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※ 번역할 언어 선택

Chairman Ben S. Bernanke
At the Cato Institute 25th Annual Monetary Conference, Washington, D.C.
November 14, 2007

Federal Reserve Communications

The more fully the public understands what the function of the Federal Reserve System is, and on what grounds its policies and actions are based, the simpler and easier will be the problems of credit administration in the U.S.
– Federal Reserve Board, Annual Report, 1923, p. 95.

Montagu Norman, the Governor of the Bank of England from 1921 to 1944, reputedly took as his personal motto, "Never explain, never excuse." Norman's aphorism exemplified how he and many of his contemporaries viewed the making of monetary policy--as an arcane and esoteric art, best practiced out of public view. Many central bankers of Norman's time (and, indeed, well into the postwar period) believed that a certain mystique attached to their activities and that allowing the public a glimpse of the inner workings would only usurp the prerogatives of insiders and reduce, if not grievously damage, the effectiveness of policy.

Norman's perspective on central banking now seems decidedly quaint. Over the past few decades, central banks around the world have worked assiduously to become more open about their activities. In fact, Norman's own institution, the Bank of England, has in recent years been a leading exponent of increased transparency in central banking. Monetary policy makers have adopted a range of methods to improve their communication with the public, including timely announcements of policy actions, expanded testimony before members of the legislature, the release of minutes of policy meetings, frequent public speeches, and the regular publication of reports about the economy and monetary policy. This increased openness is a welcome development for several reasons. Most importantly, monetary policy makers are public servants whose decisions affect the life of every citizen; consequently, in a democratic society, they have a responsibility to give the people and their elected representatives a full and compelling rationale for the decisions they make. Good communications are a prerequisite if central banks are to maintain the democratic legitimacy and independence that are essential to sound monetary policy making.

In addition, a considerable amount of evidence indicates that central bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance in several ways. First, improving the public's understanding of the central bank's objectives and policy strategies reduces economic and financial uncertainty and thereby allows businesses and households to make more-informed decisions. Second, if practitioners in financial markets gain a better understanding of how policy is likely to respond to incoming information, asset prices and bond yields will tend to respond to economic data in ways that further the central bank's policy objectives. For example, if market participants understand that arriving information about the economy increases the likelihood of certain policy actions, then market interest rates will tend to move in a way that reinforces the expected actions, effectively supporting the goals of the central bank. Third, clarity about the central bank's policy objectives and strategy may help anchor the public's long-term inflation expectations, which can substantially improve the efficacy of policy and the overall functioning of the economy. Finally, open discussion of the central bank's analyses and forecasts invites valuable input and feedback from the public.

The benefits of an open and accountable policymaking process have spurred the Federal Reserve, along with other major central banks, to take a number of actions over the years to increase its transparency. Appropriately, given the unique position of the Federal Reserve and the sensitivity of financial markets to its communications, these steps have generally been incremental in nature; but, taken together, they have substantially increased the ability of the American public to understand and to anticipate monetary policy decisions.

The Congress has also long been aware of the importance of Federal Reserve transparency and accountability; in particular, a series of resolutions and laws passed in the 1970s set clear policy objectives for the Federal Reserve and required it to provide regular reports and testimony to the Congress.1 Since 1975, the Federal Reserve has presented testimony twice each year to the Congress on the conduct of monetary policy. These semiannual presentations have become an important vehicle for the U.S. central bank to make known its views on the outlook and on the appropriate stance of policy. Other notable milestones in the Federal Reserve's progress toward greater openness include: in 1979, the first release of semiannual economic projections; in 1983, the first publication of the Beige Book, which summarizes information about economic conditions received from the Federal Reserve System's business contacts; in 1994, the decision to release a postmeeting statement when policy actions had been taken; in 2000, the beginning of the practice of issuing a statement after each meeting of the Federal Open Market Committee (FOMC) and including in the statement an assessment of the balance of risks to the Committee's objectives; in 2002, adding the FOMC roll call vote to the postmeeting statement; and in 2005, the speeding up of the release of the minutes of FOMC meetings, from a delay of some six or seven weeks to just three weeks.

In testimony to the Congress at the time of my nomination as Chairman, in 2005, I pledged to continue the trend toward greater openness sustained under Chairman Greenspan. In so doing, I stressed the importance of continuity with the policies and strategies that have served the American economy well. Any further changes, I promised, would come only pursuant to a consensus within the FOMC that those changes would enhance the Committee's ability to pursue its dual mandate of achieving maximum employment and price stability.

Toward that end, the FOMC has engaged in extensive deliberations over the past year or so to consider further steps toward greater transparency. Guided by a subcommittee chaired by Board Vice Chairman Donald Kohn, the FOMC reviewed the full range of our communications with the public.2 As indicated in a statement issued by the FOMC today, these discussions have led to a decision to increase the frequency and expand the content of the publicly released economic projections that are made by Federal Reserve Board members and Reserve Bank presidents. As I mentioned, the Federal Reserve has published economic projections for almost thirty years, and, indeed, the Federal Reserve was the first major central bank to release such projections.3 Today's announcement builds on that foundation. In the remainder of my remarks I will describe the changes that we plan to make, and then explain why I believe that, collectively, they represent an important further step toward greater transparency.

Toward More Informative Economic Projections
Because monetary policy affects spending and inflation with a lag, policy decisions must be based on an assessment of medium-term economic prospects. Thus, the Committee cannot fully explain its policy decisions without sharing its economic outlook with the public and the Congress. To provide more-timely information about the evolving outlook, the Federal Reserve will release FOMC participants' economic projections four times each year, rather than twice each year as we have done previously.

Projections will continue to be released in February and July of each year to coincide with the semiannual Monetary Policy Report and the associated testimony to the Congress. Two additional sets of projections will be published in conjunction with the minutes of the FOMC meetings held around the beginnings of the second quarter and the fourth quarter of the year (in 2008, the April and October meetings). The first expanded set of projections will be released next week, on November 20, together with the minutes of the October FOMC meeting. The horizon of the projections will be extended from two years to three. The projections released next week will extend through 2010.4

Each of the participants in the FOMC meeting--including the Federal Reserve Board members and all the Reserve Bank presidents--will, as in the past, provide projections for the growth of real gross domestic product (GDP), the unemployment rate, and core inflation (that is, inflation excluding the prices of food and energy items). In addition, participants will now provide their projections for overall inflation. Both overall and core inflation will continue to be based on the price index for personal consumption expenditures (PCE).5

Projections will continue to be made independently by each FOMC participant under the assumption of "appropriate" monetary policy, that is, the future evolution of the federal funds rate judged by that participant to be the one most likely to foster economic outcomes that satisfy the Federal Reserve's dual mandate. Following past practice, we will publish the central tendency and the range of the projections for each variable and each year.6 We will also publish a comparison with the previous set of quarterly projections; a chart showing central tendencies and ranges for each variable; and charts showing the distribution of participants' projections and how that distribution has changed since the previous release.

Accompanying the numerical projections will be a discussion--a projections "narrative" if you will--that summarizes participants' views of the major forces shaping the outlook, discusses the sources of risk to that outlook, and describes the dispersion of views among policymakers. By providing a medium-term perspective, the narrative will complement the discussion of shorter-term developments contained in the minutes. We will also provide qualitative information about participants' views on both the uncertainty and the balance of risks surrounding the outlook, together with quantitative historical information on the typical range of projection errors.7 Of course, the specific material provided and its form of presentation may change over time as we gain experience and receive feedback.

Benefits of the Enhanced Projections
The enhanced projections will provide the public with several types of useful information. In particular, I find it helpful to think of the projections as functioning in three different ways: as a forecast, as a provisional plan, and as an evaluation of certain long-run features of the economy.

Most obviously, the projections reflect the economic forecasts of FOMC participants and as such should provide the public with greater and more-timely insight into the Committee's views of the economic outlook and the risks to that outlook. Of course, because our knowledge of the structure of the economy is incomplete and future economic disturbances are often unforeseeable, economic forecasting is a highly uncertain enterprise.8 The only economic forecast in which I have complete confidence is that the economy will not evolve along the precise path implied by our projections. Nevertheless, as I have already noted, because policy affects spending and inflation with a lag, Committee members have no choice other than to make medium-term forecasts--provisional and subject to uncertainty though they may be. Providing more information about these forecasts, including discussions of the factors underlying the forecasts and of FOMC participants' assessments of the risks to the Committee's objectives, should improve the public's understanding of the rationale for the current stance of monetary policy and any changes to that stance. The public will also be better able to judge the extent to which the Committee's rationale is reasonable and persuasive.

The projections also function as a plan for policy--albeit as a rough and highly provisional one. As I mentioned earlier, FOMC participants will continue to base their projections on the assumption of "appropriate" monetary policy. Consequently, the extended projections will provide a sense of the economic trajectory that Committee participants see as best fulfilling the Federal Reserve's dual mandate, given the initial conditions and the constraints posed by the structure of the economy. To illustrate, consider the question of the length of time over which a central bank should aim to restore price stability following an unwanted increase in inflation. A central bank that places weight on both employment and price stability, like the Federal Reserve, would not attempt to disinflate immediately or establish a fixed time frame for the restoration of price stability. Rather, the optimal expected time required for completing the disinflation would depend on a host of factors, including the size of the initial deviation from price stability, the initial state of the real economy (for example, the level of unemployment), whether the rise in inflation resulted from transitory or more persistent sources, the extent to which inflation expectations are well anchored, and so on. In circumstances in which disinflationary policy is necessary, the extended economic projections would make clear that the Federal Reserve is committed to maintaining price stability, but they would also provide some indications about what the Committee views as the most appropriate pace of disinflation, given the state of the economy and the requirements of the dual mandate. In like fashion, the speed at which policy aims to return the economy to its sustainable rates of growth and employment following a period of resource slack should depend in part on the nature and extent of inflation risks, among other considerations. More generally, the extended projections will convey additional information about the Committee's policy strategies and thus help augment the Committee's transparency, predictability, and accountability.

Finally, the extended projections will embody information about FOMC participants' evaluations of certain long-run features of the economy, evaluations determined both by the economy's structure and by the Committee's policy objectives. Because of the extension of the projection horizon to three years, participants' inflation projections will convey more information regarding their views about the measured rate of inflation that, in the long run, is consistent with the Committee's dual objectives of maximum employment and price stability. Were price stability the only objective mandated for the Federal Reserve, the FOMC presumably would strive to achieve zero inflation, properly measured--that is, the optimal measured inflation rate would deviate from zero on average only by the amount of the estimated measurement error in the preferred inflation index. But under the Federal Reserve's dual mandate, the determination of the appropriate long-run inflation rate must take account of factors that may affect the efficient functioning of the economy at very low rates of inflation, such as the risk that the zero lower bound on nominal interest rates might hinder the effectiveness of monetary policy. Thus, the (properly measured) long-run inflation rate that best promotes the dual mandate is likely to be low but not zero.

Ultimately, households and businesses care about the overall, or "headline," rate of inflation; therefore, the FOMC should refer to an overall inflation rate when evaluating whether the Committee has met its mandated objectives over the long run. For that reason, the Committee has decided to publish projections for overall inflation as well as core inflation. In its policy statements and elsewhere, the Committee makes frequent reference to core inflation because, in light of the volatility of food and energy prices, core inflation can be a useful short-run indicator of the underlying trend in inflation. However, at longer horizons, where monetary policy has the greatest control over inflation, the overall inflation rate is the appropriate gauge of whether inflation is at a rate consistent with the dual mandate.

FOMC participants will continue to couch their inflation projections in terms of PCE inflation, rather than, say, inflation as measured by the consumer price index, because the PCE index is generally thought to provide the single most comprehensive and theoretically compelling measure of consumer prices. That said, no single measure of inflation is perfect, and the Committee will continue to monitor a range of measures when forming its view about inflation prospects.

The lengthening of the projection horizon will also allow the public to infer more about FOMC participants' current judgments about the rate of GDP growth and the unemployment rate that the economy can sustain in the long run. Over time, effective monetary policies foster rates of growth and unemployment close to their long-run sustainable rates. However, in contrast to inflation, which in the long run is determined by monetary policy, the rates of economic growth and unemployment that can be sustained in the long run are determined by many factors outside the control of central banks. Among these factors are the advance of technology, entrepreneurial activities, the growth in the size of the labor force, the rate at which workers acquire new skills, tax and regulatory policies, and the efficiency of labor markets in matching workers with positions. Consequently, the long-run sustainable rates of economic growth and unemployment should be viewed as constraints on what monetary policy can achieve and not as variables that policymakers can freely choose. In addition, estimates of sustainable rates of growth and unemployment have been shown to be highly uncertain at any point in time; and they may vary significantly over time in light of new information and changes in the structure of the economy. Thus, the longer-run projections of growth and unemployment should be treated with considerable caution.

Relationship to Inflation Targeting
As you may know, I have been an advocate of the monetary policy strategy known as inflation targeting, used in many countries around the world. Inflation targeting is characterized by two features: an explicit numerical target or target range for inflation and a high degree of transparency about forecasts and policy plans. The steps being taken by the Federal Reserve, I must emphasize, are intended only to improve our communication with the public; the conduct of policy itself will not change. Nonetheless, in light of the changes to communications we are undertaking, one might fairly ask how the Federal Reserve's approach relates to inflation targeting.

A superficial drawback of inflation targeting is its very name, which suggests a single-minded focus on inflation to the exclusion of other goals. In fact, the practice of monetary policy in an inflation-targeting regime is not necessarily inconsistent with a dual mandate such as that given to the Federal Reserve; indeed, most if not all inflation-targeting central banks today practice "flexible" inflation targeting, meaning that they take account of other economic goals besides price stability--notably economic growth, employment, and financial stability--when making policy decisions. Moreover, a broad consensus exists among central banks, whether they have an explicit numerical target for inflation or not, that maintaining low and stable inflation over time is the best means by which monetary policy can promote economic efficiency and maximize the nation's economic welfare. Thus, at least since the stabilization of U.S. inflation in the 1980s, the Federal Reserve's approach to monetary policy has had much in common with that of central banks that describe themselves as inflation targeters.

Nevertheless, some aspects of inflation targeting may be less well suited to the Federal Reserve's mandate and policy practice. In particular, although inflation-targeting central banks certainly pay attention to economic growth and employment, their formal accountability is often largely couched only in terms of a price-stability objective. Likewise, the communication strategies of inflation-targeting central banks tend to be focused on the formal inflation objective and the horizon over which that objective will be achieved. As I have emphasized today, the Federal Reserve is legally accountable to the Congress for two objectives, maximum employment and price stability, on an equal footing. My colleagues and I strongly support the dual mandate and the equal weighting of objectives that it implies. Of course, as I have discussed, the Federal Reserve's influence over these objectives differs importantly in the long run: Monetary policy determines the long-run inflation rate, whereas the factors that influence the sustainable rates of growth and employment in the long run are largely outside the central bank's control. Still, over time, monetary policy must strive to foster rates of growth and employment close to their long-run sustainable rates. The Federal Reserve must thus be accountable for the effects of its policies on the real economy as well as on inflation. The enhanced projections that I have described today will provide additional information pertinent to both halves of the Federal Reserve's mandate.

At a more technical level, the Federal Reserve differs from most inflation-targeting central banks in that it provides information about the independent projections of Committee members rather than a single collective forecast. To some extent, that difference reflects the relatively large size of the FOMC and the geographic dispersion of Committee participants; those factors would make the development of a detailed consensus forecast quite difficult as a practical matter. But, as I will discuss briefly, such a diversity of viewpoints can enhance the quality of policy decisions.

The Diversity of the Committee
An important strength of the Federal Open Market Committee is its diversity. The Board members and Reserve Bank presidents who sit around the table at each meeting of the FOMC bring a wide range of perspectives to the deliberations that reflect the participants' professional backgrounds, the regions of the country with which they are most familiar, and their differing approaches to economic and policy analysis. The task participants face at each meeting is to forge a rough consensus regarding the outlook, the risks to the Committee's objectives, and the appropriate policy response. Of course, it is not always possible--indeed, it would be rather unusual--to come to a set of conclusions that fully represent the views of every participant. But the process of searching for common ground is itself an important aspect of how the Committee operates. Diversity of views drives the Committee to adopt an eclectic approach and thus serves to limit the risk that a single viewpoint or analytical framework might become unduly dominant.

The changes to the projections process announced today preserve the important role played by this diversity of perspectives. As I have noted, Committee participants will continue to produce individual projections that reflect their judgments about the state of the economy and their approaches to policy. From the internal perspective, I expect the more frequent sharing of projections and the additional information they contain will improve our discussions and policy debates. From the external perspective, the public will gain additional and more frequent information about both the central tendencies and diversity of participants' views. In particular, the additional narrative material that will accompany the numerical projections will illuminate both the consensus of opinion and the differences in judgments that may emerge.

Conclusion
The communications strategy of the Federal Reserve is a work in progress. I believe that the changes announced by the FOMC today are an important advance: The changes will provide a more-timely insight into the Committee's outlook, will help households and businesses better understand and anticipate how our policy decisions respond to incoming information, and will enhance our accountability for the decisions we make. But the changes are also evolutionary, in that they build on long-established practices; in that respect, they represent just one more step on the road toward greater transparency at the Federal Reserve. The Committee will continue to look for ways to improve the accountability and public understanding of U.S. monetary policy making.

Footnotes

1. The key measures were the House Concurrent Resolution 133, in 1975; the Federal Reserve Reform Act of 1977; and the Full Employment and Balanced Growth Act of 1978 (the Humphrey-Hawkins Act).

2. Gary Stern, president of the Federal Reserve Bank of Minneapolis, and Janet Yellen, president of the Federal Reserve Bank of San Francisco, were the other members of the subcommittee.

3. Economic projections were first published in 1979 to fulfill the Board's legislated requirement to report on "prospects for the future."

4. The projection period of the first three releases each year will cover the current year and the subsequent two years. The fourth release each year will add a year to the projection horizon. Thus, the first three sets of projections in 2008 will be for the period 2008 through 2010, whereas the fourth set of projections will extend to 2011.

5. Participants will no longer provide projections for the growth of nominal GDP. These now seem relatively less useful to the public, given participants' projections for real GDP growth and overall inflation.

6. The range for each variable in a given year includes all participants' projections, from lowest to highest, for that variable in the given year. The central tendencies exclude the three highest and three lowest projections for each variable in each year.

7. A Board staff paper discussing the historical forecasting record of the Federal Reserve and other institutions will be released on November 20, simultaneously with the release of the expanded projections.

8. The historical data we will provide on forecast errors will starkly illustrate this point.

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'북한'인가 '조선'인가 호칭 논쟁 [서울=뉴스핌] 김현구 기자 = 최슬아 숭실대 교수는 29일 "북한이라는 호명이 상대방을 한반도의 일부처럼 위치시킨다면 조선이라는 호명은 하나의 독립된 행위자로 인정하는 방향으로 작동할 수 있다"고 진단했다. 최 교수는 "북한을 인정해야 된다는 주장은 어떤 온정적인 제안이 아니라 상대를 인정함으로써 불안을 낮추고 관계를 보다 안정적으로 관리하기 위한 굉장히 중요한 출발점이 될 것"이라고 내다봤다. 한국정치학회(회장 윤종빈)는 이날 서울 중구 한국프레스센터에서 '평화 공존을 위한 이름 부르기:북한인가 조선인가' 주제로 특별학술회의를 열었다. 통일부는 관련 논의를 공론화한다는 취지에서 이번 학술회의를 후원했다. 사회를 맡은 권만학 경희대 명예교수는 "호칭은 기본적으로 식별 기능을 갖지만 정치적 호칭이 되는 순간 이데올로기를 담게 된다"고 말했다. 권 교수는 "북한은 '대한민국'을 공식 명칭으로 부르며 남쪽을 외국으로 재정의했다"면서 "하지만 우리는 여전히 '북한' '북측'이라는 표현을 사용한다"며 토론 필요성을 강조했다. 정동영 통일부 장관이 지난 20일 서울 종로구 정부서울청사에 들어서며 도어스태핑을 갖고 최근 북한 '핵시설' 발언에 대한 입장을 밝히고 있다. [사진=뉴스핌DB] ◆ 김성경 "호칭은 분단 산물…'조선' 관계 전환 출발점" 김성경 서강대 교수는 "북한이라는 호명은 비공식적·약칭적 표현이지만 분단 80년 동안 누적된 정치적 의미를 가진 것"이라면서 "북한을 계속 북한이라고 부르는 한 우리 안에 북한이 계속 갇힐 수밖에 없다"고 진단했다. 김 교수는 "학계에서는 (북한을) 조선, 북조선으로 부르는 경향이 좀 있었다"며 "남과 북의 국가 정체성이 이미 상당히 공고화돼 있는 현 상황에서 국가와 국가 사이의 관계 맺기를 본격적으로 시작할 수 있는 시기가 도래한 것"이라고 평가했다. 김 교수는 "북한을 계속 유지한다는 것이 평화공존이나 통일에 더 도움이 된다는 논리적 근거를 찾기 어렵다"면서 "우리가 상상할 수 있는 통일은 남북이 서로를 인정 존중하고 그 맥락 안에서 관계를 맺고 남북 주민이 통일을 선택하는 것이 가장 현실적인 방안"이라고 제시했다. ◆ 권은민 "국호 사용, 국가 승인 아냐…정치가 먼저, 법은 따라간다" 권은민 김앤장법률사무소 변호사는 "북한을 조선민주주의인민공화국 또는 'DPRK'라고 부른다고 해서 그것이 꼭 국가 승인이나 정부 승인을 구성하지는 않는다"면서 "국가 승인은 정치적 행위이고 국가 의사 표시다. 그렇게 부르더라도 국가 승인과는 무관하다라고 선언을 하면 정리가 되는 문제"라고 진단했다. 권 변호사는 "남북관계는 법률의 영역이라기보다는 정치의 영역에 가까운 것 같다"면서 "과거에도 정치가 큰 틀을 규정하고 법과 제도가 따라가는 변화가 있었다"고 설명했다. 권 변호사는 "남북 기본합의서 제1조는 '상대방의 체제를 인정하고 존중한다'고 돼 있다"면서 "이름을 제대로 불러주는 것이 그 출발점"이라고 강조했다. 권 변호사는 "국호 사용은 상호 주권을 존중하는 취지의 기존 합의를 계승하는 것"이라면서 "당사자 표기는 상대방이 원하는 공식 국호를 불러주고 그것이 국가 승인은 아니다라는 것을 전제로 하면 된다"고 제언했다. [서울=뉴스핌] 이영종 통일북한전문기자 = 북한 국무위원장 김정은이 군수공업을 담당하는 제2경제위 산하 중요 군수공장을 방문했다고 관영 조선중앙통신이 12일 보도했다. 사진은 김정은이 이 공장에서 생산된 권총으로 사격하는 모습. [사진=북한매체 종합] 2026.03.12 yjlee@newspim.com ◆ 이동기 "독일도 경멸적 호칭 쓰다 공식 국호 전환…출발은 이름" 이동기 강원대 교수는 "서독은 동독을 경멸적 표현으로 불렀지만 긴장이 격화되면서 더 큰 평화 정치에 대한 구상이 폭발했다"면서 "국제 환경이 좋지 않을수록 평화 화해 논의가 공존에 대한 요구나 필요를 폭발할 수도 있다"고 진단했다.  이 교수는 "독일 정치권에서는 헤르베르트 베너 전독문제부(통일부) 장관이 가장 먼저 동독 공식 국호를 사용했다"며 "당시에는 언론의 융단 폭격을 받았지만 시간이 해결해줬다. 국제법적으로는 여전히 인정하지 않았지만 실질적으로는 국가로 승인한 것"이라고 설명했다. 이 교수는 "원칙을 고수하는 것만으로는 부족하고 인내만으로도 부족하다"면서 "결국 원칙 고수와 실용주의가 결합하는 모든 출발은 국호의 제대로 된 호명이고, 동시에 장기적으로는 근본 전환이 필요하다"고 제언했다. ◆ "호칭 변경, 굴복 아닌 공존 가능성 넓히는 정치적 전략" 패널 토론에서 전문가들은 조선 호명에 대해 긍정적인 입장을 제시했다. 김태경 성공회대 교수는 "젊은 세대에는 '둘의 우리'가 상식적으로 받아들여지는 시점"이라며 "우리가 조선을 일종의 주권 국가로서 인정하는 과정은 결국 우리에 대한 자기 인정과 그들에 대한 인정이 같이 결합되는 부분"이라고 설명했다. 김주희 국립부경대 교수는 "핵심은 인정과 통일 사이의 균형을 어떻게 접근할 것인가에 대한 부분"이라면서 "실질적으로 가는 데 있어서는 담론과 제도, 정치 차원에서의 접근을 만들어가야 한다"고 제언했다. 김 교수는 "호칭을 바꾸는 것은 굴복이 아니라 적대를 줄이고 공존의 가능성을 넓히는 하나의 정치적 전략일 수 있다"고 분석했다.  hyun9@newspim.com 2026-04-29 18:04
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제이알發 쇼크에 리츠업계 초긴장 [서울=뉴스핌] 정영희 기자 = 국내 1호 해외 부동산 공모 리츠인 제이알글로벌리츠가 자산 가치 하락과 유동성 위기를 견디지 못하고 결국 법정관리를 신청했다. 상장 리츠 가운데 사실상 첫 디폴트 사례가 발생하면서 시장에 적잖은 충격을 주고 있다. 다만 업계에서는 이번 사안을 개별 리츠의 리스크로 보는 시각이 우세하며, 전체 시장으로 확산되는 시스템 리스크 가능성은 제한적일 것이라는 분석이 많다. 정부는 관련 시장에 대한 긴급 점검에 착수하는 한편, 필요 시 유동성 지원과 함께 구조 개선을 병행하는 등 시장 안정화 대책을 추진할 방침이다. [AI 그래픽 생성=정영희 기자] ◆ 무너진 해외 부동산 가치…유동성 위기 예견됐나 30일 리츠업계에 따르면 제이알투자운용의 기업회생 절차 돌입으로 인해 투자자들의 긴장감이 시장 전반으로 확산하는 모양새다. 국내 대형 독립계 리츠 자산관리회사인 제이알투자운용이 2020년 국내 최초로 유가증권시장에 안착시킨 해외 부동산 공모 리츠다. 벨기에 브뤼셀 중심부에 위치한 파이낸스타워와 미국 뉴욕 맨해튼의 498세븐스애비뉴 등 대형 상업용 오피스 빌딩을 기초 자산으로 편입해 운용해 왔다. 그러나 금리 상승 등의 영향으로 벨기에 브뤼셀 파이낸스타워 가치가 떨어지면서, 단기사채 400억원을 상환하지 못해 지난 27일 서울회생법원에 회생 절차 개시를 신청했다. 한국거래소는 전일 매매 거래를 정지하고 관리종목으로 지정했다. 이번 사태는 어느 정도 예견된 수순이었다는 분석이 힘을 얻고 있다. 제이알글로벌리츠는 지난 1월 1200억원 규모의 유상증자를 공시했으나 해외 자산의 감정평가서 수신 지연 등을 이유로 한 달 만인 2월 이를 자진 철회했다. 핵심 자산인 벨기에 파이낸스타워의 감정평가액이 급락하면서 현지 대주단과 약정한 담보인정비율을 초과했다. 임대료 등으로 발생한 현금 흐름을 대출 상환에 우선 충당하도록 묶어두는 캐시트랩(Cash Trap, 현금 동결)이 발동되더니 기업회생으로 이어졌다.  박광식 한국기업평가 수석연구원은 "올 들어 차입 만기 도래에 따른 차환 부담이 지속되는 가운데 환헤지(환율 고정 상품) 정산금 명목으로 약 1000억원의 추가적인 자금 조달이 시급하다"며 "캐시트랩 해소를 위해서는 약 7830만유로(한화 약 1354억원)의 현지 차입금 상환을 위한 추가 재원 조달이 필요하다"고 말했다. ◆ 일제히 꺾인 리츠주…시스템 리스크 확산은 기우? 이 같은 악재에 상장 리츠 전체에 대한 투자 심리가 급격히 악화될 수 있다는 우려가 고개를 든다. 실제로 한국거래소 거래 동향을 살펴보면 이날 리츠 종목들은 일제히 곤두박질쳤다. 마스턴프리미어리츠가 큰 폭으로 미끄러진 것을 비롯해 한화리츠, 삼성FN리츠, SK리츠, 코람코라이프인프라리츠 등이 급락세를 면치 못하며 시장의 불안감을 드러냈다. 뚜렷한 성장 가도를 달리던 리츠 업계는 발을 동동 구르는 처지가 됐다. 한국리츠협회 통계에 따르면 지난달 31일 종가 기준으로 국내 증시에 상장된 25개 리츠의 시가총액은 9조7778억원을 기록했다. 리츠 시장은 지난해 1월 8조103억원 수준에서 같은 해 9월 9조2048억원을 돌파했고 5개월 만인 지난 2월에는 10조원을 넘어서는 등 몸집을 불려왔다. 그동안 일반 주식에 밀려 상대적으로 소외됐지만, 최근 코스피 강세장 속에서 안정적인 피난처로 주목받은 결과다. 법적으로 배당 가능 이익의 90% 이상을 의무적으로 배당해야 하는 구조적 특성 덕분에 확실한 현금 흐름을 선호하는 투자 자금이 대거 몰린 것도 호재 원인 중 하나로 제시됐다. 그러나 이번 사태의 파장이 전체 금융 시장으로 퍼질 것이란 예측은 설득력이 떨어진다는 지적이다. 국내 상장 리츠 22개사 중 해외 자산을 보유한 비중은 14.3%이지만, 전체 자산 기준으로 환산하면 해외 자산 비중은 1.2%에 불과하다. 국내 상장 리츠의 총투자 자산 대비 해외 자산이 차지하는 파이가 극히 작아 전이 가능성이 낮다는 뜻이다. 지난달 말 자산 구성 및 투자 유형별 포트폴리오 비중을 보면 주택이 44.0%로 가장 컸다. 오피스는 35.3%에 머물렀으며 리테일 6.4%, 물류 6.4%, 혼합형 3.6%, 기타 3.2%, 호텔 1.1% 순으로 나타나 이번 위기의 진원지인 해외 오피스 리스크와는 거리를 두고 있는 것으로 나타났다. 조수희 LS증권 연구원은 제이알리츠의 최근 기준 발행 잔액이 약 4000억원으로 전체 크레딧 시장 규모와 비교하면 찻잔 속의 태풍 수준이라고 일축했다. 일반 크레딧물과 달리 리츠가 발행한 회사채는 개인 투자자의 비중이 압도적으로 높아 기관 투자자 중심으로 굴러가는 국내 크레딧 시장 심리에 타격을 주기는 구조적으로 어렵다는 판단이다. 김은기 삼성증권 연구원 역시 이번 이벤트가 단기사채 미상환으로 불거진 만큼 단기 자금 시장 경색이 회사채 시장으로 파급될까 우려하는 시각이 존재하지만 최근 풍부한 단기 자금을 바탕으로 기업어음 금리가 안정적으로 낮게 유지되고 있어 과거의 신용 위기와는 양상이 완전히 다르다고 선을 그었다. ◆ 국토부 방화벽 구축 총력전…상장리츠, 자산 다각화 과제로 다만 해외 부동산 자산에 직간접적으로 투자하는 리츠 종목들은 당분간 위축된 행보를 보일 가능성을 배제할 수 없다. 현재 해외 부동산 자산에 투자하는 상장 리츠는 KB스타리츠, 미래에셋글로벌리츠, 마스턴프리미어리츠, 신한글로벌액티브리츠, 디앤디플랫폼리츠, 이지스레지던스리츠 등이다. 이 중 해외 자산 구성 비중이 100%인 곳이 3개사, 50% 이상이 2개사, 50% 미만이 3개사로 파악됐다. 대표적으로 디앤디플랫폼리츠는 일본 소재 아마존 물류센터에 간접 투자 중이며 이지스레지던스리츠는 미국 소재 임대주택 및 대학 기숙사에 자금을 투입하고 있다. 이은미 나이스신용평가 수석연구원은 "해외 자산의 장부 가치 비중이 각 리츠 총자산의 5~30% 수준에 그쳐 전반적인 쏠림 현상은 없다"면서도 "해외 자산을 보유한 개별 리츠의 경우 현지 대출 약정 위반에 따른 현금 흐름 통제와 국내 채무 차환 부담이라는 이중고를 동시에 겪을 수 있어 리스크 관리가 필요하다"고 말했다. 글로벌 부동산 시장의 한파도 부담이다. 모건스탠리캐피털인터내셔널 보고서에 따르면 지난해 4분기 주요 도시 상업용 부동산 가격은 전년 동기 대비 4.7% 떨어졌다. 고점을 찍었던 2022년과 15%나 증발했다. 런던과 베를린 등 유럽 주요 도시의 상업용 부동산 가격은 30% 넘게 폭락했다. 정부도 사태의 엄중함을 인지하고 발 빠르게 방화벽 구축에 나섰다. 국토교통부는 이날 오후 김이탁 제1차관 주재로 금융위원회, 한국부동산원, 금융감독원 등 관계 부처를 긴급 소집해 점검 회의를 열었다. 리츠 시장 전반의 현황을 점검하는 한편, 투자자 보호를 위한 대응 방향을 집중적으로 논의하기 위한 자리다. 국토부 관계자는 "제이알글로벌리츠의 부실화 과정에서 불거진 각종 의혹을 규명하기 위해 전일 합동 검사에 착수했으며, 불법 행위가 적발될 경우 엄정 대응할 방침"이라며 "시장 안정을 위해서 대기업이나 공기업이 최대주주가 되는 앵커리츠를 공급하고, 변동성이 통제 수준을 넘어설 경우 채권 및 자금 시장 안정 프로그램 규모를 즉각적으로 늘릴 수 있도록 비상 대응 체계를 가동하겠다"고 말했다. 시장 전문가들은 사태 수습을 넘어 리츠 시장의 근본적인 체질 개선과 신뢰 회복이 시급하다고 목소리를 높이고 있다. 상장 리츠의 주가를 궤도에 올려놓고 시장을 활성화하기 위해서는 투자자의 신뢰를 되찾는 것이 급선무라고 지적했다. 김필규 자본시장연구원 선임연구위원은 "정보의 투명성이 담보된 상태에서 시장 상황에 맞게 자금 조달의 유연성을 높여주고, 우량 자산 편입과 리츠 간 합병을 통해 자산 포트폴리오를 다각화하는 정책이 뒤따라야 한다"며 "자산관리회사 역시 수동적인 태도에서 벗어나 운용 현황과 배당 전략 등을 공개하고, 적극적으로 소통함으로써 정보 비대칭으로 인한 불신을 거둬내야 한다"고 제언했다. chulsoofriend@newspim.com 2026-04-30 06:00
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