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중앙은행 역할과 권한 확대의 민주적 정당성

The Democratic Legitimacy of the Central Bank's Role and Discretion Expansion

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주제분류경제학

초록

본 연구는 글로벌 금융위기 이후 코비드 19 사태 대응까지 거시경제와 금융안정을 위해 외국의 중앙은행들이 새롭게 수행한 정책들을 정당성의 관점에서 평가하고 향후 중앙은행 정책 수행의 정당성 증진을 위한 제도 개선의 방향을 탐색한다는 목적을 갖는다. 유럽, 미국, 영국, 일본 등에서 수행된 통화정책과 건전성 정책 변화에 대해 제기된 정당성 비판들을 정리하고 중앙은행 정책 수행의 정당성 증진 방안을 모색하고 있는 이론적 접근들을 살펴보고 있다. 이러한 이론과 외국 사례가 한국은행의 정책 수행과 제도 개선에 주는 시사점을 도출한다.

Abstract

This study evaluates the crisis response policies newly implemented by foreign central banks for macroeconomic and financial stability from the perspective of legitimacy, and explores the direction of institutional improvement to enhance the legitimacy of central bank policy implementation in the future. It summarizes legitimacy challenges to unconventional monetary policies and prudential policies carried out in Europe, the US, the UK, and Japan, and examines theoretical approaches that seek ways to enhance the legitimacy of central bank policy implementation. These theories and foreign cases draw implications for the policy implementation and institutional improvement of theBank of Korea.

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