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은행의 신용창출 기능에 대한 소고

Can Banks Individually Create Money?: A Survey of Theories and Empirical Evidence

김수현|박기영
예금보험공사 (Korea Deposit Insurance Corporation)|2017.06|금융안정연구 (Financial Stability Studies)|제18권 제1호|pp. 77-111|DOI 10.26588/kdic.2017.18.1.004

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참고문헌

키워드

통화정책은행대출금융중개LendingFinancial intermediationReservesMonetary policy신용창출지불준비금Credit creation
주제분류경제학

초록

은행은 과연 신용을 창출할 수 있는가? 신용 창출이 가능하다면 얼마만큼, 어떤 경로로 창출할 수 있는가? 최근 은행의 신용 창출 여부와 그 범위에 대한 논의가 다시 활발해 지고 있으며 어떤 이론적 시각을 택하는지 여부에 따라 이론적 모형 설정에 대한 시사점을 넘어서 통화정책과 거시건전성 정책에 대해 중요한 함의를 가질 수 있다. 본고는 은행이 독자적인 신용 창출을 할 수 있다는 신용창출(credit creation) 이론, 은행은 단순히 자금의 중개 역할만을 한다는 금융중개(financial intermediation) 이론, 개별 은행은 신용 창출을 할 수 없지만 은행 시스템 전체는 신용을 창출할 수 있다는 부분지준(fractional reserve) 이론의 내용과 역사적 논의를 살펴보고 통화정책과 금융규제에 대한 함의를 고찰하는 것을 목적으로 한다. 각 이론의 내용을 살펴 본 뒤, 이론적 모형에 대한 함의와 신용창출 이론을 중심으로 이론의 현실 적합성에 대한 실증적 증거들을 고찰하고 양적완화를 비롯한 비전통적 통화정책에 대한 해석, 금융규제 등에 대한 시사점을 논의한다.

Abstract

Can a bank create money out of nothing? If so, how and how much a bank create money? While this issue has not been settled, academic and practical interest on the issue has been revived after Global Financial Crisis. Three theories are identified in the literature. Credit creation theory maintains that each individual bank is capable of creating money out of thin air, while financial intermediation theory models banks as mere financial intermediaries, collecting deposits that are to be lent out. Fractional reserve theory argues that each individual bank cannot create money but the banking system collectively can. The question of which of the theories is adopted has important implications for understanding monetary policy and banking system. We examine the historical backgrounds and arguments of three theories and present empirical evidence. We also discuss the implications of credit creation theory for unconventional monetary policy such as quantitative easing and financial regulations.

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