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Remarks by Governor Randall S. Kroszner
At the Cato Institute Monetary Policy Conference, Washington, D.C.
November 16, 2006
The Conquest of Worldwide Inflation: Currency Competition and Its Implications for Interest Rates and the Yield Curve

I am delighted to speak at the Cato Monetary Conference. I have participated in a number of these stimulating conferences since I was in graduate school in the 1980s and have learned a lot from them as my thinking on monetary economics and monetary policy has evolved. Rather than focus on my intellectual journey, however, I would like to focus on a fundamental change that has taken place globally since I first spoke here roughly twenty years ago. In the United States and in virtually every country around the world, inflation has declined, and in most countries dramatically so. In addition, the volatility of inflation and expectations of future inflation have also fallen significantly. I will call these changes experienced around the globe the conquest of worldwide inflation.

I will begin by providing a few facts about the substantial improvement of inflation during roughly the past decade compared with the quarter century that preceded it. I will then try to understand why this remarkable decline in inflation has taken place. In particular, I argue that globalization, deregulation, and financial innovation, in part spurred by experiences of high inflation in the 1980s, have fostered currency competition that has led to improved central bank performance and, hence, the recent conquest of worldwide inflation. Friedrich Hayek had long ago advocated permitting greater competition among currencies, arguing that there would be a race to the top rather than a race to the bottom.1 Regardless of what one might think of Hayek's policy proposals, technological change in a globalized and competitive marketplace, I believe, has increased competition among currencies issued by central banks.

The increased competition among currencies has changed the ability and the incentives of governments and central banks to pursue high-inflation policies. As I will argue, such changes have allowed improvements in central bank independence, governance and credibility, thereby leading to better inflation outcomes. In addition, greater central bank credibility has allowed the development of long-term bond markets in many countries where such markets did not previously exist and flattened of yield curves around the globe as concerns about future inflation risks declined. Deeper bond markets with a wider range of available maturities encourage long-term planning and investment, and thus convey lasting gains, particularly in emerging markets. The important issue is whether the conquest of worldwide inflation will persist or be a temporary phenomenon.

The Worldwide Decline in Inflation
From the 1950s until the late 1960s, inflation rates were relatively contained, and episodes of high inflation were rare. Following the collapse of the Bretton Woods fixed-exchange-rate system in the early 1970s, however, inflation became a worldwide phenomenon. Even in Germany, where prices had been the most stable of any country in the world as tracked by the International Monetary Fund (IMF), the purchasing power of the deutsche mark declined by more than half between 1972 and 1995.2 For the United States, purchasing power declined more than 70 percent over this period. For roughly half of all countries reporting to the IMF, the erosion of value of the currency was more than 90 percent.

To express this erosion in terms of cumulative inflation, $370 would be required today in the United Sates to purchase $100 worth of goods and services at 1972 prices. Brazil has by far had the worst experience of any country in the world during this period: The price level in Brazil is approximately 5 trillion times higher today than it was in 1972.

Since the early 1990s, however, worldwide inflation has significantly declined. In the advanced economies, for instance, the median inflation rate has fallen from 7 percent in the 1980s to 2 percent in the current decade. In emerging markets, the median inflation rate has fallen from 9 percent to 4 percent over the same period. Indeed, the latest issue of the International Monetary Fund's World Economic Outlook shows that average inflation rates in both the advanced economies and the developing countries in recent years are at their lowest levels since at least the early 1970s.3 Indeed, the worst performers over the past five years have had inflation outcomes close to the average outcome in the 1970s.4 Thus, the worst inflation today is not nearly as bad as it once was.

To give some specific examples, just ten or twenty years ago, annual inflation rates in Brazil and Mexico exceeded 100 percent. But during the past five to ten years, Brazilian and Mexican inflation rates have remained low. In particular, inflation in Brazil failed to spike after Brazil experienced financial crises and sharp currency depreciations in the late 1990s. Given Brazil's history of hyperinflation, this stability is especially remarkable. Brazil did experience an uptick of inflation around its presidential election in 2002, but even this was minor by historical standards. This pattern of reduced inflation is seen across many countries, large and small, developed and developing.

The data thus clearly show that better inflation performance in the last decade is a worldwide phenomenon. But is this lower inflation regime likely to persist? One way to approach this issue is to investigate whether market participants appear to believe that this change is temporary or likely to last by examining measures of expected inflation. In the United States, where surveys go back furthest, long-term inflation expectations were as high as 8 percent in the early 1980s; they dropped to about 3 percent a decade ago and have since edged down a bit more, to about 2-1/2 percent, depending on your favorite measure of expectation.5 Over the past ten years, other advanced economies and a few emerging markets such as Korea have had a broadly similar experience.6

In Brazil and Mexico, for example, long-term inflation expectations have declined from a range of 7 percent to 10 percent a decade ago to a fairly steady 3 percent to 4 percent in recent years. Considering the high rates of inflation that these economies experienced not long ago, the low level and stability of long-term inflation expectations in recent years is remarkable. Indeed, few long-term inflation forecasts in any country currently exceed 5 percent, although Venezuela provides one counterexample, with a long-term inflation forecast now of 15 percent. Overall, these surveys suggest that market participants do expect low inflation to persist around the globe.

In addition, the risks of high inflation appear to have decreased as well. In particular, the volatility of inflation has declined notably almost everywhere. The standard deviation of inflation in the United States declined from as much as 4 percent in the early 1980s to around 1 percent a decade ago and has remained close to that level since then.7 Other advanced economies have had a similar experience. The decline in volatility is even sharper for the emerging markets. In the early to mid 1990s, the standard deviation of inflation in Brazil at times exceeded 100 percent and in Mexico it exceeded 30 percent. In the current decade, however, the standard deviation of Brazilian inflation has been relatively stable at around 5 percent, while the standard deviation of inflation in Mexico has declined steadily to around 2 percent, a level similar to that experienced in the advanced economies.

Factors Behind the Conquest of Worldwide Inflation
My brief review of worldwide inflation performance suggests that something has changed in the past decade compared with the previous two decades: Inflation is substantially lower and less volatile and expectations of future inflation are also substantially lower. What has driven this change, which I call the conquest of worldwide inflation?8 In understanding the key factors behind this change, we can also shed further light on the likelihood of whether this low inflation regime will persist.

In a nutshell, I believe that the factors of globalization, deregulation, and financial innovation, arising partly in response to episodes of high inflation, have effectively eroded the central bank monopoly on the provision of monetary services and have enhanced global competition among currencies. These changes have, in turn, altered the incentives for central banks to behave badly and for finance ministries to use central banks as "piggy banks" to finance their fiscal policies. The resulting constraint on monetary policy, combined with increased public understanding of the costs of inflation, have led to institutional changes in central bank governance that bolster their credibility for maintaining price stability in the future. Improved central bank performance and credibility, thus, are the consequences of this combination of factors.

To develop this explanation in more detail, I will start by describing how globalization, deregulation, and innovation can alter the ability and incentive of a government to pursue a high-inflation policy.9 These factors are closely related and mutually reinforcing in many respects. Prompted in part by the collapse of central planning, many countries have turned increasingly to private markets and trade to deliver growth and progress. The resulting deregulation and greater openness has boosted innovation and has helped to increase global competition, or globalization, by shrinking the barriers of time and distance. Accordingly, trade and financial linkages between countries have soared in recent years to record levels.

How does this affect inflation? When governments resort to printing money to finance their spending, inflation rises and nominal assets lose their value. This loss of value is also known as the inflation tax. Globalization, deregulation, and innovation make it easier for citizens to move their wealth out of nominal assets in the local currency should their government resort to an inflation tax. The demand for local currency has become much more sensitive to the inflation rate, and this greater sensitivity reduces the amount of real resources that the government can obtain for a given level of inflation. Therefore, the government has a reduced incentive to resort to the inflation tax.

The specific channels by which globalization, deregulation, and financial innovation affect competition among currencies are many:

Increased circulation of banknotes in dollars or other hard currencies enable citizens to conduct transactions and store liquid wealth without holding inflationary currency. The fraction of U.S. currency estimated to be held in foreign countries rose dramatically from less than 20 percent in 1980 to almost 50 percent in the late 1990s, and it has remained near this high level even as inflation rates have come down almost everywhere. About $350 billion of U.S. currency is currently held abroad, and this constitutes effectively an interest-free loan from the rest of the world to the United States.
Advances in electronic payments systems and trading systems, both retail and wholesale, enable consumers, investors, and banks to shift wealth cheaply and quickly away from currencies and assets subject to inflation and related risks. Over the past decade or so, many emerging-market economies have adopted technologies already in use in the advanced economies.10
As financial innovations such as credit card networks and money market mutual funds become more widespread, particularly in economies that had experienced high inflations, households and firms have been able to reduce their holdings of cash and central bank reserves, thus shrinking the "base" for the inflation tax.
Given such developments that facilitate competition among currencies, a government that pressures a central bank to pursue an inflationary policy gets much less benefit from increased inflation because people can more rapidly and conveniently switch out of the local currency. Indeed, the web site of the central bank of Brazil explicitly acknowledges the role of inflation in driving financial innovations that enabled firms and households to economize on cash balances in that country. It states, "Prior to the mid-1990s, [when inflation was stabilized] changes in the payment system in Brazil were motivated by the need to cope with high inflation rates. During that time, the system achieved significant technological progress, especially aimed at enhancing the speed of processing financial transactions."11

In addition to encouraging financial innovation, the painful experience of high inflation helped to educate the public and economists about the costs of inflation.12 Although the specific experiences differed across countries, almost everywhere public opinion eventually turned against allowing inflation to continue, and this public pressure reinforced the trend against inflationary policies. 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.

In many countries, the factors I have discussed here led to changes in central banks that may make it more difficult to revert to high-inflation policies. The most notable change is the increased independence of many central banks and the correspondingly reduced control of the fiscal authorities over monetary policy. Central bank independence reduces the ability of a government to "rob the piggy bank" through a surprise inflation tax. In most cases, central bank independence can be reversed by a majority vote of the national legislature. But having to resort to such a vote is a greater obstacle to inflationary finance than that posed by previous arrangements, 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 the achievement of low and stable inflation one of the goals of monetary policy. Central bank independence, together with a mandate that includes price stability, increases the credibility of monetary policy. Policy is credible because the central bank's objectives are clear to the public and because 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 are less able to reap benefits from high inflation and thus have less incentive to use the central bank as a piggy bank, institutional reforms that make central banks more credible and independent are more likely to be adopted and sustained.13

The fundamental forces I have described today--globalization, deregulation, financial innovation, 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--but not impossible--for future governments.

Implications of the Conquest for Bond Markets
What are the implications of the conquest of worldwide inflation for interest rates and yield curves? I believe that market confidence in continued low inflation has helped drive down the slope of the yield curve by reducing the premium demanded for holding long-term nominal assets. The conquest of inflation also has extended bond maturities and yield curves further into the future than ever before, most notably in many emerging markets.

The current low level of long-term yields in the United States and other advanced economies is widely acknowledged as somewhat of a puzzle, or, to use former Chairman Greenspan's term, a conundrum.14 Of course, flat and even inverted yield curves in advanced economies are nothing new. We know that the short end of the yield curve is dominated by monetary policy and cyclical factors.

To abstract from the potential effect of cyclical factors on the yield curve, consider the pattern of forward rates many years into the future, at which point the effects of current cyclical shocks would be expected to no longer be important. The yield on a ten-year bond, for instance, can be thought of as an average of 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. 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 of a commitment to extend credit so far in the future, including the risk of future inflation.

At any point in time, then, we can calculate the short-term forward rate ten years ahead using the yield curve of U.S. Treasury coupon securities. This "far forward" rate has hovered around historically low levels of between 4-1/4 percent and 4-1/2 percent in the past year, more than 200 basis points (that is, two percent) below its average since 1990. Far-forward rates in other advanced economies have also declined over the past decade and are currently at or near historic lows.15

To some extent, low forward rates may reflect a persistent decline in expected future real rates of interest or in the real term premium. Chairman Bernanke has suggested that an excess of ex ante global saving relative to global investment has held down real interest rates around the world.16 Some of the factors behind this excess of saving over investment include the surge in revenues of oil and commodity exporters, a retreat in Asian investment demand from the boom that preceded the late 1990s, and a reduction in fiscal deficits in some Latin American countries. But these low bond yields also have a nominal aspect. The declines in inflation rates, in the volatility of inflation, and in surveys of long-term inflation expectations all point to a reduction in the compensation required by investors for the effects of future inflation on the returns to holding long-term bonds.

This development is particularly remarkable in many emerging markets, in which longer-dated fixed-coupon bonds issued in local currencies had ceased to exist during the inflationary 1970s and 1980s. The recent lengthening of maturities of domestic-currency-debt markets has, in many cases, not only extended the yield curve but--and this is one of the key results of the conquest of inflation--effectively created a local-currency yield curve that previously did not exist.

Since 2000, ten-year nominal fixed-coupon bonds in the local currency have been introduced in Brazil, Chile, Colombia, Indonesia, Mexico, and Russia. Korea and Thailand introduced ten-year fixed coupon bonds in the 1990s. This year the government of Mexico issued a thirty-year fixed-coupon bond in pesos for the first time. The proportion of local-currency debt in Mexico maturing within one year was nearly 90 percent in 2002 and is now less than 75 percent.17 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. Moreover, maturity extension is not limited to emerging markets. France and the United Kingdom, for example, issued fifty-year bonds last year.

In addition to the development or extension of a yield curve worldwide, bond yields have tended to be relatively low and flat, at least in part because of the conquest of inflation. The flattening or slight inversion of yield curves in the major industrial economies, such as the United States, Japan, the euro area, the United Kingdom, and Canada is well known. For example, ten-year yields in the euro area are less than 50 basis points higher than three-month yields and the yield curve is currently downward-sloping in the United Kingdom.

At the same time that maturities have been extended, 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 levels close to those in the advanced economies. More notable, however, is that the Mexican government can borrow in pesos at a thirty-year maturity at only 8 percent. Although Mexico is perhaps the most striking example, it is not alone. Other middle-income emerging markets with single-digit yields on fixed-rate ten-year bonds in the local currency include Chile, Colombia, Malaysia, Russia, and Thailand, to name but a few. The computation of forward rates for most of these countries is difficult due to the relative sparseness of the maturity distribution, but for those countries in which five-year forward rates can be computed, they have been declining and have reached very low levels in the past year or so.

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, and hence to a lower premium in long rates for inflation uncertainty. 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 establishment of markets for long-term nominal government and corporate debt in countries in which they did not exist a decade ago is powerful evidence of the faith that investors place in a future environment of price stability.

Broader Economic Benefits
The economic benefits of price stability are too numerous and well known for me to cover here in detail. Long-run price stability certainly is essential for achieving maximum employment. However, I would like to underscore some benefits that are often overlooked, related to the development of markets for long-term bonds.

Price stability boosts growth by deepening financial markets. Given stable prices, savers and investors have more confidence about the ultimate value of their investments. Stable prices encourage the growth of financial intermediaries and financial markets. As I have discussed, many emerging markets have recently experienced a deepening of their local financial markets through a greater issuance of longer-dated paper. There is a strong positive link between banking and financial market development and economic growth, and a number of studies have concluded that banking and financial market development is a key driver of economic growth. Thus, greater central bank credibility, which permits more development of local financial markets, can have an economic benefit beyond the financial sector.18

The development of long-term local-currency bond markets may also help to enable governments and firms to plan long-term infrastructure and investment projects that boost economic development. Although such debt markets are only one of many factors that can help to lower the costs of long-term planning and enhance the ability to undertake long-term investments, such developments can improve decisionmaking. In particular, investment decisions are less likely to be constrained by having only short term financing available for longer-term projects, thereby allowing improved decision making, for governments, firms, and individuals.

Higher and more stable growth combined with better ability to undertake long-term plans can help to improve the fiscal outlook for a country. A better fiscal outlook, in turn, increases confidence and financial market development and thus further boosts growth and, in a virtuous cycle, reinforces prospects for continued price stability. More-prudent fiscal policies, including lower deficits, longer debt maturities, and reduced foreign-currency debt can reduce the likelihood and potential severity of financial crises. These policies make the financial positions of emerging-market governments less vulnerable to movements in interest rates and exchange rates. A reduction in the perceived risk that a government may not be able to service its debts makes changes in investor sentiment and financial contagion less likely, thereby reducing financial market volatility.

Maintaining Progress on the Conquest of Worldwide Inflation
I have argued that globalization, deregulation, and financial innovation, in part spurred by recent experiences of high inflation, have fostered currency competition that has led to improved central bank performance and, hence, the conquest of worldwide inflation. The resulting enhancement of central bank governance and credibility has allowed the development of long-term bond markets in many countries and flattening of yield curves around the globe.

I want to conclude by returning to the question of whether these phenomena are likely to persist. Globalization and innovation are genies that may prove difficult to put back in their bottles. Deregulation and global competition, however, may be more subject to change.

Although I am an optimist, I would be remiss if I did not point out some risks to this otherwise cheerful narrative of conquest. The difficulty of reaching agreement in the Doha Round of trade negotiations highlights the risk of renewed protectionism and backtracking on deregulation. Trade barriers and regulations are anathema to globalization and competition. Barriers to the free flow of goods, services, capital, and technology would also diminish the force of innovation that has been so beneficial in the struggle against inflation. Transactions taxes and administrative barriers may hinder the development and liquidity of bond markets and there is still much progress that is required in many emerging markets on these fronts.

High inflation can destroy an economy and result in enormous hardship for everyone involved. The benefits achieved through greater central bank credibility are substantial. Fortunately, economic forces have led to better central bank behavior around the world during the past decade. If citizens and politicians lose sight of these benefits and the forces that have led to enhanced currency competition are thwarted, these gains could prove fleeting. I believe that we must continue to work hard to lock in the gains achieved through anti-inflation credibility to ensure that the conquest will be long lasting. The lessons of the high inflation episodes are too important to forget.


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Endnotes

1. Friederich A. von Hayek (1976), Denationalization of Money: An Analysis of the Theory and Practice of Concurrent Currencies (London: Institute of Economic Affairs).

2. Based on changes in consumer prices, 1972 to 2005, from the International Monetary Fund, International Financial Statistics.

3. The IMF does report, however, some modest upward pressure during the past year or so.

4. The worst performers are defined as the 90th percentile of inflation rates across countries, from the IMF, International Financial Statistics. The typical outcome is defined as the 50th percentile.

5. Data are from the Federal Reserve Bank of Philadelphia, Survey of Professional Forecasters.

6. The sample of foreign advanced economies consists of the euro area, Japan, and the United Kingdom. The sample of emerging-market economies consists of Brazil, China, Korea, and Mexico. Long-horizon forecasts refer to six-year- to ten-year-ahead forecasts from the April and October surveys of Consensus Economics.

7. Volatility is defined as the twenty-quarter rolling standard deviation of the annualized inflation rate.

8. I have borrowed my title from Thomas J. Sargent (1999), The Conquest of American Inflation (Princeton: Princeton University Press). Sargent focuses on the issue of central bank learning about evolving economic behavior in a statistical setting, and he does not directly analyze the institutional and regulatory changes that may be associated with this behavior.

9. This section draws on aspects of my presentation at a May 2001 conference at the Federal Reserve Bank of Cleveland and on my June 2006 speeches in New York. See 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; and Randall S. Kroszner (2006), "Why Are Yield Curves So Flat and Long Rates So Low Globally?" remarks at the Institute of International Bankers, New York, June 16. Kenneth Rogoff proposed another effect of globalization on inflation at the 2003 Jackson Hole conference sponsored by the Federal Reserve Bank of Kansas City. According to Rogoff, greater competition leads not only to lower but also to more-flexible prices. 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. See Kenneth S. Rogoff (2003), "Globalization and Global Disinflation," (237 KB PDF) in Monetary Policy and Uncertainty: Adapting to a Changing Economy (Federal Reserve Bank of Kansas City), pp. 77-112.

10. For example, over the past ten years, most major emerging-market economies have implemented real-time gross settlement payment systems, which allow markets to rapidly settle payments and other obligations with finality during the day. See Morten Bech and Bart Hobijn (2006), "Technology Diffusion within Central Banking: The Case of Real-Time Gross Settlement," Federal Reserve Bank of New York, Staff Reports No. 260.

11. http://www.bcb.gov.br/?PAYSYSREFORM

12. This hypothesis was raised in the discussion of Rogoff (2003). See Guillermo Ortiz, chair, "General Discussion: Globalization and Global Disinflation," (120 KB PDF) in Monetary Policy and Uncertainty: Adapting to a Changing Economy (Federal Reserve Bank of Kansas City), pp. 119-30. For evidence that voters in Latin America in recent years have punished politicians for bad inflation outcomes, see Eduardo Lora and Mauricio Oliveira (2005), "The Electoral Consequences of the Washington Consensus," Economia, vol. 5 (Spring), pp. 1-61.

13. 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.

14. 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.

15. Far-forward rates in yen are up about 1 percentage point from their historical lows associated with the Japanese deflation scares of 1998 and 2003, a level obviously still low in historical context.

16. 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.

17. I have included floating-rate debt in the one-year maturity category.

18. 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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신임 법무장관에 민변 출신 이용철 '성남라인' [서울=뉴스핌] 박찬제 기자 = 이재명 대통령은 6일 새 법무부 장관에 이용철(66·순창) 현 방위사업청장, 국세청장에 안덕수(55·부산) 서울지방국세청장을 후보로 지명했다. 청와대 새 정무수석으로는 최인호(60·창녕) 더불어민주당 재선 의원 출신인 주택도시보증공사 사장을 임명했다. 임광현 대통령 비서실장은 이날 오후 청와대 춘추관에서 인사 발표 브리핑을 했다. 임 실장은 "국민의 목소리를 더 많이 듣고 소통하겠다는 의지이며 국민 삶 속에 정책 변화와 효능감이 체감될 수 있도록 하는 데 중점을 뒀다"고 이번 인사 방향을 설명했다. 임 실장은 이 법무장관 후보에 대해 "민주사회를 위한 변호사 모임 출신으로 인권 보호와 민주 가치 증진에 힘써 온 변호사"라며 "참여정부 민정수석실 민정2비서관과 법무비서관을 역임하며 반부패와 제도개혁을 주도한 바 있다"고 소개했다. 임 실장은 "법조인이면서도 구조개혁 등 다양한 행정 경험을 갖춘 만큼 새로운 형사사법 체계를 안착시키고 누구도 소외되거나 억울한 일을 겪지 않는 법무 행정을 할 것으로 기대된다"고 이번 인선 배경을 설명했다. 임 실장은 이 후보가 과거 대장동 사건에 연루됐다는 언론 질문에 "그 부분은 검증 때 감안됐고 자세한 건 국회 인사청문회 때 본인이 소명할 걸로 기대한다"며 "적임자를 뽑기 위해 다양한 많은 분에 대한 검증이 있었다"고 밝혔다.  안 국세청장 후보에 대해 임 실장은 "국세청 1조사국장과 징세법무국장, 납세자보호담당관 등 주요 보직을 두루 거친 세무 행정 전문가"라며 소개했다. 임 실장은 "성실하게 세금을 내는 국민이 손해 보지 않도록 악의적 탈세와 숨긴 재산은 끝까지 추적해 조세 정의를 실현할 것으로 기대한다"고 인선 이유를 설명했다. 최 정무수석 내정자에 대해 임 실장은 "부산 지역 재선 국회의원 출신으로 민주당 최고위원과 수석대변인을 역임하며 소통과 통합의 가치를 실천해 온 정치인"이라고 소개했다. 임 실장은 "우리 사회의 통합과 성장을 위해 더 낮은 자세로 여야, 국민과 소통하며 국민이 하나 되는 정치를 뒷받침할 것으로 기대한다"고 인선 배경을 설명했다.  임 실장은 "청와대 내부 인사는 검토가 되는 대로 업무의 연속성과 개혁 성과, 국민 체감을 위해서 필요한 경우에는 적당한 시점에 인사를 하도록 하겠다"고 밝혔다. pcjay@newspim.com 2026-11-06 15:53
사진
한진칼 최대주주 오른 호반건설…항공업 진출? [서울=뉴스핌] 송현도 기자 = 호반그룹이 조원태 한진그룹 회장 측을 0.11%p(포인트) 차로 제치고 한진칼 최대주주(지분율 20.69%)에 오르면서 호반건설의 지분 매입 의도에 관심이 집중되고 있다. 단순 투자라는 공식 입장과 달리, 건설업 불황 속 한진칼 지분이 그룹의 재무적 가치를 뒷받침하는 핵심 자산으로 자리 잡은 데다 과거 금호산업 인수전부터 이어진 항공업 진출 구상에도 다시 힘이 실릴 수 있기 때문이다. ◆ 분양 반토막·PF 대위변제 덮은 6152억 평가차익… 호반의 '손익 방어막' [AI그래픽=송현도 기자] 6일 건설업계 등에 따르면 호반건설이 주택·건설 경기 침체 속에서도 수천억원을 투입해 한진칼 지분을 확보한 배경에는 재무적 실익이 자리 잡고 있다는 분석이 나온다. 한진칼 주가 상승에 따른 대규모 평가이익이 건설업 불황으로 악화한 그룹의 실적을 보완하는 역할을 하고 있다는 것이다. 호반건설의 2025년 연결감사보고서에 따르면 지난해 연결 매출액은 1조2326억원, 영업이익은 1361억원으로 전년(매출 2조3706억원, 영업이익 2716억원) 대비 각각 절반 수준으로 줄었다. 주력 사업인 분양수익이 1조1476억원에서 2531억원으로 급감한 영향이 컸다. 영업활동 현금흐름도 4728억원 적자로 돌아섰다. 부동산 프로젝트파이낸싱(PF) 보증 의무에 따라 4395억원을 대위변제하면서 2381억원의 기타대손상각비를 인식하는 등 재무 부담도 커졌다. 올해 2월에는 대위변제에 따른 구상채권과 상계하는 방식으로 대구 황금동 주상복합 용지를 2750억원에 취득하기도 했다. 이 같은 본업 부진을 상쇄한 것은 한진칼 지분에서 발생한 평가이익이다. 취득원가가 6966억원인 한진칼 지분의 장부가액은 지난해 말 1조5544억원으로 늘었다. 호반건설은 이를 통해 한 해 동안 6152억원의 금융자산 평가이익을 인식했다. 영업이익이 큰 폭으로 감소했음에도 당기순이익은 4752억원으로 전년(2657억원)보다 78.8% 증가했다. 100% 자회사인 호반호텔앤리조트도 비슷한 구조다. 본업 영업이익은 182억원에 그쳤지만, 보유 중인 한진칼 주식(장부가액 5902억원)에서 2267억원의 평가이익이 발생하면서 당기순이익 1872억원을 기록했다. 호반호텔앤리조트는 이를 바탕으로 모회사 호반건설에 1000억원의 현금배당을 결의하며 자금 공급 역할도 했다. 결국 한진칼 지분은 호반그룹의 실적 방어와 현금 확보에 기여하는 핵심 자산으로 자리 잡았다. 향후 경영권 분쟁 가능성이 이어지면서 한진칼 주가가 추가 상승할 경우 평가이익 확대는 물론 그룹의 순이익과 배당 여력에도 긍정적인 영향을 미칠 수 있다.  ◆ '집중투표제' 무기 쥔 호반… 이사회 진입 시 한진 경영권 영향 호반이 내년 3월 정기주총에서 이사회 진입에 성공할 경우, 단순 주주를 넘어 한진그룹 지배구조 전반에 영향력을 행사하게 된다. 한진칼 반기보고서에 따르면 한진칼은 올해 3월 정기주총에서 상법 개정에 맞춰 정관 제30조의 '집중투표제 배제 조항'을 삭제했다. 집중투표제란 주주총회에서 2명 이상의 이사를 선임할 때, 주주가 1주당 선임할 이사의 수만큼 의결권을 부여받고 이를 특정 후보 1명에게 몰아주거나 나누어 투표할 수 있는 제도로, 내년 3월 주총이 한진칼에 집중투표제가 의무 적용되는 첫 무대가 된다. 내년 3월 20일 임기가 만료되는 사외이사는 배성례(ESG경영위원회·보상위원회 위원장), 송백훈(분리선출 감사위원 겸 감사위원장), 홍동표(감사위원 겸 독립이사후보추천위원장) 위원 등 3명이다. 특히나 분리선출 감사위원 표결에서는 최대주주와 특수관계인의 의결권을 합산 3%로 제한하는 강화된 '3% 룰'이 적용된다. 오는 12월 31일 주주명부 폐쇄일 기준 최대주주가 되는 쪽이 의결권에서 불리해지는 구조다. 조원태 회장이 예고대로 12월 중 지분 0.49%를 추가 매수해 최대주주를 탈환하면 조 회장 측 전체 의결권은 3%로 묶이는 반면, 2대 주주가 되는 호반 측은 계열사별로 나눠 총 6.32%를 행사할 수 있다. 호반 입장에서는 감사위원 표결의 실리를 챙기기 위해 연말까지 조 회장의 최대주주 복귀를 용인할 가능성도 거론된다. 일반 사외이사 선임에서도 호반이 주총 6주 전(내년 2월 중순)까지 보유 목적을 경영참여로 바꾼 뒤 집중투표제를 신청해 특정 후보에게 표를 몰아주면 이사회 진입 가능성이 높아진다. 호반 측 인사가 이사회와 감사위원회에 1석이라도 진입하면 상법상 회계장부 열람권과 주요 안건 의결권을 바탕으로 대한항공·아시아나항공 통합 자금 지원, 자회사 부동산 매각, 배당 정책 등에 관여할 수 있다. 나아가 호반호텔앤리조트(리솜리조트)와 한진칼 산하 호텔·관광 계열사(칼호텔네트워크, 한진트래블) 간의 사업 시너지나 자산 매각 협상을 요구할 기반도 확보하게 된다. 반면 한진칼은 지난해 8월 보유 자사주 44만44주(0.66%)를 사내근로복지기금에 전량 출연해 현재 방어에 쓸 수 있는 보통주 자사주가 3주뿐이다. 올해 1월 자회사 칼호텔네트워크가 그랜드하얏트인천 웨스트타워를 2100억원에 매각해 한진칼 본사 현금성자산(단기금융상품 포함 3201억원)은 늘어났지만, 회사 자금으로 자사주를 사들여 방어에 나설 수는 없어 조 회장 개인과 우호 세력의 자금 부담이 커지는 상황이다. ◆ 금호산업 인수전부터 이어진 항공업 진출 시도… 산은 지분 매각이 승부처 재계와 투자은행(IB) 업계에서는 호반의 목표가 단순 차익 실현을 넘어 한진그룹 경영권 인수에 맞춰져 있다는 시각이 나온다. 김상열 호반그룹 창업주는 지난 2015년 아시아나항공의 모회사였던 금호산업 인수전에 단독 응찰하며 항공업 진출을 시도한 바 있다. 당시 채권단과의 가격 이견으로 무산됐지만, 이후 리솜리조트와 퍼시픽랜드를 인수해 레저 사업을 확장했고 2022년 사모펀드 KCGI로부터 한진칼 지분을 사들이며 항공·레저 수직계열화를 추진했다. 주택 사업에 편중된 그룹의 포트폴리오를 바꿀 카드로 한진칼을 낙점했다는 평가다. 내년 3월 주총에서는 조 회장 측과 델타항공, 한국산업은행(10.58%) 등 우호 지분이 과반에 육박해 당장 경영권 확보가 쉽지 않다. 한진칼 시가총액이 적정 가치(3조3000억원 추산)를 웃도는 12조3000억원대까지 올라, 장내에서 지분 1%를 추가 확보하는 데 1230억원이 드는 점도 부담이다. 호반건설의 지난해 말 연결 현금 및 단기유동성 금융자산이 1조1916억원 수준이지만, 단기금융부채 역시 1년 새 679억원에서 5172억원으로 늘어 장내 매수를 지속하긴 어렵다. 결국 향후 승부처는 항공 산업 구조 개편이 끝난 뒤 시장에 나올 산업은행의 한진칼 지분 10.58%다. 대한항공은 올해 5월 아시아나항공 흡수합병을 결의한 데 이어 8월 12일 소규모합병 승인 이사회 결의를 완료하며 연말 통합 항공사 출범을 앞두고 있다. 내년 3월 저비용항공사(LCC) 3사 통합까지 마무리되면 산은이 지분을 보유할 정책적 명분은 사라지고 공적자금 회수 절차가 진행된다. 산은은 2020년 11월 체결한 투자합의서에 따라 의무 위반 시 5000억원의 위약벌을 부과할 담보로 조원태 회장의 한진칼 주식 385만8869주(약 5.78%)에 근질권을 설정해 두고 있으며, 유사시 조 회장 지분까지 묶어 제3자에게 팔 수 있는 동반매각요구권과 동반매도참여권을 보유하고 있다. 호반이 20%대 지분을 바탕으로 이사회에 진입해 경영에 관여하다가 향후 산은 지분 10.58% 인수전에 참여해 이를 확보할 경우, 지분율을 31% 이상으로 끌어올릴 수 있다. 건설업계 관계자는 "산은 지분 인수나 경영권 확보가 여의치 않더라도, 과거 대우건설·금호산업 사례에서 보듯 지분 가치를 높인 뒤 조 회장 측 우호 세력에게 경영권 프리미엄을 얹어 블록딜로 넘기는 출구 전략을 택할 수도 있다"고 설명했다. dosong@newspim.com 2026-11-06 15:07
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  • Caterpillar Inc. Industrials
    우크라이나 전쟁 장기화 시 건설 및 중장비 수요 불확실성 직접적. 글로벌 인프라 투자 지연으로 매출 성장 둔화 가능성 있음.
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