비전통적 통화정책과 현대화폐이론(MMT)
Unconventional Monetary Policies and Modern Monetary Theory
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이 글은 재정정책과 통화정책의 새로운 조합의 가능성에 주목하는 다양한 비전통적 통화정책을 대차대조표 효과 측면에서 비교 분석하고 이와 관련해 새로운 시각을 제시하는 현대화폐이론에 대해 논의한다. 이를 위해 먼저 글로벌 금융위기 이후 양적완화가 도입된 역사적 과정을 개관하고 양적완화의 전달경로에 내포된 문제점을 내생화폐론의 관점에서 비판적으로 규명한다. 그리고 실물경제에 대한 직접적인 지원을 특징으로 하는 대안적 정책 구상으로서 전략적 양적완화, 직접 및 간접 헬리콥터머니, 재정화폐 등에대해 살펴본다. 오늘날 현대화폐이론은 지급결제시스템의 제도 맥락에서 재정정책과 통화정책의 연관성을 조명함으로써, 전통적인 통화정책체계를 대신해 재정정책과 통화정책의 상호 조율된 결합을 고민하는 과제에 있어 의미 있는 시사점을 제공할 수 있는 것으로 보인다. 다만 이 글에서는 이 정책적 시사점과 함께 현대화폐이론의 이론적 발전 과제를 밝히고자 하였다.
Abstract
This paper aims to perform comparative analyses about the balance-sheet effects of various unconventional policies which pay attentions to the possible new combinations between fiscal and monetary policies. It also aims to discuss on Modern Monetary Theory (MMT) that provides new perspectives around the unconventional policy issues. Firstly, this paper overviews the historical developments during the global financial crisis which ended up with adopting quantitative easing, and critically evaluates the inconsistencies inherent in its propagation channels. After that, the alternative policy proposals including strategic quantitative easing, direct or indirect helicopter drop, fiscal money, and the like, are illustrated with their characteristics of going direct into the real economy. It can be argued that MMT can be partly supported in that it clarifies the monetary-fiscal nexus from the institutional context of payment and settlement system, and thus gives us some implications in the task of pondering over coordinated combinations of monetary and fiscal policies that may replace the traditional operating framework of monetary policies in the future. However, this paper also attempts to clearly state some of the theoretical problems of MMT, which demand open conversations between post-Keynesians and MMTers.
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