통화정책 목적으로서의 물가안정과 금융안정
Price Stability and Financial Stability as Monetary Policy Objectives
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초록
물가안정과 금융안정은 모두 포기할 수 없는 정책과제다. 그러나 금융안정을 위해서는 통화정책보다 더 효과적이고 다양한 정책수단을 보유하고 있는 금융당국이 존재하는 반면, 중장기적인 물가안정은 통화당국 이외에 감당할 수 있는 정책당국이없다. 한국은행법 제1조에 ‘물가안정’이 통화정책의 주된 목적으로 적시되고, ‘금융안정’이 보조적 목적으로 제시된 이유가 여기에 있다고 이해된다. 금융안정을 고려하여 인플레이션의 일시적 목표수준 이탈을 용인하는 통화정책이 바람직한 경우도있겠으나, 그와 같은 이탈이 항구화되지 않도록 관리하는 것이 통화당국에게 부여된 ‘물가안정’ 책무라고 할 수 있다. 총수요 상황을 함축적으로 전달하는 기조적 물가(인플레이션)의 안정은 실물경기의 안정뿐 아니라, 우리 경제가 축소 순환 혹은디플레이션의 늪에 빠질 가능성을 경계하는 정책방향이기도 하다.
Abstract
Both price stability and financial stability are the policy objectives that a government should not give up. However, the central bank is the sole authority responsible for price stability, whereas, as for financial stability, financial authorities are delegated with more diverse and effective policy measures than monetary authority. This is the reason that Article 1 of the Bank of Korea Act stipulates ‘price stability’ as the main objective and ‘financial stability’ as an auxiliary one. In this light, it should be regarded as the mandate of the Bank of Korea not to perpetuate the deviation of inflation from the target, though it may be desirable to allow temporary deviations for the sake of financial stability. Yet, Korea’s inflation has been secularly lowered below the official target since 2012 as a result of monetary policy emphasizing financial stability over price stability, and finally approached the level provoking deflation woes. This paper argues that restoration of inflation targeting as a monetary policy framework is urgent to guard the Korean economy against the risk of vicious cycle of contraction, or deflation spiral.
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