Remarks by Governor Randall S. KrosznerAt the Bankers' Association for Finance and Trade, New York, New YorkJune 15, 2006 Why Are Yield Curves So Flat and Long Rates So Low Globally? Today I want to talk about some new and exciting developments in bond markets around the world. The motivation for my discussion is the current puzzling situation of a relatively flat yield curve combined with relatively low real and nominal long-term interest rates, which has occurred both in developed economies and in emerging markets. I will explore some possible explanations for the pattern and will focus on changes in the prospects for and risks to the long-term inflation outlook, particularly in emerging-market economies. In particular, I will highlight how financial innovations and international competitive pressures, combined with a better public understanding of the costs of inflation and changes in the institutions of central banking, have helped improve the credibility of central banks and inflation outcomes in many emerging markets. Until recently, many emerging-market countries simply did not have a yield curve because there was effectively no market for debt issued in domestic currency beyond a very short horizon. The credibility of central banks has been crucial to this deepening of the domestic capital market, which is typically associated with higher economic growth.I am optimistic that these developments will continue, as I believe that the move toward low inflation rates reflects important technological and institutional factors that are likely to persist. Nevertheless, there are still risks, which underscore the importance of continuing to reap the benefits of improved central bank behavior and credibility in emerging markets and around the world.Global Developments in the Bond MarketIn February 2005, former Federal Reserve Board Chairman Alan Greenspan noted a puzzle in the U.S. economy related to the slope of the yield curve and the level of the long-term interest rate.1 Long-term interest rates had remained low and stable despite a solid economic recovery and a sustained period of monetary policy tightening during which the target federal funds rate went from 1 percent to 2-1/2 percent. When he first publicly noted this "conundrum," as he called it, the ten-year Treasury yield was just over 4 percent. Today, despite an additional 250 basis points of increase in the target federal funds rate, the nominal ten-year Treasury yield is roughly 5 percent, still very low by historical standards, compared to an average of more than 7-1/2 percent since 1980. The combination of a rising short rate and a relatively stable long rate has led to a very flat yield curve. During the last quarter-century, for example, the difference between the yield on the ten-year Treasury note and the yield on the three-month Treasury bill has been roughly 1-3/4 percent (or, to be exact, 179 basis points from 1980 to the present). During the last year, that difference has been less than 50 basis points and is currently less than half of that. Thus, this essentially flat slope is atypical in U.S. experience. I am sure that you are all familiar with the simple relationship between short-term and long-term interest rates. The yield on a ten-year bond, for instance, can be thought of as a series of consecutive forward rates. If you could borrow and lend at the same rate as the U.S. Treasury, then you could lock in a three-month loan ten years from now by borrowing for ten years and three months and simultaneously lending the same principal for ten years. The difference between the interest you pay and the interest you earn on this transaction determines the implied forward rate ten years from today.2 The forward rate reflects not only the market expectation of the future short-term interest rate but also a "term premium" to compensate for the risk in committing to extend credit so far in the future, including the risk of future inflation.3At any point in time, then, we can calculate the short-term forward rate ten years ahead based on the yield curve of U.S. Treasury coupon securities.4 This "far forward" rate makes the conundrum even more puzzling because it reached historically low levels of almost 4-1/4 percent last year, more than 200 basis points below its average since 1990, and has rebounded only somewhat this year. In real terms, the far forward rate calculated from inflation-indexed securities is similarly below its long run average.The U.S. bond market conundrum has occurred in parallel with similar developments in foreign bond markets. In major industrial countries, bond yields have trended down, in some cases reaching historical lows recently. Yields are also low in real terms, as measured by inflation-indexed bonds. Far-forward short rates in recent years have also reached unusually low levels in many industrial countries.The most interesting and, I believe, perhaps least studied recent developments in the bond markets concern the changes in emerging markets. While it is well known that the yield spreads on dollar-denominated bonds of emerging-market governments included in the EMBI+ index are near all time lows (even taking into account the recent rise), two phenomena in emerging markets have received less attention. One is the development of markets for longer-dated fixed-coupon bonds issued in local currencies. This phenomenon is, from my perspective, quite remarkable and belies the assertion that the "original sins" of bad policy from the past have doomed the development of domestic currency bond markets in many emerging markets. The recent lengthening of maturities of domestic-currency debt markets has, in many cases, not only extended a yield curve but effectively created a local currency yield curve that simply did not exist earlier. Since 2000, ten-year nominal fixed-coupon bonds in local currency have been introduced in Brazil, Colombia, Indonesia, Mexico, and Russia, while Korea issued a ten-year fixed coupon bond in 1995. To illustrate in more detail, the governments of Mexico and Korea have been able extend the average maturity of their local-currency debt significantly in just the past few years. The Mexican government issued ten-year maturities in 2001 and then 20-year maturities in 2003. The proportion of local-currency debt in Mexico maturing within one year was nearly 90 percent in 2002 and is now below 75 percent. (I have included floating rate debt in the one-year maturity category.) The Korean government continues to increase the proportion of its domestic currency debt in longer maturities, with the one-year-and-under segment falling from roughly one-half in 1999 to one-quarter by the end of last year. Two, bond yields in local currencies of emerging-market countries have also declined. It is perhaps not surprising that, given their high rates of saving and generally high level of economic development, the governments of Hong Kong and Korea can borrow at close to industrial-country levels. More notable, however, is that the Mexican government can borrow in pesos at a ten-year maturity at rates that have averaged roughly 9 percent. And Mexico is not unique in this regard. Other middle-income emerging markets with ten-year local-currency fixed rate bond yields in the single digits include Chile, Malaysia, Russia, and Thailand, to name but a few. For countries with longer maturities, implied short-term interest rates five years ahead also have been declining and have reached very low levels, although there have been some increases in the past few months.What is driving these changes? There are a number of complementary, not alternative, explanations.Explanations for the Low Real Bond YieldsChairman Bernanke has suggested that an excess of ex ante global savings relative to global investment, sometimes referred to as a global savings glut, has held down real interest rates around the world and encouraged capital inflows to the United States.5 Some of the factors behind this savings glut include the surge in revenues of oil and commodity exporters, a reduction in fiscal deficits in some Latin American countries, and a retreat in Asian investment demand from the boom that preceded the late 1990s financial crises while saving rates stayed high in Asia. The savings glut story helps to explain the real component of low bond yields as well as the pattern of global capital flows, which was Chairman Bernanke’s focus. Another factor behind declining real yields in some emerging markets is that their improved fiscal situation not only increases national saving but also calms fears about the ability of governments to service their debt. However, there is also a nominal aspect of low global bond yields. In the rest of my talk, I would like to emphasize the worldwide decline of inflation and perceived inflation risk as a key contributor to low nominal bond yields.Explanations for the Low Nominal Bond Yields Inflation rates in major industrial and developing regions have trended down over the past twenty-five years. Compared with the period 1980 to 1999, median inflation rates from 2000 to 2004 fell from 5 percent to 2 percent in industrialized countries and from 14 percent to 4-1/2 percent in emerging markets, according to the most recent statistics from the International Monetary Fund. Not long ago, annual inflation rates in Brazil and Mexico at times exceeded 100 percent. But during the past decade, Brazilian and Mexican inflation rates have remained low. In particular, inflation in Brazil did not spike up after its financial crises and sharp currency depreciations in the late 1990s. Given Brazil’s history of hyperinflation, this stability is especially remarkable. Brazil did experience a small spike of inflation around its presidential election in 2002, but even this was minor by historical standards. The pattern of low inflation is seen across many countries, large and small.A few years ago I did some research that showed how inflation rates around the world have fallen significantly since the 1970s and 1980s, both in terms of averages and medians.6 Indeed, the IMF’s April 2006 World Economic Outlook notes that average inflation rates in both the industrial countries and the developing countries in recent years are at their lowest levels since at least the early 1970s. More important, I found that the worst inflation performers (specifically the 10 percent of the countries of the world experiencing the highest inflation) had much lower inflation rates than the worst performers from the 1970s, 1980s, and 1990s. Thus, the worst behavior is not as bad as it once was.Do markets expect low inflation to persist in the long run? To answer this question, we can look at measures of expected inflation. Consensus Economics surveys hundreds of professional forecasters in numerous countries each April. The surveys allow us to examine forecasts of inflation around the world six to ten years ahead beginning in 1996. The latest observation, in April 2006, for example, is the forecast of a given country’s average consumer price inflation rate from 2012 through 2016. For both a representative sample of industrial economies (Euro area, Japan, the United States, and the United Kingdom) and emerging-market economies (Brazil, China, Korea, and Mexico), we observe substantial declines from the late 1990s to today. These forecasts have been low and stable in both industrial and many important developing countries in recent years. The surveys thus provide one indication that markets do expect low inflation to persist.The volatility of inflation has also declined notably, suggesting that perceived inflation risk may have declined as well. For the industrial countries, inflation volatility (measured as a twenty-quarter rolling standard deviation of consumer price inflation) has declined from the 1980s to the 1990s to the period since 2000. Although it has since drifted up just a bit due to volatility in oil prices, it remains at or near its lowest level in the last quarter-century. For the emerging markets, the decline in volatility is even more dramatic. Brazil, in particular, was off the chart much of the time before the late 1990s. Volatility of inflation in China, Korea, and Mexico is now at levels similar to those of the industrial countries, and volatility in Brazil is not much higher. Overall, the combination of lower and less volatile inflation around the world has led to a reduction in inflation expectations and lower perceived inflation risk, hence a lower inflation uncertainty premium in long rates. I believe that these factors have been important contributors to the lower long-term yields and the flattening of yield curves, particularly in emerging markets. The existence of markets for long-term nominal government and corporate debt is powerful evidence of the faith that investors place in a future environment of price stability. Factors Behind the Global Move to Price StabilityFour broad factors lie behind the move to price stability, especially in emerging markets, and these factors tend to reinforce each other. Each factor affects the cost-benefit tradeoff of pursuing a high-inflation policy.The first factor, which gets surprisingly little attention in my view, is financial innovation that alters the ability and incentive of a government to pursue a high-inflation policy.7 I put the innovations into two main categories, developments in information technology and physical dollarization, both of which effectively increase potential competition among currencies. Financial innovations make it easier for citizens to move their assets out of the local currency should their government resort to an inflation tax. The dollarizations that followed the high-inflation episodes in Latin America and the former Soviet Union, for example, significantly reduced the costs of switching away from a local currency for small-value transactions. The specific channels by which financial innovations could have affected competition among currencies are many: Electronic trading and payments technologies enabled investors and banks to shift assets quickly away from currencies prone to inflation and related risks. In the 1990s, many countries--including Brazil, Korea, and Mexico--implemented real-time gross settlement payment systems, which allowed markets to rapidly settle payments and other obligations with finality during the day. Financial innovations such as credit card networks and money market mutual funds allow households and firms to minimize their holdings of cash and central bank reserves, thus shrinking the base of the inflation tax. Increased circulation of banknotes in dollars or other hard currencies enable citizens to conduct transactions without holding inflationary currency. Data published on the Federal Reserve’s website show a dramatic increase in the fraction of U.S. Federal Reserve notes that are estimated to be held in foreign countries. The fraction of U.S. Federal Reserve notes held abroad rose from under 20 percent in 1980 to almost 50 percent in the late 1990s. Given these innovations, a government that pressures a central bank to pursue an inflationary policy gets much less benefit for each unit increase in inflation because people can more easily switch out of the local currency. In other words, the inflation tax becomes much more difficult and costly to levy because citizens can more easily avoid the tax by using an alternative money.The second and closely related factor behind disinflation is deregulation and competition in a globalized marketplace. The collapse of the centrally-planned economies has led many countries to turn increasingly to private markets to deliver growth and progress and reduce the role of government. Technology has helped to increase global competition by shrinking the barriers of time and distance. Again, there are several channels by which globalization and competition may have affected the cost-benefit tradeoff in pursing inflation:As Kenneth Rogoff pointed out at the 2003 Jackson Hole conference sponsored by the Federal Reserve Bank of Kansas City, greater competition leads to more-flexible prices.8 When prices are more flexible, a central bank’s ability to temporarily influence output is diminished while its influence on inflation is enhanced. Thus, more-competitive markets naturally help central banks achieve price stabilization. Increased travel has expanded the opportunities for citizens to set up financial accounts in foreign countries, thereby contributing to currency competition in a manner similar to financial innovation. Satellite television and the internet have heightened public awareness of conditions abroad, educated citizens about financial opportunities elsewhere, and raised pressure on politicians not to place limits on these opportunities. Deregulation of the financial sector spurs the types of financial innovation that I have already discussed and allows for more cross-border flows and greater competition among different types of currencies and assets. The third factor is that economists and the public have learned from painful experience about the costs of inflation.9 The end of the Bretton Woods gold standard in the early 1970s was associated with the first global and sustained peacetime inflation in history. Although the specific experiences differed across countries, public opinion eventually turned strongly against allowing inflation to continue, and policymakers responded to this pressure by taking stronger measures to achieve price stability. This learning process helped to drive some of the financial innovations that I discussed earlier, which, in turn, helped households and businesses to economize on holding inflationary assets. Economists and central bankers also devoted great attention to understanding the causes and consequences of inflation, providing the intellectual underpinning to policies oriented toward price stability. The fourth factor I wish to mention relates to changes in the institutions of central banking that may have increased the costs of pursuing high-inflation policies. The most notable change is the increased independence of many central banks and the corresponding reduced control of the fiscal authorities over monetary policy. Central bank independence reduces the ability of a government to "raid the cookie jar" through a surprise inflation tax. In most cases, central bank independence can be reversed by a majority vote of parliament. But having to resort to such a vote is a greater obstacle to inflationary finance than previous arrangements allowed, especially given the public’s increased sensitivity and aversion to inflation.Central bank independence has typically been granted in conjunction with an explicit mandate that makes achieving low and stable inflation one of the goals of monetary policy. Central bank independence with a mandate that includes price stability increases the credibility of monetary policy with regard to achieving low inflation. Policy is credible because the central bank’s objectives are clear to the public and the central bank can be held accountable for failing to achieve its objectives. When citizens are more aware of the costs of inflation and when governments would reap lower benefits from a high-inflation policy, institutional reforms that will make central banks more credible and independent may be more likely to be adopted and sustained.10 The fundamental forces I mentioned earlier--financial innovation, deregulation, globalization, and public understanding about the costs of inflation--provided the impetus for fighting inflation and opened the political path to institutional reforms, such as central bank independence, that enhance central bank credibility. Once in place, these reforms made further progress against inflation easier and raised the costs of backsliding. As the benefits of stable prices accrue and as financial markets deepen and become more sophisticated, the benefits of sound economic policies will help to create support for institutional reforms that make returning to inflation harder for future governments. Benefits of Price StabilityWhile it is well known that low and stable inflation improves the environment for investment planning and avoids many costs and disruptions associated with frequent price adjustments, I want to focus on a few of the many benefits that are particularly relevant for emerging markets.Price stability boosts growth through deepening financial markets. With stable prices, savers and investors have more confidence about the ultimate value of their deposits and loans. Stable prices encourage the growth of financial intermediaries and financial markets. As noted above, many emerging markets have recently experienced a deepening of their local financial markets with greater issuance of longer-dated paper. According to numerous studies, there is a strong link between financial market development and economic growth. Thus, the greater credibility of central banks that permits more development of the local markets can have an economic benefit beyond the financial sector.11The development of long-term local-currency bond markets may also help governments and firms plan long-term infrastructure and investment projects that boost economic development. Although such debt markets are only one of many factors that can lower the costs of long-term planning and enhance the ability to undertake long-term investments, the development of these markets, particularly when accompanied by lower real rates, help to support longer-horizon projects and reduce the effect of foreign exchange movements on such activities.A better fiscal outlook, which might arise from higher and more stable growth as well as better long-term planning, also increases financial market confidence and development and thus further boosts growth and reinforces prospects for continued price stability. This virtuous cycle appears to be happening in key emerging markets that were long plagued with poor fiscal situations, such as Brazil and Mexico. In the 1980s and early 1990s, for example, public sector deficits in these countries often exceeded 10 percent of GDP. Since the late 1990s, deficits have been diminished.Maintaining this ProgressAlthough I am an optimist, I would be remiss if I did not point out some risks to this otherwise rosy scenario. The difficulty of reaching agreement in the Doha Round of trade negotiations highlights the risk of renewed protectionism. Trade barriers reduce both domestic and international competition, one of the key factors behind low inflation, and make all countries poorer. Barriers to free flow of goods, services, and capital would also diminish the force of other factors outlined above that help to reduce inflationary pressures.We must not forget the examples of high inflation and hyperinflation from the past: They hold important lessons about the costs of not maintaining price stability. That sound policies are the basis for solid economic growth should not be forgotten.--------------------------------------------------------------------------------Footnotes1. Alan Greenspan (2005), statement before the Senate Committee on Banking, Housing, and Urban Affairs, presenting the Federal Reserve Board’s "Monetary Policy Report to the Congress," February 16. 2. Strictly speaking, this calculation requires the use of zero-coupon bonds, but it can be approximated using coupon securities. 3. Don H. Kim and Jonathan H. Wright (2005), "An Arbitrage-Free Three-Factor Term Structure Model and the Recent Behavior of Long-Term Yields and Distant-Horizon Forward Rates," Finance and Economics Discussion Series 2005-33 (Washington: Board of Governors of the Federal Reserve System, August). 4. Typically we calculate an "instantaneous" forward rate, which is the limiting value of a sequence of forward rates with maturities declining toward zero. 5. Ben S. Bernanke (2005), "The Global Saving Glut and the U.S. Current Account Deficit," Sandridge Lecture at the Virginia Association of Economics, March 10. 6. Randall S. Kroszner (2003), "Currency Competition in the Digital Age," in David E. Altig and Bruce D. Smith, eds., Evolution and Procedures in Central Banking (New York: Cambridge University Press), pp. 275–99. 7. I discussed aspects of this factor in my presentation at a May 2001 conference at the Federal Reserve Bank of Cleveland, cited above. 8. Kenneth S. Rogoff (2003), "Globalization and Global Disinflation," in Monetary Policy and Uncertainty: Adapting to a Changing Economy: A Symposium (Federal Reserve Bank of Kansas City, Aug. 28–30), pp. 77–112. 9. This hypothesis was raised in the discussion of Rogoff (2003). See Guillermo Ortíz, chair, "General Discussion: Globalization and Global Disinflation," in Monetary Policy and Uncertainty: Adapting to a Changing Economy: A Symposium (Federal Reserve Bank of Kansas City, Aug. 28–30), pp. 119–130. For evidence that voters in Latin America have punished politicians for bad inflation outcomes in recent years, see Eduardo Lora and Mauricio Oliveira (2005), "The Electoral Consequences of the Washington Consensus," Economía, vol. 5 (Spring), pp. 1–61. 10. In a paper with Douglas Irwin, I documented a similar dynamic at work in the gradual reversal of protectionist policies in the United States in the 1930s and 1940s. See Douglas A. Irwin and Randall S. Kroszner (1999), "Interests, Institutions, and Ideology in Securing Policy Change: The Republican Conversion to Trade Liberalization after Smoot-Hawley," Journal of Law and Economics, vol. 42 (October), pp. 643–73. 11. See Ross Levine (2005), "Finance and Growth: Theory and Evidence," Philippe Aghion and Steven Durlauf, eds., Handbook of Economic Growth (New York: Elsevier); and Randall S. Kroszner and Philip E. Strahan (2006), "Regulation and Deregulation of the U.S. Banking Industry: Causes, Consequences, and Implications of the Future," unpublished paper.
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삼전닉스 주가는 급락, 빚은 그대로?
[서울=뉴스핌] 양태훈 기자 = 삼성전자와 SK하이닉스의 주가가 이틀 연속 급락하면서 이른바 '빚투' 투자자들의 담보 부담이 커지고 있다.
메모리 수요에 이상징후가 없고 주가가 저평가 구간에 진입했다는 분석도 나오지만, 담보 부족이 발생한 계좌는 반등을 기다리기에 앞서 부족분부터 메워야 하는 상황이다. 정해진 기한까지 추가 담보를 납입하거나 대출을 상환하지 못하면 주가 회복 전에 보유 주식이 강제 처분될 수 있기 때문이다.
6일 한국거래소에 따르면 이날 삼성전자는 전 거래일보다 1만2800원(6.35%) 내린 18만8700원에 거래를 마쳤다. SK하이닉스도 13만2000원(10.44%) 하락한 113만2000원에 장을 마감했다. 전날 각각 7.57%, 9.46% 급락한 데 이어 이틀 연속 큰 폭으로 하락하면서 신용융자와 주식담보대출을 이용한 투자자들의 담보 부담도 커지고 있다.
◆ 주가 급락에 담보비율 하락…납부기한 넘기면 반대매매
문제는 주가가 떨어져도 빌린 돈은 줄어들지 않는다는 점이다. 담보로 잡힌 주식의 가치가 하락하면 대출금 대비 담보비율이 낮아지고, 유지 기준에 미달할 경우 추가 담보 납입이나 대출 상환 요구를 받을 수 있다.
가령 다른 담보 없이 삼성전자 또는 SK하이닉스 한 종목만 담보로 잡혀 있고 대출금이 그대로라면, 담보비율이 150%였던 계좌는 지난 5일 하루 하락만으로 각각 약 138.6%, 135.8%까지 낮아진다. 유지 비율 140%를 적용받는 계좌라면 담보 부족이 발생하는 수준이다. 이자와 비용 등을 제외한 단순 계산으로, 실제 계좌의 담보 상태와는 차이가 있다.예를 들어 삼성전자 주식 1억5000만원어치를 담보로 1억원을 빌린 투자자는 지난 5일 주가가 7.57% 떨어지면서 담보 가치가 약 1억3865만원으로 줄어든다. 증권사가 요구하는 최소 담보 가치가 1억4000만원이라면 하루 만에 약 135만원의 담보 부족이 발생하는 셈이다. 부족분을 제때 채우지 못하면 반대매매로 이어질 수 있다. 증권사들은 담보 부족이 발생한 고객에게 부족 금액과 납입기한을 안내하고 있다. 현금 입금이나 증권 입고, 보유 주식 매매, 신용융자 현금상환 등으로 부족분을 해소할 수 있지만, 기한까지 해결하지 못하면 반대매매가 이뤄질 수 있기 때문이다.
[AI 인포그래픽=양태훈 기자]
추가 자금을 마련하는 동안 주가가 더 떨어지면 부담이 이어질 수 있다. 증권사 한 관계자는 "시장 변동성이 확대될 경우 고객의 추가 납입 여력과 담보가치가 동시에 낮아질 수 있는 만큼 관련 계좌를 면밀히 관리하고 있다"라고 말했다.
실제로 신용융자 잔액은 높은 수준을 이어가고 있다. 금융투자협회에 따르면 지난 5일 신용거래융자 잔액은 28조7715억원으로 전날보다 1269억원(0.44%) 증가했다. 같은 날 위탁매매 미수금 관련 반대매매 체결액은 약 84억2000만원으로, 이달 4일 약 39억원의 두 배를 웃돌았다.
이에 정부는 반대매매가 추가적인 주가 하락을 부르는 악순환을 차단하기 위해 오는 9일부터 3개월간 증권사의 신용융자 담보비율 140% 유지 의무를 면제하기로 했다. 주가 급락에 따른 일시적인 담보 부족이 대규모 강제매도로 이어지는 상황을 완화하려는 조치다.
다만 규제 완화가 모든 계좌의 반대매매 중단을 의미하는 것은 아니다. 구체적인 담보 유지 기준과 적용 대상, 기존 담보 부족 계좌의 처리 방식 등은 증권사별 시행 방안을 확인해야 한다. 특히 이번 조치는 신용융자에 대한 담보비율 유지 의무 면제로, 주식담보대출 등 다른 대출까지 동일하게 적용된다고 볼 수는 없다.
증권사들은 정부 발표 직후 내부 검토에 착수했으며, 구체적인 적용 방안과 기존 계좌에 미치는 영향은 검토 후 결정한다는 방침이다.
또 다른 증권사 관계자는 "이번 조치로 담보부족 고객의 단기 반대매매 가능성이 낮아졌다"면서도 "다만 반대매매가 과도하게 일어나면 오히려 주가가 더 하락할 가능성도 높다. 주가 급락과 강제매도가 맞물려 하락세를 심화시키는 상황을 경계할 필요는 있다"라고 전했다.
◆ 메모리 업황은 견조하다는 평가…반등까지 버틸 여력이 변수
반도체 업황에 대해서는 최근 주가 하락이 기업의 기초체력에 비해 과도하다는 분석이 나온다.
메리츠증권은 이날 보고서에서 삼성전자와 SK하이닉스, 마이크론의 미주 영업·마케팅 채널을 점검한 결과 당장 메모리 수요에 이상징후는 감지되지 않았다고 밝혔다. 인공지능(AI) 데이터센터 규제 우려 역시 수요 감소보다는 건설 지역 변경에 따른 불확실성에 가깝다는 진단이다.
김선우 메리츠증권 연구원은 "삼성전자와 SK하이닉스의 주가가 2027년 예상 순자산 대비 주가순자산비율(PBR) 각각 1.13배, 1.00배 수준까지 하락했다"며 "현 주가 수준에서는 향후 상승에 대한 기대가 높아질 가능성이 크고, 잠재적 위험보다 기대수익에 압도적으로 무게가 실린 상황"이라고 평가했다.
NH투자증권도 이번 급락이 반도체 업황 자체의 악화보다는 미국의 정책 불확실성과 수급 충격에 영향을 받은 것으로 분석했다. 민주당의 AI 산업 규제 강화 우려와 헤지펀드 청산 등이 기술주 전반의 하락을 부추겼다는 설명이다.
[AI 인포그래픽=양태훈 기자]
조수홍 NH투자증권 리서치본부장은 "민주당 역시 중국과의 AI 패권 경쟁을 중시하는 만큼 데이터센터 건설을 원천적으로 차단할 가능성은 제한적"이라며 "미국 내 투자가 지연되더라도 동맹국 데이터센터를 활용한 연산 수요가 유지될 수 있어, 정책 우려가 과도했다는 점이 확인되면 시장도 안정을 되찾을 것"이라고 전망했다.
다만 반도체 업황에 대한 긍정적인 평가가 곧바로 주가 반등으로 이어지지는 않을 수 있다는 전망도 나온다.
iM증권은 삼성전자와 SK하이닉스 주가가 연말까지 저점을 높이더라도 내년 상반기에는 박스권 흐름이 이어질 수 있다고 내다봤다. 내년 하반기 고대역폭메모리(HBM) 관련 협의와 장기공급계약의 이익 방어력이 확인돼야 본격적인 재평가가 가능하다는 분석이다.
글로벌 AI 관련 기술주 역시 주가 회복까지 시간이 필요하다는 분석이 나온다. 신한투자증권은 AI 산업이 고성장 국면에 있지만 관련 기업들의 현금흐름이 적자인 데다 추가 자금 조달이 필요한 상황이라고 진단했다.
김성환 신한투자증권 연구원은 "근본적으로 AI 기업들과 빅테크들의 현금흐름 개선 단서가 입증되기 전에는 악순환이 끊어지기 어려워보인다"라며 "시장은 3분기 실적 시즌에서 이 단서를 확보하는데 실패했다. 4분기 실적 시즌까지는 가야한다"고 전했다.
dconnect@newspim.com
2026-11-07 07:00
사진
정비사업 용적률 1.2배 허용한다더니…
[서울=뉴스핌] 이동훈 선임기자 = 정부와 여당이 민간 재개발·재건축사업의 용적률(대지면적 대비 건축물 연면적) 인센티브를 법적 상한의 1.2배까지 확대하는 방안을 두고 막판 진통을 겪고 있다. 이에 따라 연내 통과가 기대됐던 '도시 및 주거환경정비법' 개정안의 처리가 지연될 가능성이 제기된다.
여기에 이재명 대통령이 민간 정비사업의 부정부패 가능성을 지적하며 공공 정비사업 확대를 언급하면서 정부의 민간 정비사업 지원 기조가 약화할 수 있다는 관측도 나온다. 다만 법적 상한의 1.2배까지 용적률을 높이는 방안은 이미 큰 틀에서 합의가 이뤄진 만큼 제도화될 가능성이 있다는 분석이다. 다만 추가적인 요건과 제한이 붙을 수 있어 실제 정비사업 현장에서 사업성 개선 효과가 폭넓게 나타나기는 어려울 수 있다는 전망도 나온다.
◆ 민간 정비사업 용적률 상향, 합의 됐지만 실제 법안 통과는 미지수
7일 정비업계에 따르면 민간 재개발·재건축사업의 용적률을 법적 상한 1.2배까지 부여하도록 하는 '도시및주거환경정비법' 개정안 마련이 늦어지고 있는 가운데 실제 법안 개정도 지연될 가능성이 제기되고 있다.
[AI일러스트=이동훈 선임기자]
민간 정비사업에 대한 용적률 인센티브 확대는 오세훈 서울시장과 김윤덕 전 국토교통부 장관 간 협의의 결과물로 평가된다. 오 시장과 김 전 장관은 지난해 10·15 대책으로 서울 전역이 투기과열지구와 조정대상지역, 토지거래허가구역으로 지정되면서 위축된 민간 정비사업을 활성화하고 서울의 주택 공급을 확대하기 위해 지속적으로 협의를 이어왔다.
이 과정에서 서울시는 민간 정비사업 활성화를 위한 '10대 개선 과제'를 국토부에 제시했다. 국토부는 이 가운데 8개 과제를 수용했으며, 나머지 과제 중 하나인 법적 상한의 1.2배까지 용적률을 허용하는 방안을 놓고 협의를 진행하고 있다.
서울시는 국토부가 특별법에 따라 추진하는 도심 공공주택 복합사업에 법적 상한의 최대 1.4배, 공공재개발 사업에는 최대 1.3배의 용적률을 적용하는 점을 들어 민간 정비사업에도 이에 상응하는 인센티브가 필요하다고 주장해 왔다. 이에 따라 민간 재개발·재건축사업에도 법적 상한의 1.2배 또는 1.3배까지 용적률을 추가로 허용해 줄 것을 정부에 요구했다.
국토부는 용적률 1.2배 방안을 최종 선택해 여당과의 협의 과정에 있으며 이를 포함한 도정법 개정안을 마련하고 있는 상태다. 이 제도가 확정되면 법적 상한 용적률이 300%인 서울시내 3종 일반주거지역에서는 360%까지 용적률을 늘릴 수 있으며 2종 일반주거지역의 용적률은 250%에서 300%까지 받게 된다.
서울시 추산에 따르면 민간 정비사업 용적률이 법적 상한의 1.2배로 높아지면 2031년까지 약 4만3000가구의 추가 공급이 가능하다. 이 경우 정비사업을 통한 주택 순증 물량은 기존 목표인 8만7000가구에서 13만가구 수준으로 늘어난다. 서울시 관계자는 "용적률 법적 상한 1.2배 상향이 모든 사업장에서 가능한 것은 아니기 때문에 적용 가능한 사업장을 시뮬레이션 한 결과 이같이 추산된다"고 말했다. 시는 2031년까지 31만 가구의 정비사업 주택 착공을 목표로 하고 있다. 용적률 상향이 이뤄지면 단순계산시 35만가구 착공이 가능해지는 셈이다.
다만 법안 처리 과정에서 다소 시간이 걸릴 것이란 분석이 나온다. 개정안의 방향성은 마련됐지만 국토부와 여권에서 법안 처리에 신중을 기한다는 입장이라서다. 실제 홍지선 국토부 장관은 지난달 30일 서울 상계2구역 재개발사업장을 방문한 자리에서 용적률을 1.2배까지 높이는 방안에 대해 "서울시와 도시정비법처럼 바로 풀 수 있는 문제부터 협력하겠다"면서 "서울시와 실무 협의를 하고 있고 답변을 기다리는 중"이라는 입장을 내놨다.
서울시 관계자는 "시는 국토부와의 실무협의에 최선을 다한다는 입장이지만 이번 도정법 개정안은 국토부가 아닌 여당이 중점적으로 추진하는 사안으로 알고 있으며 이에 따라 서울시보다 야당과의 협의가 우선시 될 것"이라며 "세부적인 개정안 내용에 대해 서울시의 검토를 요청하는 경우가 아직 없었고 단지 서울시의 요청사항만 국토부에 전달된 상태"라고 말했다.
◆ 與 지역별 차등적용 등 추가 조건 내놔…대통령 비판 인식도 통과 변수
이미 방향성이 확정됐음에도 정부와 여당이 법안 처리에 적극적으로 나서지 않고 있다는 지적이 나온다. 실제 서울시는 "서울시 입장은 이미 전달한 만큼 개정안 처리를 신속히 해야 한다"고 말했다. 이에 따라 기대했던 연내 국회 통과가 어려울 수 있는 것으로 분석되고 있다.
실질적으로 법안 개정에 시간이 소요될 사안도 발생했다. 당정협의 과정에서 여권의 추가 사항이 거론되고 있어서다. 먼저 지역별 차등적용이다. 강남·서초·송파구의 강남3구와 용산구의 민간정비사업은 용적률 추가 대상에서 제외하는 것이다. 또 늘어난 용적률로는 전용면적 59㎡ 이하 주택만 짓도록 하는 방안이 거론되고 있다. 아울러 늘어나는 용적률의 50%를 임대주택으로 공급하는 것에 대해 예외를 주지 못하도록 명확히 하는 것도 추가될 예정이다.
이에 대해 서울시는 일단 검토가 필요하다는 입장이다. 서울시 관계자는 "여당에서 요구하는 추가 사안은 서울시가 고려했던 사안은 아니기 때문에 내부 검토가 있어야 할 것"이라고 말했다. 이 과정에서 시간 추가 소요와 진통을 예상하는 목소리가 나오고 있다.
다만 업계에서는 이 부분은 서울시가 크게 반대할 사안은 아닌 만큼 개정안 통과를 크게 늦출 요인이 아니라는 관측을 내놓고 있다. 용적률 인센티브는 사업성 증대가 절실한 비도심 강북지역에 중점적으로 배정할 수 있고 또 강남권 등 인기지역에서는 재건축 이후 사업성까지 고려해 고밀 재건축을 크게 반기는 상황은 아니기 때문이란 게 업계의 분석이다. 이와 함께 서울시의 요구 사항인 재개발 임대주택 공급 완화는 받아들여지지 않을 전망이다.
시장 전문가들은 연내 통과 가능성을 조심스레 예측하면서도 막판 진통 가능성을 점치고 있다. 이재명 정부출범 이후 사안마다 극한대립에 빠진 서울시와 국토부의 관계 때문이다. 협의 과정도 순탄치 않다. 오세훈 시장은 홍 장관과의 빠른 만남을 원한다고 말했지만 홍지선 장관은 실무협의부터 마무리한 다음 만남을 공식화한 상태다. 도정법 개정 사례도 마찬가지다. 국토부는 '서울시의 답변을 기다린다'고 말한 반면 서울시는 국토부가 도정법 개정에 대해 시 의견을 요청한 사례가 없었다는 입장이다.
아울러 지난 4일 이재명 대통령이 이례적으로 재개발 사업장을 찾아 공공 재개발을 강조하고 민간 정비사업을 비판한 점도 변수로 작용할 전망이다. 이 대통령은 이 자리에서 "공공재개발은 빠르게 추진할 수 있는데 민간정비사업은 부정 부패가 있다"고 언급했다. 이에 대해 오 시장은 이 대통령이 민간 정비사업을 악마화한다고 비판했다. 시장 전문가는 "대통령이 맞대 놓고 민간 정비사업을 비판했는데 여권이 민간 정비사업을 지원하는 법안 개정이 쉽지 않을 수 있다"고 말했다.
이은형 대한건설정책연구원 연구위원은 "이재명 정부의 정비사업에 대한 방향성은 국정과제에도 명시돼 있는 '공공성 강화'며 민간 정비사업에 대한 대통령의 언급도 있는 만큼 국회나 정부의 제도 개선에 일정부분 영향을 줄 수 있을 것"이라고 말했다.
donglee@newspim.com
2026-11-07 06:00












