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도널드 콘 연준리 부의장, "통화정책과 불확실성" 연설문(원문)

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Remarks by Vice Chairman Donald L. Kohn
At the Fourth Conference of the International Research Forum on Monetary Policy, Washington, D.C.
December 1, 2006
Monetary Policy and Uncertainty

Tonight I will talk about one of the themes of this conference: uncertainty and its influence on the monetary policy process. Policymakers always face an uncertain economic environment, and from time to time I think it is useful to review the nature of the uncertainties we face and the prescriptions for dealing with them. Both of these tend to evolve over time, and we may find some lessons--or at least subjects for further research--in recent experience. Of course, the views I express tonight are my own and do not necessarily reflect the opinions of my fellow members of the Federal Open Market Committee (FOMC).1

What are the basic sorts of uncertainty faced by central banks? In informal terms, we are uncertain about where the economy has been, where it is now, and where it is going. In gauging the past and current state of the economy, measurement difficulties are rife and so I will review some of the challenges that we face in that area. As for where the economy is headed, central banks confront many sources of uncertainty but tonight I will focus on one in particular, namely, our inadequate understanding of the public’s expectations. Finally, I will conclude with a few observations on the ways that central bankers cope with risk in its various forms.2

Measurement Uncertainty
An important source of our uncertainty about the recent past and the current state of the economy is that economic data typically come in with a considerable lag and are subject to substantial measurement errors and revision. Work by Athanasios Orphanides and other economists has helped to heighten economists’ awareness of this issue by exploring the extent to which faulty estimates of potential output may have contributed to the monetary policy errors of the 1970s.3 However, academic economists may still not fully appreciate the degree to which measurement uncertainty bedevils policymaking. These difficulties are especially pronounced at times like the present, when resource utilization and the rate of economic growth are probably not far from their long-run potential, inflation trends may be shifting, and policy interest rates are close to their historical averages in real (that is, inflation adjusted) terms.

Consider our estimates of real economic activity. These estimates often change markedly with the receipt of just a few more days or weeks of data. For example, the Bureau of Economic Analysis released revised estimates in late July that showed persistently slower growth in real gross domestic product (GDP) in recent years. These more pessimistic data were then followed over the balance of the summer and into the fall by stronger-than-expected readings on current labor market conditions as well as by the announcement of upcoming benchmark revisions that will raise the level of payroll employment 1/2 percent. Taken together, these revisions have had important implications for our estimates of employment, productivity, labor costs, and related statistics.

Price data are subject to several measurement problems besides the well-known issues of quality changes and appropriate weights. For example, a significant portion of the personal consumption expenditures (PCE) price index is based on imputations of prices for important categories of household purchases, such as banking services, rather than on direct observations of market prices. This "nonmarket" component of the index is hard to replicate, tends to move in an erratic manner from month to month, and is subject to considerable revision--factors that reduce the usefulness of the overall index as a short-run indicator of price pressures.

Measures of labor compensation pose their own special problems. To begin, the available indicators often do not tell a consistent story. For example, the data in hand last week showed hourly compensation rising almost 7 percent over the past four quarters based on the national accounts measure, but only 3 percent as measured by the employment cost index. Beyond this, the compensation figures in the national accounts are subject to significant revision, as illustrated by the release of new data this week that suggests hourly compensation rose only 4-1/2 percent, not 7 percent, over the past year. Changes such as this make real-time estimates of unit labor costs and labor’s share of total income much less useful in our analyses than studies based on revised data might suggest. Finally, the existing wage data are not well suited for measuring certain concepts important to modeling and policymaking, such as marginal labor costs. For example, hourly compensation in the national accounts includes stock options at their exercise value rather than at their value at the time of issuance.

Perhaps the most intractable problems surround the measurement of such key concepts as the equilibrium real interest rate, trend productivity, and potential output. We never observe these variables, which often figure prominently in our deliberations, but can only infer them from the behavior of other variables that are themselves subject to mismeasurement. As I just hinted, recent revisions to GDP and to labor input would seem to point to downward adjustments to estimates of trend productivity, but sorting out trend from cycle in the new data has been a challenge. These revisions may or may not also have implications for the level of the real federal funds rate consistent with longer-run macroeconomic stability. I will return later to the policy implications of this sort of measurement uncertainty.

Expectations Uncertainty
Expectations--which are critical to the decisions of households and firms--are an area in which measurement problems are compounded by questions about the behavior of private agents and hence of the economy. We have only limited information on households’ views of their income prospects or firms’ beliefs about their future sales. For example, in the United States we have some survey information on household expectations for their financial situation and their labor market prospects. These expectations are undoubtedly important in households’ estimates of their permanent income and hence in determining aggregate demand; indeed, econometric analysis suggests that these survey measures can help in predicting consumer spending. Nonetheless, our understanding of movements in household perceptions of permanent income is limited by a general paucity of data and associated research. Similar difficulties arise when considering firms’ assessment of future demand. Although we have some information on expected conditions from various surveys and from the earnings guidance provided by publicly traded companies, these indications are mostly qualitative, the quality is mixed, and research has not clarified their link to aggregate economic prospects.

In the case of inflation expectations, we do have a larger number of indicators at our disposal. Yet here, too, the reliability and usefulness of the existing data are less than we might like. For example, survey measures of households are based on small samples. In addition, household expectations do not refer to any specific index and focus on time horizons that may not correspond to those relevant for wage bargaining or financial planning. Moreover, the wide dispersion of views across households strongly suggests varying levels of sophistication in forming expectations, to a degree that raises questions about the link between measured expectations and behavior relative to common assumptions, at least for some households.

Measures of inflation compensation derived from nominal and indexed Treasury yields provide information that addresses some of the weaknesses in survey measures. For example, investors have strong incentives to ensure that inflation compensation reflects their beliefs about the prospects for a specific index, the consumer price index (CPI), over a fixed time horizon. Even here, however, we encounter important technical difficulties: These inflation compensation measures are "contaminated" both by an inflation risk premium and by differences in liquidity between the markets for nominal and indexed Treasury securities. More fundamentally, even a "rational" forecast of inflation from financial markets provides only part of the information needed to form monetary policy because it gives only a sense of where inflation is expected to go, not why it is going there. The latter question is often important for assessing the appropriate stance of policy.

Of course, asset prices are a category for which expectations are extremely important and for which data are available on a large scale. The term structure of interest rates, the spread between private and public yields on debt, equity prices, and the exchange value of the dollar--to name a few--are of first-order macroeconomic importance and are directly related to expectations. But we still face the challenge of distinguishing the quantitative role of, say, time-varying term and risk premiums on the one hand from that of expectations (including any speculative component) regarding underlying fundamentals on the other. As an example, consider house prices. Some commentators have suggested that, over the past several years, households extrapolated previous gains in house prices in thinking about the likely return to real estate and, in doing so, created a speculative bubble that pushed home prices significantly above their "fundamental" level.4 However, others have argued that the rapid rise in home prices was fully justified by strong income growth and low interest rates.5 Distinguishing between these alternatives would be aided both by better measures of households’ expectations regarding the appreciation of their homes and by a better grasp of the determinants of those expectations. As I have noted elsewhere, our lack of understanding of the dynamics of asset price determination is a significant hurdle to giving them extra weight in setting monetary policy.6

Much of my discussion regarding expectations has so far focused on measurement issues, but the question of why economic conditions unfold as they do also raises a critically important question: How are expectations formed? The baseline assumption used in much research is that expectations are rational, in the sense that private agents use a fixed and known model of the economy to process all relevant information. This assumption is extremely useful because it is a benchmark that facilitates comparisons with other hypotheses about expectations formation, and it allows various questions to be considered without an extraneous focus on expectations. But this form of rational expectations seems to be of limited usefulness when the question at hand is the evolution of expectations and their effect on activity and inflation. For example, rational expectations models will often rule out the possibility that learning errors in households’ expectations of future labor market conditions can have an independent effect on aggregate demand. And, these models usually simply assume that "irrational" movements in asset prices are not an important factor in the macroeconomic outlook.

Of course, research has led to some relaxation in the baseline assumption of rational expectations. One prominent example is the work in behavioral finance on how alternative assumptions regarding rationality can affect predictions for asset prices and saving behavior; another is the growing literature on the interaction of learning, inflation dynamics, and monetary policy. Nonetheless, this research has only begun to investigate how households and firms actually form their expectations, and the models we use for policy analysis, at most, only crudely embed the early lessons from this literature. As a result, uncertainty over how best to model expectations and hence how best to model the aggregate economy remains a central concern of policymakers.

To illustrate the effect of this sort of uncertainty on policy, consider the interaction of inflation dynamics and expectations--a subject of major study over the past thirty years. At one end of the spectrum of possible views is a policymaker who thinks that inflation expectations are rational and consistent with a New-Keynesian model of the economy, in which intrinsic sources of inflation persistence are not especially important. In this case, the policymaker might not be too worried that, say, a string of adverse supply shocks would create a severe conflict between the goals of price stability and of full employment. According to this worldview, if people expect the central bank to follow a price-stabilizing strategy, and the central bank ratifies that belief, then any undesired movement in inflation will be quite short lived. And restoring price stability in such a world will likely involve little cost in terms of real activity.

At the other end of the spectrum are policymakers who suspect that most firms and households form their expectations using something closer to simple rules of thumb based on recent history. Under this alternative worldview, a string of adverse supply shocks is dangerous because it has the potential to cause rising inflation to become embedded in expectations. Should this shift in expectations occur, the central bank would face a persistent inflation problem, one whose correction would likely require a prolonged period of tight monetary policy. In this less comfortable world, restoring price stability can involve a painful process of slow growth and elevated unemployment.

Of course, these considerations are more than a theoretical curiosity and help to explain the intense focus of central banks on inflation expectations. The marked rise in energy prices over the past few years led until recently to a rate of overall consumer price inflation notably above core inflation. However, the available measures of expectations--whether from surveys or financial markets--have shown longer-term expectations increasing very little, if at all, throughout this period, providing some assurance about the inflation outlook. However, this is an ex post assessment. As a policymaker, I would have been more confident in my ex ante judgment about the risk of expectations moving higher if we had had a better understanding of the determinants of expectations regarding prices and of the links between these expectations and the subsequent performance of inflation.

More generally, the uncertainty we face about the process of expectations formation makes interpretation of the underlying correlations in the data challenging. This is no surprise: The rational expectations revolution begun by Robert Lucas more than thirty years ago started from the premise that it is impossible to move from reduced-form evidence to the underlying economic structure without understanding the evolution of expectations. Much of the macroeconomic literature over the past few years has focused on how alternative assumptions about expectations may explain the patterns of correlations in aggregate data. However, the empirical weaknesses of the rational expectations assumption have limited our progress in this area. The growing interest in research examining the evolution of expectations at the microeconomic level may provide better ways to discriminate between alternative hypotheses. In the meantime, policymakers must live with their uncertainty regarding how expectations are formed and how these expectations shape aggregate activity.

Coping with Uncertainty
Given that uncertainty is pervasive, how should central banks deal with it? One obvious response has been to look for cost-effective ways to support both the development of more accurate and timely data and research to improve our understanding of the economy. Central banks also try to mitigate measurement problems by using data in a nuanced manner--for example, by looking at a multitude of alternative data series and by being cautious about the weight placed on short-run movements in various indicators. Realistically, however, such efforts can take policymakers only so far. Thus, risk is unavoidable, and central banks need to conduct policy in a manner that takes account of uncertainty in its various forms, as they strive to maximize public welfare. But what exactly does this mean?

The literature on this topic extends at least as far back as William Brainard’s original paper on uncertainty and policy almost forty years ago.7 Brainard’s analysis showed that if policymakers are uncertain about how real activity and inflation will be affected over time by monetary actions, they should be less aggressive in responding to changes in economic conditions than would be the case if they knew the true model of the economy. Subsequent research has largely supported Brainard’s conclusions and highlighted a corollary to it: Monetary policy should not respond too strongly to any one economic indicator, as the relationship between that indicator and the goals of policy--price stability and full employment--often differs across alternative models in important ways. More generally, this literature suggests that central banks should be cautious about boldly acting on the predictions and policy prescriptions of any one model, especially given that policymakers usually are unsure about the nature and persistence of the shocks hitting the economy.

Central bankers around the world certainly seem receptive to taking a gradualist and cautious approach to policy under most circumstances, as indicated by (among other things) their apparent tendency to smooth interest rates. The behavior of the Federal Reserve during the second half of the 1990s illustrates this approach to policy. During this period, incoming data suggested that trend productivity might be accelerating. However, the evidence for this unexpected development was far from conclusive; moreover, the short-run implications for inflation and employment of a sustained pickup in productivity growth were ambiguous. Staff analysis at the time supported Brainard’s conclusion that the appropriate response to heightened uncertainty about the economy’s true productive potential would be to reduce the importance of the estimated output gap in setting policy.8 Whatever the persuasiveness of this analysis, the FOMC did respond in a restrained manner to unusually robust real economic activity--as I believe was appropriate in light of the low and stable inflation that followed.

Of course, gradualism and model averaging may not be appropriate in all circumstances. For example, it may be necessary for monetary policy to respond to what might be called "tail events," along the lines suggested by recent work on "robust control." To simplify greatly, this approach often amounts to choosing policy settings to minimize the maximum possible loss across different models of the economy, in contrast to the standard Bayesian approach, which (loosely speaking) seeks to minimize the average loss across models. Much of the research on robust control has been a bit technical and esoteric. But the notion that policymakers may at times base policy settings on especially pernicious risks has an important ring of truth.

For example, in 2003 the FOMC noted that a continued fall in inflation would be unwelcome largely because such an eventuality might potentially lead to persistently weak real activity with interest rates stuck at zero. Partly in response, the FOMC reduced the federal funds rate to an unusually low level and kept it there for an extended period, in a manner that perhaps would not have occurred in the absence of concerns about the "worst case" effects of deflation. This type of risk management--in which the central bank takes out some insurance against a bad but improbable event--has been an aspect of policymaking for some time and does seem to respond to extreme risks in a way reminiscent of the literature on robust control.9

Policymakers also seem to have absorbed another lesson from the recent literature, namely, the desirability of reducing the public’s uncertainty about how the central bank will respond to changes in economic conditions. To this end, central banks now strive to conduct policy in a predictable (albeit flexible) manner that is consistent with their stated objectives. On occasion, however, the goal of predictability may conflict with the concept of risk management, particularly when risk management requires taking steps to deal with an unusual or unprecedented risk. This conflict is probably unavoidable, and all that policymakers can do in such circumstances is to try to communicate as best they can the rationale behind their departure from standard practice.

Most central banks also strive to follow at least the spirit of Bayesian thinking by taking an eclectic approach to forecasting and to policy analysis. To see this, consider the range of material that the staff supplies to the FOMC. In the case of the economic projections contained in the briefing document we call the Greenbook, the staff consults a variety of indicators and models and then judgmentally pools this information to produce the baseline outlook. The staff then supplements this analysis with various alternative scenarios intended to illustrate the primary risks to the outlook. Although these scenarios are usually constructed using a single model (FRB/US), the simulations actually encompass a wider range of views about the nature of the economy. For example, the simulations routinely consider alternative characterizations of such key aspects of the economy as the expectations formation process, wealth effects, and the sensitivity of inflation to changes in resource utilization and monetary policy. Finally, the staff provides the FOMC with estimated confidence intervals for the forecast and produces studies addressing such questions as the optimal design of policy under different types of uncertainty. Of course, there is always room for improvement and the staff continues to refine and expand this type of analysis.

In addition, the structure of the FOMC, like that of a number of foreign monetary authorities, may also provide Bayesian-like benefits in attempting to deal with uncertainty. Many of the individuals who participate in policymaking at the Fed have different views about the structure of the economy. These differences enter our discussions and, through the Committee’s deliberations, affect the course of policy, although, I admit, how we weigh these competing views to arrive at a decision can appear to be murky. Certainly, the process is one that a good Bayesian might find hard to recognize. Nevertheless, studies suggest that the decisions reached by committees are usually superior to those produced by individuals.10 In any event, I know that the heterogeneous viewpoints expressed by my fellow Committee members are intellectually stimulating and that they spur me to improve my own thinking about the economy and about the best course for monetary policy.

Thus policymakers and the public at large live in an uncertain world. For example, most of you are probably wondering when this speech will end. I thought about gradually drawing to a close at, say, a measured pace, but my risk-management instincts tell me just to stop. Thank you.


--------------------------------------------------------------------------------

Endnotes

1. Michael Kiley and David Reifschneider, of the Board’s staff, contributed to these remarks.

2. In this speech, I use the words "risk" and "uncertainty" loosely. Although economists usually apply the former term to random events with known likelihood and the latter to possibilities whose probability is unknown, we often do not know enough in practice about actual probability distributions to make a sharp distinction between the two concepts.

3. Athanasios Orphanides (2003), "The Quest for Prosperity without Inflation," Journal of Monetary Economics, vol. 50 (April), pp. 633-63.

4. Joshua Gallin (2004), "The Long-Run Relationship Between House Price and Rents," Finance and Economics Discussion Series 2004-50 (Washington: Board of Governors of the Federal Reserve System, September).

5. Jonathan McCarthy and Richard Peach (2004), "Are Home Prices the Next ‘Bubble’?" Federal Reserve Bank of New York, Economic Policy Review, vol. 10 (December), pp. 1-17.

6. Donald L. Kohn (2006), "Monetary Policy and Asset Prices," speech given at the European Central Bank Colloquium held in honor of Otmar Issing, March 16.

7. William C. Brainard (1967), "Uncertainty and the Effectiveness of Policy," American Economic Review, vol. 57 (May), pp. 411-25.

8. For an example of this type of analysis, refer to Athanasios Orphanides, Richard D. Porter, David Reifschneider, Robert Tetlow, and Frederico Finan (2000), "Errors in the Measurement of the Output Gap and the Design of Monetary Policy," Journal of Economics and Business, vol. 52 (January-April), pp. 117-41.

9. A discussion of risk management by central bankers is in Alan Greenspan (2004), "Risk and Uncertainty in Monetary Policy," speech given at the Meetings of the American Economic Association, January 3.

10. Alan S. Blinder and John Morgan (2005), "Are Two Heads Better Than One? Monetary Policy by Committee," Journal of Money, Credit, and Banking, vol. 37 (October), pp.789-811.

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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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