minister, the commerce vice-minister and international finance and the overseas securities, in form of the foreigner direct investment back comes to accomplish. Observe from this dissertation and to observe the interrelation of the national credit grade which is report and overseas influx try. The effect where the national credit evaluation result of the international rating agencies goes mad to a market will lead and the government bond (Sovereign Bond) which it follows in trust evaluation result change of addition interest there is a possibility which it will know. Dictionary meaning of addition interest with difference of corresponding bond interest and benchmark interest rates (Benchmark) (0.01%) is indication and meaning which it follows in bond market participation form the case. Cantor and the Packer (1996) against the effect where the trust evaluation announcement goes mad to a government bond addition interest the result international rating agencies which it analyzes upward regulated a national credit rating and the case which it announces with the fact that it forecasts the addition interest depreciated together, considers even statistically the result which it got. Looking downward it regulates one side national credit grade and to the case which it announces the addition interest the forecast broad way it rose, cannot get the result which considers statistically. The effect of the trust evaluation announcement these people against an addition interest from research the effect where is bigger the internal organs foreign currency indication debt of investment qualified phase than in the internal organs foreign currency indication debt which is to investment unfitness phase appeared with the fact that it goes mad. Our country trust grade confronts in the situation which it diminishes at width of the change where the overseas influx which is caused by with the case outside criticism not yet additional dues Riga sudden this rise where from investment qualified phase the credit rating depreciates at investment unfitness phase is big quite and the case overseas influx where from the actual condition and investment unfitness phase the reaction occurs at investment qualified phase the criminal record it is a smaller width but outside criticism the actual condition where the additional dues Riga depreciation overseas influx with not yet increases occurs. When it approaches in once investment qualified phase and the change width of credit rating from inside the scope is but the width of fluctuation of addition interest is not is not big not to be change of overseas influx is not big and the stable influx comes to accomplish. Consequently, must maintain a national credit grade from inside stable investment qualified phased scope and from inside that stably it tries to accomplish an overseas influx must maintain an economic development and the stability which recover.