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쌍봉(Twin Peaks) 모형의 이론과 실제

The Theory and Practice of the Twin Peaks Model

김홍범
금융감독원 (Financial Supervisory Service)|2019.11|금융감독연구 (Journal of Financial Regulation and Supervision)|제6권 제2호|pp. 225-284|DOI 10.23229/fss.2019.6.2.006

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참고문헌

키워드

소비자보호Consumer Protection금융감독Financial Supervision쌍봉모형의 이론과 실제건전성감독과 행위감독 간 상충과 보완성Theory and Practice of the Twin Peaks ModelConflict vs. Complementarity between Prudential Supervision and Conduct Supervision
주제분류경제학

초록

2012년 대선 전후로 한동안 전개되었던 감독개편 논쟁은 결국 무위로 끝났다. 하지만, 당시 논쟁을 통해 우리 사회는 쌍봉모형이 소비자보호 강화에 효과적이라는 특별한 기대를 갖게 된 것으로 보인다. 이 글은 과연 쌍봉모형이 소비자보호 강화를 위해 합당한 대안인지 여부에 관한 우리 사회의 올바른 판단에 기여하고자 한다. 이를 위해, 이 글은 지난 4반세기 동안 전개된 쌍봉모형의 이론과 쌍봉감독국들의 실제 경험을 객관적으로 검토·평가한다. 구체적으로, 호주·캐나다·네덜란드·영국 등 8개 쌍봉감독국을 대상으로 각국의 감독조직화 실태를 조명함으로써 ‘정형적’ 이론과는 달리 쌍봉모형의 실제가 전반적으로 ‘무정형적(amorphous)’임을 보인다. 또한, 동 모형의 종주국인 호주에서는 2000년대의 몇몇 대형 금융파산에 이어 2010년대 중반부터는 위법행위의 만연 등으로 쌍봉모형의 두 축인 건전성감독과 행위감독 간 간격이 꾸준히 좁혀져왔고 심지어 부분적으로는 중첩되는 형국이다. 이러한 현실은 “건전성과 기업행위 사이에 명확한 선을 그을 수 있다”는 쌍봉 이론의 기본 전제가 실제로는 성립하기 어려울 수 있음을 시사한다. 끝으로, 이 글은 쌍봉모형의 이론과 실제가 우리나라에 주는 정책적 함의도 논의한다.

Abstract

The case for reforms on the supervisory architecture was hotly debated, to no avail, for some time around the 2012 Presidential Election in the Republic of Korea. Expectations seem to have since been high that the adoption of the twin peaks model should enhance consumer protection in particular. The paper aims at contributing to the future social consensus as to whether the twin peaks model be a legitimate alternative for this country. The paper provides a broad review and evaluation of the theory and practice of the twin peaks model for the last quarter century since its birth in the middle of the 1990s. Twin peaks regimes are shown to be different across eight countries included in our review and thus broadly amorphous in practice. Australia, which is known for its first adoption of the twin peaks model in 1998, has so far suffered from several huge financial failures and from widelyprevailing financial misconduct since the turn of the 21st century. In my judgment, all these are an indication of the fact that the basic premise underlying the model, which says in theory that “a clear line could be drawn between prudential and conduct of business," is hard to hold in practice. Finally, briefly discussed are policy implications of the paper to Korea.

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