글로벌 금융위기와 금융산업의 구조재편 - 금융산업의 역사와 발전전략 -
The Financial Services Industry in the Global Financial Crisis
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이 논문은 글로벌 금융위기 이후 진행되어 온 미국과 유럽 금융산업의 재편 동향을 정리하고 그로부터 정책적 시사점을 찾기 위한 것이다. 특히, 미국에서 투자은행업과 상업은행업을 재분리하려는 개혁 움직임이 2010년 7월에 제정된 미국의 금융규제개혁법에 어떻게 반영되었는지를 역사적 배경과 함께 살펴보았다. 현재 국내에서 진행되고 있는 유니버설뱅킹과 메가뱅크 논의가 미국과 유럽에서의 움직임으로부터 어떤 영향을 받을 것인지를 진단하였고 미국과 유럽의 주요 은행들의 사례를 검토하였다. 이 논문은 미국에서의 논의는 미국 특유의 정치적 상황의 부산물이므로 미국에서의 제도변화 동향에 지나치게 민감하게 반응하지 않으면서 메가뱅크 계획보다는 유니버설뱅크 계획을 추진하는 것이 바람직하다고 결론 내린다. 이 논문은 상업은행업과 투자은행업간의 업무 경계획정 기준은 상업은행은 국가가 제공하는 안전망의 보호 하에 있기 때문에 그를 망각하지 않는 범위 내에서만 영업활동이 허락되어야 한다는 것으로 설정하자고 제안한다.
Abstract
This Article reviews the restructuring of the global financial services industry that has been going on since the outbreak of the financial crisis in 2008. The purpose of the review is to get some lessons to the financial services industry in Korea. Korea has the plan for moving toward the universal banking system that is prevailing in Europe, as well as in the United States since the enactment of the Gramm-Leach-Bliley Act in 1999. This Article also studies the historical background of the Glass-Steagall Act of 1933, along with the developments in the markets that did lead to the Gramm-Leach-Bliley Act. It analyses the discussions towards the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in terms of the reinstatement of the Glass-Steagall Act. This Article concludes that the developments and discussions in the United States have been shaped largely through politics in the United States then and now, and, accordingly, advises the Korean government not to react to them sensitively. To support the argument it looks into the situation in Germany and Switzerland. This Article agrees to the proposition that commercial banking activities of a universal bank should not stray too far from their central mission of serving their customers. Finally, this Article negatively comments on the Korean government’s plan for the so-called ‘megabank’.
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