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2008년 글로벌 금융위기 이후 국제금융규제의 보조적(auxiliary) 변화

An Auxiliary Change in International Financial Regulation after the Global Financial Crisis of 2008

정재환
사회과학연구소 (Institute of Social Sciences SOGANG UNIVERSITY)|2020.12|사회과학연구 (Journal of Social Science)|제28권 제2호|pp. 8-37|DOI 10.17787/jsgiss.2020.28.2.8

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국제금융규제2008년 글로벌 금융위기거시건전성 규제자본이동관리방안International Financial Regulationthe Global Financial Crisis of 2008Macroprudential RegulationCapital Flow Management Measures
주제분류정치외교학

초록

본 논문은 2008년 글로벌 금융위기 이후 국제금융규제의 변화를 분석한다. 2008년 위기 이후 국제금융규제의 변화를 이해하기 위해서는 패러다임 전환과 현상유지라는 이분법적 구분을 벗어나서 제한적 변화의 상이 한 양태를 파악하는 것이 중요하다. 특히 본 논문은 기존 제도의 중핵원리가 유지된 상태에서 보조가설만 변경되는 제한적 형태의 보조적 변화를 강조한다. 2008년 위기 이후 거시건전성 규제와 자본이동관리방안 등의 새로운 규제가 도입되었지만 이는 기존 금융규제제도의 중핵원리가 유지된 상태에서 보조가설만 변경된 제한적 형태의 보조적 변화로 이해해야 한다. 2008년 위기가 신자유주의적 금융지구화의 중심부인 미국에서 촉발된 위기였음에도 불구하고 국제금융규제의 변화가 제한적 형태의 보조적 변화에 머물렀던 이유는 국제 금융개혁의 주도권을 신자유주의적 지구화를 추구해왔던 미국과 국제기구들이 차지했기 때문이었다. 2008 년 위기 이후 미국은 국제적 최종 대부자의 역할을 수행하면서 국제금융개혁의 주도권을 가지게 되었다. 또 한 국제금융개혁을 주도했던 국제기구의 구성원 역시 크게 변화하지 않았다. 2008년 위기 이후 새롭게 도입된 거시건전성 규제와 자본이동관리방안은 위기 이전에 이미 국제결제은행과 국제통화기금에서 논의되어온 주제였다. 이와 같은 국제금융개혁의 조직적 경로의존성은 국제금융규제의 관념적 경로의존성을 초래하여 기존 국제금융규제의 중핵원리는 위기 이후에도 큰 손상 없이 유지될 수 있었다.

Abstract

This article aims to analyze a change in international financial regulation after the global financial crisis of 2008. After the 2008 crisis, there has been a remarkable change in international financial regulation with the introduction of macrorpudential regulation and capital flow management measures. This change can be understood as an auxiliary change in which auxiliary hypotheses are added into existing financial regulation while its hard core assumptions are maintained. This auxiliary change has contributed to stabilizing neoliberal financial globalization rather than bringing about the paradigm change of financial regulation. The reason why the efforts to reform international financial regulation after the 2008 crisis ended up in an bounded, auxiliary change is that the US and international financial organizations dominated reform agendas. Acting as an international lender of last resort, the US was able to lead international financial reform. Also, macrorpudential regulation and capital flow management measures were the issues that the Bank for International Settlements and the International Monetary Fund had discussed and developed before the 2008 financial crisis occurred. As a result, the organizational path dependency of international financial reform led to the ideational path dependency of international financial regulation and thus the hard core assumptions of international financial regulation remained largely intact.

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