금융협동조합의 시스템리스크와 규제감독: 미국신협시스템 사례
The Systemic Risk of Financial Cooperative Network and Its Regulation: A Case of the American Credit Union System
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본 논문은 글로벌 금융위기 시 대형 법인신협들의 과다한 민간발행 MBS 투자로 인한 손실이 유동성 위기로 이어져 미국신협 전체가 손실을 부담해야 했던 경우를 사례로 금융협동조합 네트워크의시스템리스크와 이를 최소화하기 위한 규제감독을 고찰한다. 미국 법인신협 사태는 중앙은행 역할을 하는 조직이 협동조합 형태로 조직됨으로 인한 조직특성상 취약점과 네트워크로 연결된 금융협동조합시스템의 강점을 동시에 보여주었다. 지배구조로 인한 임직원의 전문능력 문제, 자본조달의어려움 등 취약점으로 인해 시스템 위기까지 갔으나 결과적으로는 이러한 시스템 내 조직들 간 상호협동관계로 위기를 해결할 수 있었다. 이후 위기 재발을 방지하고 시스템리스크를 최소화하기 위한 신협감독기구의 법인신협 규제감독 개편은 취약점을 줄이기 위한 방향으로 이루어졌으며, 결과적으로 신협이기는 하나은행과 유사한 형태의 신협을 만들어냈다.
Abstract
This paper discusses the systemic risk of the financial cooperative network and its regulation, using the American credit union case in which the overinvestment of private label MBS by corporate credit unions caused a liquidity crisis, and the resulting losses had to be covered by all credit unions. The American case shows both weaknesses of a cooperative form of organization and advantages of being part of a cooperative network, when an organization functioning as a central bank for primary credit unions takes on a cooperative form. The American regulatory agency for credit unions revamped its rules and regulations to prevent a recurrence of this crisis and to minimize systemic risks, focusing on reducing structural weaknesses. This resulted in the creation of a credit union structure like that of a commercial bank.
참고문헌 (30)
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