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거시건전성규제, 금융감독기구의 독립성 및 은행의 외부거버넌스: 은행산업의 금융안정성과 시스템위기에 대한 효과

The Macroprudential Policy, the Independece of the Financial Supervisory and the External Governance of Banks: Their Effects on the Financial Stability and the Possibility of the Systemic Crises

김인배
한국경제학회 (The Korean Economic Association)|2022.10|한국경제포럼 (The Korean Economic Forum)|제15권 제3호|pp. 1-25|DOI 10.22841/kefdoi.2022.15.3.001

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참고문헌

키워드

macroprudential policy금융안정성financial stabilityexternal governance거시건정성규제금융감독기구 독립성외부거버넌스financial supervisory’s independence
주제분류경제학

초록

본고는 거시건전성규제와 금융감독기구의 독립성 및 은행산업의 외부거버넌스가 은행산업의 금융안정성 및 시스템위기 가능성에 미치는 영향을 살펴보았다. 실증분석결과는 다음과 같다. 첫째, 은행산업의 시스템위기를 평상시 금융안정성의 극단적인연장으로 이해해서는 곤란하다. 둘째, 위의 세 가지 핵심 규제 및 제도 모두 금융안정성에 장기 지속적인 효과를 보이는데, 이는 펀더멘털을 질적으로 개선함을 의미한다. 셋째, 거시건전성규제 및 금융감독기구의 독립성 강화는 금융안정성을 높인다. 특히 거시건전성규제는 그 수준이 상대적으로 낮은 국가들에서 차별적으로 더큰 효과가 나타났다. 넷째, 은행산업의 외부거버넌스 강화는 전반적으로는 금융안정성을 하락시킨다. 그러나 금융안정성을 높이는 긍정적인 효과도 존재하는데, 이는주로 외부거버넌스 수준이 상대적으로 낮은 국가들에서 장기 지속적으로 나타난다. 다섯째, 은행산업의 시스템위기 가능성을 줄이기 위해서는 거시건전성규제와 외부거버넌스 강화가 효과적일 뿐 아니라 그 효과도 즉각적이다.

Abstract

This paper investigates the effects of the macroprudential policy, the financial supervisory’s independence and the bank’s external governance on the financial stability and the systemic crisis possibility of the banking industry. The results are as follows: (i) The banking sector’s systemic crises should not be analized as an extreme extension of its financial unstability. (ii) Those key policy and governances have a long run sustaining effects which indicate that they might improve the banks’ fundamentals qualitatively. (iii) The macroprudential policy and the financial supervisory’s independence enhance the financial stability, while the former has more positive effect in the countries where its strength is comparatively lower than the other countries. (iv) The bank’s external governance reduces the financial stability, but it also has a positive effect, that can be found distinctly in the countries where the strength of the external governance is comparatively lower than the other countries. (v) The macroprudential policy and the external governance tend to be immediately effective in reducing the possibility of systemic crises.

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