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미국발 금융위기의 주범은 정부규제인가?

Is the government regulation to blame for the US financial crisis?

박종현
한국사회경제학회 (Korean Association for Political Economy)|2011.11|사회경제평론 (The Review of Social & Economic Studies)|제37권 제1호|pp. 39-81

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참고문헌

키워드

금융위기financial crisis지역재투자법Community Reinvestment Act정부보증기구government-sponsored enterprise
주제분류경제학

초록

이 논문의 목적은 미국발 금융위기를 정부의 지나친 규제에서 찾는 주장들의 타당성을 확인하고 이들의 주장을 넘어설 대안적 위기 진단의 틀을제시하는 데 있다. 정부규제 주범론의 출발점은 소득불평등이 심화되는 상황에서 가난한 사람들의 주택소유를 늘려 사태를 해결하려던 정치권의 의도와 정부의 규제가 금융위기를 가져온 근본적인 원인이라는 문제의식이다. 이들은 특히 은행들로 하여금 위험에 대한 고려 없이 저소득층에게 대출을늘리도록 압박한 지역재투자법과 서브프라임 MBS에 대한 투자를 늘림으로써 모기지시장의 증권화를 부추긴 정부보증기관이 이번 사태의 주범이라고주장한다. 이 논문은 정부규제 주범론의 이론적 현실적 근거가 대단히 취약하다는 점을 확인했고, 금융위기의 진정한 원인이 금융권의 무분별한 자기이익 추구행위와 이를 방조한 규제감독당국, 그리고 소득분배의 악화와정치과정의 왜곡이었음을 밝히려 했다.

Abstract

The purpose of this paper is to assess the validity of the views that blame the government regulation for the US financial crisis. Their starting point is that the political response to rising income inequality through the expansion of lending to households was the deep roots of the crisis. They contends that the Community Reinvestment Act pushed banking institutions to undertake high-risk mortgage lending and the Government Sponsored Enterprises stirred up the securitization via increasing the subprime MBS investments. However,this paper finds out that factual and theoretical grounds of the views to blame the government regulation are very weak. The real causes of the crisis has been related with the relentless pursuit for profit and the failure to regulate the banking industry and the skewed political processes that favor the very rich and the financial sectors.

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