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기후변화와 한국은행의 역할: 중앙은행의 책무 및 정책수단 검토를 중심으로

Climate Change and the Role of the Bank of Korea: Focusing on Its Mandates and Policy Instruments

김진일|권세훈|한상범|주동헌|채희율
한국은행|2024.12|경제분석 (Economic Analysis)|제30권 제4호|pp. 4-59|DOI 10.23299/bokeri.2024.30.4.001

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참고문헌

키워드

기후변화climate change중앙은행 적극주의중앙은행 책무통화신용정책central bank activismmandates of the central bankmonetary and credit policy
주제분류경제학

초록

본고는 경제적 합리성과 법률적 적합성, 그리고 투명성, 독립성, 책임성, 시장 중립성이라는 중앙은행업의 일반적 원칙과 한국은행법에 나타난 중앙은행의 책무에 비추어 저탄소 경제로의 전환을 위한 한국은행의 적극적 역할이 타당함을 분석하였다. 물가안정을 위해서는 물리적 리스크가 기대인플레이션 상승으로 이어지지 않도록 정책 신뢰도 제고 등 기대경로에 유의하여 통화정책을 수행하는 한편, 통화정책이 신용정책과 조화롭게 운용될 수 있는 정책체계의 구축이 필요하다. 이를 위한 구체적인 방안으로 먼저 본고는 기후변화를 고려한 경제예측모형의 개발과 환경경제계정 체계 구축 방안 등을 제시하였다. 기후변화 리스크가 금융안정에 미치는 영향에 대응하기 위해서는 기후변화 스트레스 테스트 모형을 구축하고 한국은행의 거시건전성감독 기능을 강화하는 방안을 제시하였다. 저탄소 경제로의 전환을 위한 한국은행의 신용정책으로는 녹색금융중개지원대출, 적격담보 확대, 담보증권의 담보인정가액조정, 기후대응채권 매입 프로그램 시행 등을 제시하고 각 제도 운용의 장단점을 검토하였다.

Abstract

We justify the Bank of Korea's active role in the transition to a low-carbon economy in terms of economic rationale, legal appropriateness, and adherence to central bank principles such as transparency, independence, accountability, and market neutrality, as well as the mandates outlined in the Bank of Korea Act. To ensure price stability, monetary policy should be conducted focusing on policy credibility to prevent physical risks from inflation expectations. Additionally, it is essential to establish a monetary policy framework harmonizing it with credit policy to promote the transition to a low-carbon economy while minimizing implementation costs. To this end, we propose developing an economic forecasting model that incorporates climate change considerations and establishing the System for Integrated Environmental and Economic Accounting (SEEA). To address the impact of climate change risks on financial stability we recommend creating a climate change stress test model and reinforcing macroprudential policy role of the Bank of Korea. As credit policy tools for supporting the transition to a low-carbon economy, we suggest a green bank-intermediated lending support facility, expansion of eligible collaterals, haircut adjustment of collateral securities, and the implementation of a climate response bond purchase program. We also review the strengths and weaknesses of each policy tool.

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