초록 열기/닫기 버튼
최근 들어 금융혁신과 전자지급결제수단 발달 등으로 본원통화에 대한 수요가 지속적으로 감소함에 따라 중앙은행의 금리조절 능력의 약화가 우려되고 있다. 한편에서는 일반물가가 안정된 가운데 과다한 신용창출에 따른 자산가격 거품의 확산 및 붕괴과정이 금융안정을 심각하게 위협하고 있다.중앙은행이 금리조절 능력을 확보하고 금융불안에 효과적으로 대처하기 위해서는 지준부리 통화정책레짐(interest-on-reserves regime)을 도입하는 것이 바람직하다. 지준부리레짐에서는 앞으로 본원통화 수요가 크게 감소하거나 소멸되더라도 중앙은행은 단기금리 조절능력을 확실하게 확보할 수 있다. 뿐만 아니라 금리와 지준이 독립적인 정책수단으로 분리될 수 있기 때문에 금리는 물가안정 목적으로, 지준은 금융안정 목적으로 사용할 수 있다.
Recently, financial innovation and rapid technological progress in the payments system caused the transaction demand for base money(bank reserves and currency) to shrink significantly, and even to disappear completely. Such developments would threaten a central bank's leverage over interest rates in the future. On the other hand, boom-bust cycles of credits and asset bubbles due to the excessive creation of private credits could threaten severely financial stability, even though a general price level is staying low and stable.In order to preserve a central bank's leverage over interest rates in the future, and to effectively pursue financial stability, it should be desirable to adopt the interest-on-reserves regime. By paying and varying interest on reserves, a central bank could fully exert leverage over interest rates, even if the transaction demand for monetary base should shrink further or perhaps disappear completely in the future. Moreover, a central bank could use separate bank reserves and interest rate policies in the interest-on-reserves regime, while bank reserves and the interest rate cannot be targeted independently in the current operating procedures. Thus, bank reserves policy could be utilized to stabilize financial markets, while the interest rate policy could be used to pursue the price stability.
키워드열기/닫기 버튼
bank reserves, settlement balances, interest-on-reserves, channel system, standing facilities
