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대한제국기 일본차관 교섭과 그 성격(1898~1904)Korea's Loan Negotiations with Japan and Its Characteristics(1898~1904)

Other Titles
Korea's Loan Negotiations with Japan and Its Characteristics(1898~1904)
Authors
홍준화
Issue Date
2010
Publisher
고려사학회
Keywords
Yi Yongik; loan; currency reform; Japan; J.Mcleavy Brown; 이용익; 차관; 화폐개혁; 일본; 맥리브 브라운
Citation
韓國史學報, no.38, pp.161 - 192
Indexed
KCI
Journal Title
韓國史學報
Number
38
Start Page
161
End Page
192
URI
https://scholar.korea.ac.kr/handle/2021.sw.korea/134514
ISSN
1229-6252
Abstract
Anti-Japanese sentiment in political circles after the royal family took refuge at the Russian Legation(俄館播遷) was so severe that the Taehan Empire tried to repay a loan from Japan of 3 million yen earlier than the due date by taking a loan from Russia. However, a series of incidents, such as double dealing on the part of Russia, revealed by Japan, abuse of power on the part of pro-Russian politicians, and issues surrounding the invitation Russian financial and military advisers subdued Korean hostility towards Japan. Yi Yong-ik's sounding out of Japan about another loan in May and June of 1898 occurred in this context. Taehan Empire attempted to obtain a loan from Japan for the purposes of currency reform. In particular, Yi Yong-ik, who was eager to attract foreign capital, postulated approximately 7 to 10 million Korean won would be needed for currency reform, 3 to 5 million Korean won of which could be covered by foreign capital. The rest could be covered with red ginseng sales and a maritime tariff, both managed by the Korean royal family. There was an expectation that a loan from Japan could be advantageous to Taehan Empire in terms of conditions such as interest rates, but it was not the preferred option do to issues including wariness about Japanese invasion and conflict with Russia. The reason that Yi Yong-ik was interested in negotiations with private companies in Japan was as an alternative after the failure of negotiations with other countries and also a measure to minimize political and diplomatic conflicts. From their point of view, Japan considered the loan to be an important means of expanding its economic and political influence in Taehan Empire. However, lack of capital, Russian diversionary moves, and other factors prevented Japan from following a more aggressive loan policy. In response, Japan cooperated with Britain, hindering the Korean government's negotiations with other countries, including the U.S. and France, while having defensive loan negotiations with Brown. Since the Japan-Britain alliance, in return for the loan the Japanese government had made attempts to secure the right for the construction of the Gyeongui railway that it needed for military and strategical purposes, but was unable to achieve this in the face of fierce opposition by the Korean government. As the shadow of the Russo-Japanese war loomed, the possibility of obtaining a loan became ever more unlikely. Japanese capitalists also became hesitant due to the increase in risks. As a result, the various reform plans of Taehan Empire remained incomplete due to a lack of financial support.
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