우리나라의 시뇨리지 변동추이와 정책과제
Seigniorage and Policy Implication for Korean Economy
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초록
우리나라의 경우 전통적 방식에 의한 시뇨리지 수입 추계결과 1990년대 중반까지 대체로 증가하였던 화폐시뇨리지가 최근에 들어서는 여타 주요선진국들처럼 그 규모가 줄어드는 모습을 보이고 있다. 더구나 화폐시뇨리지에 수입이자와 유가증권 매매익 등을 포함한 총시뇨리지도 외환위기 이후 정체하는 모습을 보여주고 있다. 우리나라 중앙은행은 주요 선진국에 비해 총자산중 외화표시자산과 통화안정증권 등 이자부부채의 비중이 매우 큰 특징을 지니고 있다. 따라서 국내외 금리가 상승하고 원달러환율마저 하락세로 돌아설 경우 통안증권이자부담 증대, 보유유가증권과 외화자산 등의 매매손과 평가손 확대 등으로 총시뇨리지 수입이 급감할수 있다. 이렇게 되면 중앙은행이 통화정책 운영을 위한 재원확보에 제약을 받아 금리 조절과 통화정책의 재무적 독립성(financial indepeudence) 확보 등에 애로를 겪을 가능성을 배제하기 어렵다.이러한 점을 감안 중앙은행은 통화정책의 독립적 수행에 필요한 시뇨리지를 사전에 안정적으로 확보하기 위해 전자지급수단에 대한 지준부과 및 자산준비금제도 도입, 법정지준제도의 단계적 폐지 및 지준부리제도 도입, 원화국제화, 고액권발행 및 정부와의 시뇨리지 수입 배분방식 개선 등의 방안을 적극 추진할 필요가 있다.
Abstract
Most central banks nowadays recognize their seigniorage gradually reducing because the demand for high-powered money vanishes largely due to easy access to the electronic payment system and elimination of the required reserve system. We estimate seiniorage of Korean economy in this paper, which shows that money seiniorage recently has seen gradual fall while import interest and asset transaction profit became the major component in total seiniorage since Asian Crisis. Moreover, since The Bank of Korea holds large amount of foreign assets and Monetary Stabilization Bonds in its balance sheet, it could suffer great loss in total seiniorage in case of interest hikes and exchange rate appreciation, and, thereby, lose financial independence along with operational capability. Considering all these difficulty, The Bank of Korea should, in order to guarantee enough seiniorage for their financial and operational independence, adopt necessary measures such as imposing reserve requirement on the electronic payment system, introducing the channel system, and issuing higher valued bills.
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