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대외부문 거시건전성 정책 10년의 성과와 개선방안 (Korea's Macroprudential Policies for Cross-Border Capital Flows: Accomplishments and Road to Improvement)

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Abstract

2008년 글로벌 금융위기는 기존의 통화정책 및 미시건전성정책만으로는 대응할 수 없다는 한계점을 인식하게 되었다. 이에 따라 다수 국가들이 거시건전성 정책수단을 도입하게 되었다. 우리나라도 2010년 이후 대외부문 거시건전성 3종 세트(외환선물환포지션 한도 규제, 외환건전성 부담금 부과, 외국인 채권투자 과세)를 도입해 성공적으로 운용해왔다. 하지만 최근에는 과거와 다른 형태의 잠재 리스크가 금융안정을 위협하고 있음에 유의할 필요가 있다. 이에 따라 본고는 지난 10년간의 거시건전성 정책을 돌이켜 본 후 이를 바탕으로 대외부문 안정성 제고를 위한 정책적 시사점 도출하고자 하였다. Major advanced economies have taken policy measures to strengthen the resilience of the financial system since the 2008 global financial crisis. On that basis, the G20 Coherent Conclusions for the Management of Capital Flows Drawing on Country Experiences was established in 2011, followed by discussions among policy circles including the OECD and IMF. Emerging economies have also taken various policy measures to manage systemic risks associated with cross-border capital flows. In 2010, the Korean government and central bank announced foreign exchange-related macroprudential measures (MPMs) aimed at building resilience against external financial shocks. These measures have greatly contributed to limiting systemic risk by curbing excessive capital inflows. Twelve years have passed since the global financial crisis started, and ten years after the introduction of FX-related macroprudential policy measures in Korea. It is now an opportune time to check the performance and effectiveness of these policies. Given the newly heightened risky environment, it is urgent to discuss how to improve macroprudential measures in response to emerging external risks. (the rest omitted)

Suggested Citation

  • An, Sungbae & Kang, Tae Soo & Kim, Kyunghun & Kang, Eunjung, 2020. "대외부문 거시건전성 정책 10년의 성과와 개선방안 (Korea's Macroprudential Policies for Cross-Border Capital Flows: Accomplishments and Road to Improvement)," Policy Analyses 20-18, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kieppa:2020_018
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    Keywords

    Korea; macroprudential policies; cross-border; capital flows; G20; MPMs; financial crisis; risk;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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