국제금융규제의 거시건전성 전환과 그 한계

This article aims to discuss the significance and limits of macroprudential policy. Macroprudential policy has become the most important agenda for financial regulatory reform in the wake of the global financial crisis of 2008. While traditional microprudential policy assumes that financial stability depends on the soundness of individual financial institutions, macroprudential policy presupposes that actions that individual institutions take for enhancing their soundness can collectively undermine the soundness of financial system as a whole. In this regard, macroprudential policy argues that financial stability should be viewed and managed from the systemic perspective rather that the perspective of individual institutions. Although the emergence of macroprudential policy is a meaningful change in global financial regulation, it has several limitations. First, since it is still in the period of experimentation, the instrumental mechanisms of macroprudential policy have not been fully developed. Second, it is politically difficult to implement macroprudential policy. Lastly, macroprudential policy does not aim at changing the globalized and deregulated financial system. In this regard, it is still unclear whether macropudential policy could succeed in maintaining the stability of the global financial system.