본 연구는 Stiglitz(1994), “The Role of the State in Financial Markets”, Proceedings of the World Bank Annual Conference on Development Economics 1993.에서 제시하는 금융부문의 시장실패 요인이 해운산업 및 해운보증기금의 특성에도 부합한다는 점에서 이들 시장실패를 교정하기 위해 해운보증기금을 공적기구로서 설립할 필요가 있음을 주장한다. 아울러 신용보증기금 등의 타 기금 사례를 검토하여 해운보증기금 설립의 타당성이 있음을 보여주고 있다. 마지막으로 공적기구로서 해운보증기금의 재원조달방안을 정부 재정을 통한 직접 재원 조성 방안, 조세 제도를 통해 간접적으로 민간의 자금조성을 지원하는 방안, 민간의 자금 조성을 강제하는 방안 모두를 결합하여 통합적으로 제시하고 있다.

This study argues that it is necessary to establish the shipping guarantee fund as public unit because the conditions, which surround the shipping industry and shipping guarantee fund, correspond to the market failure cases in financial market. In particular, there are four reasons of market failures. First, the private decision-making of shipping company cannot be based on social benefit (e.g., stability of transporting export and import goods). Second, there could be coordination failure. Third, there is externality in establishing the shipping guarantee fund. Fourth, the capital-intensive shipping industry shows high volatile cycle. These market failure cases in financial markets are suggested by Stiglitz(1994), “The Role of the State in Financial Markets”, Proceedings of the World Bank Annual Conference on Development Economics 1993. That is, it is expected that the shipping guarantee fund will remedy these market failures. Furthermore, through reviewing the other fund cases such as credit guarantee schemes, we could conclude that the establishment of shipping guarantee fund as public unit is valid. Finally, this paper suggests an integrated fund-raising measures which include direct fiscal fund raising, indirect private fund raising by the tax system, and mandatory private fund raising.