A Critique of Global Financial Governance and Some Proposals: Implications for East Asia

국문 초록 (Abstract)

세계화와 함께 국제 금융환경의 혁명적인 변화에 신속히 대응하고 국제 금융시장을 적절히 감독하고 규제하기 위하여 각 국가의 금융감독기관은 물론 국제 금융 감독기구를 통한 노력이 경주되고 있다. 이와 함께 최근 들어 금융 글로벌 거버넌스가 지구촌의 중요한 의제로 부각되고 있다. 이는 국가(정부)의 잘못과 시장의 실패로 금융위기가 야기되었음이 근래의 국제 금융위기에서 밝혀져 국가(정부)-시장의 이분법은 오늘날의 국제 금융상황에 적합하지 않다는 비판을 받고 있기 때문이다. 더욱이 현행 금융감독과 규제 관련 국제협약에 따라 제정된 각종 기준이 지나치게 효율성만을 중시하는 문제점을 안고 있다. 또한 국제협약의 제정과 운용에 있어서 민주성과 적법성 그리고 책임성을 갖추지 못하고 있다는 지적도 받고 있다. 이에 본 논문은 급변하는 국제 금융환경과 상황에 적절히 대처할 수 있는 방안을 마련하고자 현행 글로벌 금융 거버넌스 체제의 문제점을 분석하고 나아가 그 해결책을 살펴 보고자 한다. 또한 본 논문은 국가(정부)와 시장의 공동체의 구축을 통한 새로운 금융 거버넌스의 틀을 모색하고 있다. 아울러 본 논문은 국가간 지역통합에 따른 역내 통화와 금융감독의 협력강화를 통한 역내 금융 거버넌스의 확립이 국제금융질서의 안정에 기여한다는 점에 주목하고 있다. 따라서 바람직한 글로벌 금융 거버넌스의 패러다임을 마련하기 위해서는 아시아지역 개별국가의 금융감독기관과 금융기관을 포함한 모든 금융시장 참가자의 상호협력을 위한 방안의 강구가 절실히 요구된다는 점이 본 연구가 시사하는 바이다.

다국어 초록 (Multilingual Abstract)

Global governance has become an agenda for rethinking the rules and norms that underpin the world order as a result of the financial turbulences around the globe in the preceding decades. The crises have shifted the focus in global and domestic policy debates back to the notion of market failure. The consequence is to reassess the state-market dichotomy approach viewing states and markets as separate entities, because the past decades witnessed states and markets are part of same integrated ensembles of governance. Another result entails a need for a new paradigm for governing globalization, because the global governance agenda that emphasizes the universalization of understanding of global governance based on efficiency through one-size-fits-all formulas, in which democratic accountability and participation is a secondary variable even though a diverse world cannot have rigid rules uniformly. The ongoing standard-setting process has a crucial shortcoming in that most developing countries have had little participation in the process, and thereby do not have the incentives to embrace and implement international financial standards. Thus, it needs to devise effective and legitimate international institutions in a world infused by democratic norms. Further, the market is deemed to stand in need of reevaluation. In this regard, this paper attempts to answer the question of what should be the appropriate balance between public authority and private interests in order to build the state-market condominium through public-private partnership. Given the difficulties of institutional collaboration at the international level, this paper emphasizes the regional cooperation for global financial governance. It seeks to search for the proper national, regional, and international responses to global financial integration, and thus provide a new paradigm in financial governance. Finally, this paper will draw from a few suggestions which may be of some use to those involved in restructuring regional financial governance in East Asia.

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