미국 금융위기의 원인: 유동성 추구와 금융취약성 강화
Financial Crisis in the U.S.: Pursuit of Liquidity and Increasing Financial Fragility
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미국 금융위기는 주택저당 대출의 붐과 자산시장의 거품, 붕괴라는 전형적인 금 융위기의 형태를 보여주기도 하지만, 보다 중요하게는 자산유동화증권 발행과 이 의 펀드편입과 같은 자본시장 발전을 통한 금융거래의 과잉팽창이라는 특수한 형 태를 띠고 있기도 하다. 따라서 미국 금융위기의 원인에 대한 분석은 기존의 설명 과 같이 금융자유화 이후 심화된 금융기관의 도덕적 해이나 면허가치 저하로 인 한 위험행동 감행의 결과로 분석하는 것으로는 불충분하다. 우리는 이 논문에서 미국의 현 금융위기는 금융기관의 도덕적 해이의 결과가 아 니라, 금융활동의 유동성과 수익성 추구라는 금융본성의 행동전략이 강화된 결과 이며, 이 본성을 강화시킨 여러 제도적 정치적 요소들의 결합으로부터 발생했다 고 주장한다. 80년대 이후 전개된 금융자유화와 최근 더욱 발전한 금융혁신은 이러한 금융의 본성 추구를 가능하게 만든 주요한 하나의 제도적 조건을 형성했다. 그리고 1990 년대 후반 이후 강화된 금융지배 질서 속에서의 금융친화적 통화정책은 금융의 본성을 충분하게 발휘하도록 하는 정치적 조건을 형성했다. 따라서 미국 금융위 기는 한편으로는 금융자유화와 금융혁신, 그리고 다른 한편으로는 금융친화적 통 화정책에 의해 강화된 금융 본성의 행동전략 결과라고 할 수 있다.
Abstract
The financial crisis in the U.S. differs from the other financial crises which have developed in many countries. The U.S. financial crisis occurred in the country that have the most developed financial market and the most effective supervision authorities, and rooted in the increasing risk in capital market rather than in the increasing in bank lending. The U.S. financial crisis, therefore, may be explained differently from the existing financial crisis theories. This paper argues that the U.S. financial crisis arises from the strengthening of the nature of finance, that is the pursuit of financial liquidity and profitability, and the institutional development, which can support the pursuit of financial nature, not from the moral hazard of financial institutions. The pursuit of liquidity in financial sector has developed the securitization in the capital market and it has boosted the lending boom. These resulted in the excess expansion in the trading of capital market and the lending boom in the subprime mortgage market.
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