금융규제 투명성과 금융안정
Transparency of Financial Regulation and Financial Stability
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초록
1990년대말 일부 아시아 국가에서 발생한 외환위기의 주요 원인중 하나가 금융규제의 불투명성이라는 논의가 확산되어왔다. 본고는 이러한 점에 착안하여 금융규제 투명성과 금융안정간 관계에 대해 실증 분석하였다. 금융규제의 투명성은 금융정책과 관련된 목적, 법･제도의 체계, 정책결정의 내용과 근거, 정보 등을 일반대중에게 적절한 방법으로 제공되는 환경을 의미한다. 금융안정이란 금융시스템을 구성하는 주요 금융기관과 금융시장이 안정적으로 작동하는 상태로 정의된다. 본고는 실증분석을 위하여 환율과 외환보유액 변동을 고려하여 산출한 금융불안정성 지표, 주식수익률 및 민간신용의 변동성과 은행위기 발생 여부 등의 통계자료를 이용하였다. 분석 결과 금융규제의 불투명성은 금융불안정성을 심화시킬 뿐 아니라 은행위기 발생 가능성도 높인 것으로 나타났다.
Abstract
The view has gained wide acceptance that one of the causes of the Asian currency crisis that broke out in 1997 was the opacity of financial regulations in Asian countries. Taking this as our starting point, we analyze the influence of the transparency of financial regulation on financial stability using international data. The data that we use for the analysis include the index of financial instability, volatilities of stock return and private credit, and episodes of banking crises between 1994 and 2005. We also construct an index to measure the opacity of financial regulation using the Index of Economic Freedom published by Heritage Foundation. It is found empirically that an increase in the opacity of financial regulation intensifies financial instability and raises the likelihood of a banking crisis.
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