금융감독과 중앙은행: 우리나라의 감독 조직화 방안 모색
Financial Supervision and Central Banking: A Review in Search of Ways to Organize Financial Supervision in Korea
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초록
이 글은 감독 조직화(기관구조)에 주된 초점을 맞춰 금융감독의 글로벌 추세를 검토하고 이를 분석적으로 논의한다. 검토는 1980년대 후반에 시작된 대완화기(Great Moderation)와 글로벌 금융위기 및 최근의 코로나19 위기를 모두 포함하는 약 35 년(1987～2022)의 기간을 커버하며, 동 기간 내내 금융감독의 통합도가 증가해 왔다는 점을 확인한다. 이는 곧 금융감독의 여러 정책기능 간 보완성이 점점 더 중시되어 왔음을 뜻한다. 특히, 글로벌 위기 이후 지금까지 약 15년 동안 중앙은행의 금융감독 책임이 다양하게 확대되어 왔다는 점도 확인한다. 관련하여, 중앙은행의 감독 책임 확대가 가져오는 가능한 편익과 비용에 대해 문헌 검토를 통해 분석적으로이해해본다. 글로벌 추세와 최근의 국내적 상황(한국 금융의 정치화와 금융감독의정치포획 심화)을 두루 감안하여, 이 글은 법률적 독립성을 갖춘 한국은행에게 미시건전성정책과 거시건전성정책을 맡김으로써 한은을 감독의 중심에 세우는 새로운감독개편 방안을 제안한다. 동 방안은 한국의 현행 감독체계를 장기간 왜곡시켜온‘이원 기관구조’와 ‘금융감독․금융(산업)정책 간 이해상충’의 문제를 단칼에 해결해줄 거의 유일한 현실적 해법이다.
Abstract
This paper carefully looks at global trends in organizing financial supervision for over the last three and a half decades (specifically, 1987～2022) covering the post-crisis years (the Global Financial Crisis, the Covid-19 Crisis, and their respective aftermaths) as well as the pre-crisis ones (Great Moderation). It finds that the extent of institutional integration of financial supervision has been consistently increasing for the whole period. This implies that the complementarities between financial supervisory policy functions have been increasingly made much of. It also finds that central banks, being at the forefront of such integration, have been charged with more and more supervisory responsibilities especially since the Global Financial Crisis. The paper then turns to the concerns over the recent outright politicization of finance and the seemingly increasing political capture in financial supervision in Korea. In line with those global trends and such domestic concerns, it finally puts forward the reform proposal that financial supervision be organized in the direction of putting the Bank of Korea, being equipped with new microprudential and macropudential policy functions, at the center of financial supervision. This will certainly make a realistic solution that uniquely removes chronic vulnerabilities―such as ‘dual institutional structure’ and ‘conflicts of interest between supervisory responsibilities and financial industrial policies’―that have long been notoriously embedded in the current financial supervisory architecture in Korea.
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