금융혁신과 금융안정
Financial Innovation and Financial Stability
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초록
상품혁신, 과정혁신, 제도혁신 등 다양한 형태로 진행되는 금융혁신은 금융산업의효율성 향상을 통해 실물경제의 성장에 긍정적인 효과를 주는 반면, 금융안정에 대해서는 긍정적 및 부정적 효과가 혼재한다고 보는 것이 대체적인 시각이다. 과도한금융혁신은 양날의 칼이 되기 때문이다. 금융혁신의 파급효과는 한 나라의 금융시스템 발전단계나 경제상황에 따라 크게 영향을 받게 되므로 이론모형보다는 실증분석을 통해 종합적으로 따져 보아야 한다. 이러한 점에서 본고는 금융혁신 관련 논의를 개념, 동인, 효과 측면에서 살펴보고, OECD 국가들의 금융혁신의 대용지표를 이용한 관계분석으로부터 금융안정을 위한 정책적 시사점을 도출하였다. 금융혁신은은행산업의 성장성과 수익성에 양(+)의 효과가 있지만, 안정성에는 (통계적으로 유의하지 않은) 음(-)의 효과를 주는 것으로 추정되었다. 한편 우리나라의 경우, 금융혁신 활동은 관련 지출액이 낮은 데 비해 성장성에 크게 기여하였으나, 수익성과 안정성에는 큰 도움이 되지 못한 것으로 나타났다. 또한 글로벌 혁신지수(GII)와 경제적 자유지수(EFI)의 세부부문 평가에서 한국이 제도와 규제 측면에서 낮은 점수에그친 점을 감안할 때, 향후 규제효율성 제고를 통한 금융혁신의 개선 여지가 클 것으로 기대된다. 이는 시장․상품 혁신보다는 제도․규제 혁신이 우리나라 금융산업의 성장과 안정에 더 크게 기여할 수 있음을 시사해 주고 있다.
Abstract
It is widely viewed that financial innovation, conducting in various forms of product, process, and institution, has a positive effect on the growth of the real economy by improving the efficiency of the financial industry. On the other hand, there are mixed evidences of its effect on financial stability in the sense of a double-edged sword. Since the channels and impacts of financial innovation are greatly influenced by the development stage of a country’s own financial system and economic situation, it should be comprehensively examined through empirical analysis, rather than by theoretical models. In this respect, this paper discusses on financial innovation in terms of concepts, drivers, and effects, and derives some policy implications from empirical analysis, using proxy indicators for financial innovation in OECD countries, Our preliminary results show that financial innovation has a positive effect on the growth and profitability of the banking industry, but has a negative (statistically insignificant) effect on stability. In contrast with such a finding for OECD countries, Korea’s financial innovation activities can be characterized by high growth performance with low profitability and weak stability. Judging from low scores in institutional and regulatory factors of the Global Innovation Index and the Economic Freedom Index, it is expected that there will be further room for improvement in financial innovation activities to enhance regulatory efficiency. This suggests that regulation innovation, rather than market and product innovation, can contribute more to the growth and stability of Korea’s financial sector.
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