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금융안정을 위한 중앙은행의 역할

The Role of Central Banks for Financial Stability: Korean Perspectives

박창균|신관호|정지만
한국경제의 분석패널 (Panel for Korean Economic Analysis)|2009.12|한국경제의 분석 (Journal of Korean Economic Analysis)|제15권 제3호|pp. 1-95

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금융안정중앙은행Central BankFinancial StabilityLender of Last Resort외환정책최종대부자Foreign Exchange Policy
주제분류경제학

초록

1980년대 이후 국제 금융산업과 금융시장은 대형화․겸업화․국제화․혁신적 금융상품의 출현 등으로 요약되는 구조변화를 거치게 되었다. 이러한 변화는 금융중개기능의 효율성을 제고하는 데 기여하였으나 동시에 금융시스템에 내재한 불안정 요인을 키우는 결과를 초래하였다. 이에 최근 글로벌 금융위기를 계기로 금융시장의 환경변화에 대응하여 금융불안정을 해소하고 향후 금융안정을 도모할 수 있는 정책체계를 마련하는 것이 시급한 과제로 대두되었다. 특히 금융안정을 확보하기 위한 체제에서 중앙은행의 역할과 중요성에 대해 관심이 고조되고 있다. 이론적으로는 중앙은행이 최종 대부자로서 금융안정 확보를 위한 시스템의 핵심 구성원이라는 점이 강조되고 있으며 현실적으로도 금융위기 발생 시 이에 대처할 수 있는 강력한 수단을 보유하고 있다는 점에서 정책당국자뿐 아니라 학계에서도 중앙은행의 역할이 집중적인 조명을 받고 있다. 본 연구는 향후 우리나라의 금융안정을 도모하고 금융위기에 효과적으로 대응할 수 있는 체제를 구축하기 위해 요구되는 중앙은행의 기능 재정립 방안에 대해 논의하였다. 중앙은행의 최종대부자 기능 확충, 금융안정 책무 확립, 금융감독정보에 대한 접근권 확보, 통화정책과 외환정책의 연계성을 감안한 바람직한 외환정책의 방향이라는 현안에 대해 우리나라의 현황을 살펴보고 문제점을 파악한 후 이론적 논의와 해외사례에 대한 고찰을 거쳐 정책방안들을 제시하였다.

Abstract

The fundamental changes in international financial market can be summarized as conglomeration, universal banking, internationalization, and emergence of innovative products. While we cannot deny that the changes played a significant role in enhancing the efficiency of financial intermediation, it is also true that they resulted in aggravating potential risk factors threatening stability in financial system. In particular, risk pooling in international scope and complex linkages in balance sheets among financial institutions are believed to constitute a main channel through which a local shock can be swiftly spread into international financial market. We can find a supporting evidence for this claim from the recent turmoil in international financial market stemming from the sub-prime mortgage crisis in U.S.. It is one of the most urgent tasks in the era of post sub-prime crisis that we should establish a policy framework to ensure financial stability by re-examining the roles and importance of the central bank in guarding the financial system against the financial crisis. This paper tries to examine the implication of the recent discussion and developments in a Korean context. We discuss the way we can re-establish the roles and functions of the central bank in Korea, Bank of Korea(BOK), as a reliable and strong component in the financial stability framework. We focus on four specific topics to carry out in-depth analyses and offer concrete policy suggestions; fortifying the role of lender of last resort by BOK, adding financial stability as a fundamental goal of BOK, securing the accessibility of BOK to supervisory information on individual financial institutions, and establishing a desirable framework for foreign exchange policy in a small open economy with no restrictions on capital mobility.

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