시스템 위기와 거시건전성 규제

Recent global financial crisis has taught us a lot of important lessons in various aspects. It is, among them, one of hot issues that monetary stability focusing on price stability seems not sufficient for sound macroeconomic management in spite of remarkable achievement on that side during the last couple of decade. Financial stability should be taken into account as well. The issues are how and with what kind of policy instruments these two targets could be achieved. Certainly the sole short-term interest rate is not sufficient to achieve these two targets. Since the recent global financial crisis, macroprudential regulations have been popularly proposed as appropriate policy instruments to fill the ‘missing pillar’. This paper discusses some basic concepts of macroprudential regulations and their instruments for their actual implementation based on the transmission mechanism of systemic risks or crisis. And then empirical analysis based on the Open Economy New Keynesian Asset Price model is carried out to examine the effectiveness of macroprudential regulations on the monetary as well as financial stabilities. The results of the studies show that the combination of monetary policy taking into account asset prices as well as inflation, and the macropudential regulations, in particular, the enhancement of capital adequacy, can improve financial stability as well as price and output stabilities.