G20 체제의 금융시스템 개혁안-BIS 은행규제를 중심으로
The Financial System Reform of G20 Regime-BIS’ Bank Regulation
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이 글은 G20 체제의 금융시스템 개혁안 가운데 BIS 은행규제 개혁안을 살펴보고 그 성과와 한계를 평가하고 있다. 바젤 자본요건은 위험에 기초하여 자본요건을 부과하는 방식에 기초하고 있다. 위험에 기초한 자본요건의 세련화는 근본적 리스크를 반영하기 위해 규제적 자본을 경제적 자본으로 수렴시켰다. 그러나 규제가 개별은행의 행동과 리스크 관행을 개선하는 데 지나치게 집중하고 보다 광범위한 시스템적 문제에 너무 적게 집중함으로써 과도한 경기순응성을 낳았다. 이와 같은 규제에 대한 미시건전성 접근은 한 기관을 안전하게 하는 것과 시스템 전체의 안정성을 유지하는 것 사이에 존재하는 상충관계를 충분히 고려하지 못하고 있다. 위기 과정에서 드러난 기존 규제 체계의 한계에 대한 교훈을 통해서 바젤위원회는 세계적 수준의 자본 및 유동성 규제를 강화하고자 한다. 바젤위원회의 개혁안은 미시건전성 규제를 강화할 뿐만 아니라 경기역행적 조치의 도입과 거시건전성 규제를 통해 시스템적 감시를 개선하고 있지만, 여전히 비정치적이고 기술적인 논의에 국한되고 있다.
Abstract
This article studies and evaluates the financial system reform of G20 regime, especially BIS’ bank regulation. Basel capital requirement is based on risk-adjusted capital. The sophistication of risk-based capital has made regulatory capital to converge toward economic capital to reflect underlying risks. But the regulation has been excessively focused on improving the behavior and risk management practices of individual bank, while it has been too little focused on wider systemic issues. As a result it gives rise to excessive procycalicality. Thus it is confirmed that micro-prudential approach is not fully taking into account conflicts between the soundness of individual institution and the stability of whole system. Basel Committee seeks to strengthen the global capital and liquidity regulation framework since the current regulation framework didn’t work during the latest financial crisis. The reform of Basel Committee is considering how to enhance current micro-prudential regulation and improve systemic monitoring by introducing counter-cyclical measure and macro-prudential regulation. But the arguments on reform remain apolitical and technical.
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