전환기 한국은행의 역할

Abstract

Korea is in a transitional period due to the increased uncertainty in a world economy and accumulation of domestic structural problems. At this juncture, the Bank of Korea should aim at achieving not only price stability but also financial stability. Financial stability can be obtained by preventing occurrence of financial systemic risks. Three major financial risks in Korea are those; boom bust cycle in real estate markets, a large amount of abrupt capital flows due to the differentials between domestic and international interest rates, and risks involved in increased connectedness among financial institutes and increased share of non-bank financial institutes. The Bank of Korea should put major emphases on achieving financial stability, watching and analyzing the developments of real estimate markets, flows of capital and the speed of increasing household debts, when it carries out monetary policies. For the financial stability, the optimal combinations of monetary and macro-prudential policies are required. The monetary policies have influences on the macro-prudential policies and vice versa. In Korea, however, the Bank of Korea is in charge of monetary policies while the financial authorities are responsible for macro-prudential policies. To resolve the current problems, it is desirable to establish tentatively named “Financial Stability Board” consisting of Ministry of Strategy and Finance, Bank of Korea, and financial authorities. Financial Stability Board can take full responsibilities for macro-prudential policies and making important decisions concerning financial stability. The Bank of Korea, however, should remember the first line of responsibility for financial stability falls upon the monetary policies of the Bank of Korea. Independence of the Bank of Korea only can be secured when the Bank of Korea fulfills its responsibility for price and financial stability successfully.