국제금융질서의 변화와 금융위기에 대한 해석: 금융시장의 불안정성에 대한 세 가지 관점 = A Change in the International Financial Order and the Interpretation of Financial Crises: Three Perspectives on Financial Instability

다국어 초록 (Multilingual Abstract)

One of the important factors that affect a change in the international financial order is the interpretation of financial crises shared by international financial bureaucrats. The interpretation of financial crises is fundamentally dependent on the understanding of how financial markets work. By and large, the understanding of financial markets can be distinguished into exogenous and endogenous approaches. The exogenous approach assumes that financial instability is caused by external factors. In contrast, the endogenous approach stresses that factors intrinsic to financial markets cause financial instability. In addition, the endogenous approach can be distinguished into rationalistic and sociological perspectives. While the Asian financial crisis of 1997 had been interpreted mainly based on the endogenous approach, the global financial crisis of 2008 was understood from the view of the endogenous approach. This change enabled the introduction of macroprudential regulation after the 2008s crisis. However, as the dominant interpretation of the 2008 crisis focused only on issues identified by the rationalistic perspective, the reform efforts have largely ignored problems on which the endogenous-sociological perspective puts an emphasis.

국문 초록 (Abstract)

국제금융관료들 사이에서 공유되는 금융위기에 대한 해석은 국제금융 질서의 변화를 결정하는 중요한 요소이다. 금융위기에 대한 해석은 근본 적으로 금융시장의 작동에 대한 이해에 기초하고 있다. 금융시장의 작동 에 대한 이해는 크게 보면 외생적 관점과 내생적 관점으로 구분할 수 있다. 외생적 관점은 금융시장의 정상 상태를 왜곡하는 시장 외부의 요인에 의해서 위기가 발생한다고 상정한다. 이에 반해 내생적 관점은 위기를 야 기하는 메커니즘이 금융시장 내부에 존재한다고 생각한다. 또한 내생적 관점은 금융시장의 행위자를 합리적 행위자로 보는 합리주의적 관점과 사 회적 행위자로 보는 사회학적 관점으로 구분될 수 있다. 1997년 동아시 아 위기가 외생적 관점에 기초에서 해석되었던 것에 반해 2008년 위기 이후 거시건전성 규제의 등장은 위기를 내생적 관점에 기초에서 해석했기 때문에 가능했다. 하지만 합리주의적-내생적 관점이 지배적인 해석이 됨 으로써 사회학적-내생적 관점이 제기하고 있는 문제를 해결하려는 개혁 노력은 이루어지지 않았다.

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