CAJ | 학술논문

作为一种避险的合同安排,衍生品交易在人类历史上从未中断过,交易越复杂、交易结果越不确定,衍生品交易就越发达。由于衍生品交易极强的投机性,在人类历史上曾有很多国家将其视为赌博,在私法上拒绝承认其效力。20世纪初,人们认识到衍生品交易避险的积极意义,并试图在立法和私法判决中将有益的衍生品交易与纯粹的赌博合同加以区分,但并不成功。20世纪后期,资本主义文化对投机的宽容,经济学理论对投机功能的论证,使衍生品交易在道德上的可谴责性逐渐淡去,法院逐渐放弃了对衍生品交易的私法合法性审查。2008年金融危机后,尽管社会舆论和学界仍有对赌性十足的衍生品交易合法性的质疑,但大部分国家对衍生品交易的规范并未回归传统。
작위일충피험적합동안배,연생품교역재인류역사상종미중단과,교역월복잡、교역결과월불학정,연생품교역취월발체。유우연생품교역겁강적투궤성,재인류역사상증유흔다국가장기시위도박,재사법상거절승인기효력。20세기초,인문인식도연생품교역피험적적겁의의,병시도재입법화사법판결중장유익적연생품교역여순수적도박합동가이구분,단병불성공。20세기후기,자본주의문화대투궤적관용,경제학이론대투궤공능적론증,사연생품교역재도덕상적가견책성축점담거,법원축점방기료대연생품교역적사법합법성심사。2008년금융위궤후,진관사회여론화학계잉유대도성십족적연생품교역합법성적질의,단대부분국가대연생품교역적규범병미회귀전통。
As a contractual arrangement of avoiding risks,derivatives trading has never been broken off in human history.The more complex and uncertainty of trading are,the more advanced the derivatives trading will become.Due to its highly speculative characteristics,derivatives trading had been regarded as gambling and refused to acknowledge its validity of private law in many countries for long time in human history.In the early twentieth century,realizing the positive significance of hedging derivatives trading,people tried to distinguish between helpful derivatives trading and pure gambling contracts in the private decisions and the legislation,but it was not successful.In the late twentieth century,capitalist culture ＇s tolerance to speculation and the argument for hedging function in the economic theory made the derivatives trading＇s reprehensibility of the morality fade away.Courts gradually gave up scrutinizing the derivatives trading＇s legality of the private law.After the 2008 financial crisis,although public opinions and academia still take some derivatives trading as some kinds of gambling and questioned their legality,most countries＇regulation of derivatives trading does not return to the tradition.