연준(Fed)의 스왑라인(swap lines)과 국제통화체제의 재구성
The Fed’s Swap Lines and the Reconstitution of the International Monetary System
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2008년과 2020년 금융위기에 대응하여 연준이 실행한 스왑라인은 유로달러에서 비롯된 세계적 문제를 연준의 달러화로 해결하기 위해 고안된 세계통화금융제도의 일대 개혁이었다. 스왑라인을 통해 외국 중앙은행이 자국 시장에 달러화 유동성을 공급하도록 허용함으로써 연준이 그간 부재했던 유로달러시장의 국제적인 최종대부자 역할을 맡게 된 것이다. 그림자화폐인유로달러를 공적 화폐의 영역으로 재편한 이 같은 조치는 단순한 위기 대응책을 넘어 국제통화체제를 정치적으로 재구성하는 결과를 낳았다. 첫째, 스왑라인을 통한 유동성 안전판 제공의 혜택은 기존 유로달러시장 중심지에 편중되었다. 둘째, 유로달러의 공적 수용에 수반된 규제 강화 조치는 모든 국가의 달러화 자금조달비용 증대로 이어졌다. 셋째, 스왑라인을 지원받기 위해 연준의 평가를 받아야 하는 신흥국들은 연준의 정책과 미국의 기득권을 지지해야 하는 정치적 압력에 놓이게 되었다. 결국, 스왑라인은 세계금융위기 대응책으로서는 혁신적인시도였으나 정치적으로는 국제통화체제의 불평등한 위계를 심화한 퇴행적인 조치였다.
Abstract
The Fed’s swap lines employed in the midst of 2008 and 2020 global financial crises were policies devised to cope with the global problems of eurodollars by means of the Fed’s dollars. The swap lines allowed foreign central banks to provide their own financial markets with dollar liquidity, making the Fed a de facto international last-resort lender. This policy measure, accommodating eurodallars into the realm of public money, has played a role of politically recomposing the international monetary system. Firstly, the benefits of liquidity backstop through the swap lines were unequally distributed in favor of the established centers of eurodallar market. Secondly, the financial costs related to tightened regulations on eurodllar markets were equally distributed to the disfavor of peripheral countries of the market. Thirdly, emerging economies eager to be or remain the member of the swap line network are now under the political pressure of supporting the Fed’s policy preferences. Viewed this way, the swap lines can be interpreted as the US’ monetary statecraft reinforcing the US-centric international financial monetary order.
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