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리처드 피셔 총재, "금융혁신과 규제당국" 연설문(원문)

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Remarks by Jeffrey M. Lacker
President, Federal Reserve Bank of Richmond

How Should Regulators Respond to Financial Innovation?
The Philadelphia Fed Policy Forum
Philadelphia, Pennsylvania
December 01, 2006 The subject of this panel is "Financial Markets and Growth." There is now quite a substantial literature devoted to understanding how improvements in the effectiveness of the financial sector can and do contribute to growth and economic well-being in developing countries. My focus will be on the innovations in financial markets and practices that have been particularly striking in the United States over the last couple of decades, and the key benefits of those innovations. We've seen tremendous changes in financial arrangements in recent years, particularly with regard to the ways in which financial markets allocate risk; derivative markets have made risks increasingly divisible and tradable, and consumers have seen vastly expanded opportunities in credit markets. I believe these changes have produced noteworthy economic benefits. Many observers, however, acknowledge the benefits but believe the recent wave of financial innovation also has contributed to increasing financial fragility. The proliferation of new instruments seems to have made it easier for someone to accumulate large risk exposures and harder for counterparties to evaluate them.
In my remarks today, I will offer up the perspective of an economic policymaker from a more developed country, out of a belief that such a perspective has at least some relevance to policymakers in the developing world. I will speak at a fairly broad and abstract level, and will not address specific policy questions. I also will speak as an ex-research economist, which means I am entitled to leave it to others to validate or refute the hypotheses I advance here.
My main hypothesis is that one of the most difficult challenges posed by financial innovation has to do with the interplay between institutions that are relatively closely regulated and institutions that operate less constrained by government intervention. In many developing countries, the real dilemma in financial development has been how to foster growth in institutions and market segments that are more credibly distanced from the government than are the institutions that have tended to be government controlled or protected. In some Asian economies, for instance, the role of the banking system in lending to historically state-run enterprises makes it hard to liberalize the set of saving options available to households, for fear of a destabilizing flight of funds from the banking system.
In developed economies, much of the financial innovation taking place in the last 20 years has been associated with the movement of credit risk and other exposures off of the balance sheets of regulated banks and into such less-regulated entities as hedge funds. The presence of a sector that is less regulated (or, one might say, "regulated primarily via market discipline") has proven useful as a testing ground for new financial products and practices, but some have argued that the ability of such entities to amass concentrated exposures poses a potential threat to the stability of regulated institutions.
Let me again emphasize that I offer up just one policymaker's views. As always, those views are not necessarily shared by any of my colleagues in the Federal Reserve.
Financial innovation
In my discussion of the effects of developments in financial markets, I want to focus on the period since the early 1980s. I think we can look to the 1980s as a rough starting point for a broad wave of innovation in financial markets and instruments, driven by advances in information and communication technologies. And this wave affected the financial opportunities of both households and businesses. On the household side, what can be fairly called a revolution in unsecured credit began in the 1980s and accelerated in the 1990s. Mortgage and home equity lending also benefited in this period from the same fundamental forces. Falling costs of computing and telecommunications facilitated advances in credit evaluation and the pricing of risk, which facilitated more finely partitioned credit origination decisions and improved intermediation of the resulting financial claims through securitization. Credit became available to more borrowers and on better terms.1
In the world of business finance, this period saw a significant expansion in the set of contingent claims available to market participants, and a significant expansion in the set of claims that are actively traded in secondary markets. Derivative contracts, swaps, loan sales, credit derivatives and securities backed by various types of assets all proliferated during this period. These developments increased the divisibility and marketability of specific risks, and greatly enhanced the ability of businesses and intermediaries to transfer particular risks to other market participants. For example, banks now seem to have a greater ability to move corporate credit exposures off of their books and into the hands of other banks and, increasingly, nonbank intermediaries such as institutional investors and hedge funds. Banks, however, have remained important in the origination of credits and they remain major providers of lending facilities through which exposures could flow back into the banking system under some circumstances.
The period since the early 1980s was also one of markedly diminished macroeconomic volatility. This change, which has been dubbed the "great moderation," shows up in virtually all aggregate time series for real variables. For example, expansions have been longer and recessions have been shallower and less frequent. This phenomenon has been noted by many authors and the relevant facts were described by Chairman Bernanke in a 2004 speech.2
There are natural reasons to expect a connection between the performance of financial markets and the variability of real macroeconomic variables. One of the most fundamental economic purposes of financial markets and institutions is to facilitate household smoothing of consumption against both life-cycle variations and unexpected shocks to income. In an idealized, perfectly frictionless financial market, households would be able to shed all idiosyncratic risks and to achieve a consumption profile that is at least as smooth as average income. (Rob Townsend's research has emphasized the usefulness of this idealized world as a benchmark for evaluating financial market performance.)3
But households' ability to smooth consumption appears to be more limited than in such ideal markets. Most notably, direct insurance against some of the most significant individual shocks that households face – especially persistent income shocks – does not appear to be readily available. (Moral hazard or other informational frictions presumably limit the feasibility of such insurance.) In fact, households seem to achieve much of their smoothing with a relatively limited set of financial instruments. Households build up stocks of savings that they can draw on to smooth consumption when faced with unexpected reductions in income or increases in expenses. And households also smooth through such shocks by borrowing against future income.
The rising use of debt by U.S. households since the 1980s suggests that previously, borrowing was a relatively expensive tool for consumption-smoothing. If so, then one might have expected households to rely somewhat more heavily on savings before the innovations that reduced borrowing costs in the 1980s. As borrowing costs fell, the need for savings to smooth consumption fell also. With easier access to credit, many households may have found themselves with more savings than they needed for smoothing purposes. As access to credit and the amount of borrowing grew, one might have expected household savings rates to decline. And this is exactly what happened.4
Financial innovation could contribute to growth, therefore, by reducing the volatility of consumption relative to income and expense shocks. While the intuition for this is straightforward at the level of an individual household, the effect of improved consumption-smoothing opportunities on aggregate volatility is not unambiguous. A decrease in the aggregate consumption volatility associated with a given process for fundamental shocks could be offset by greater volatility in hours worked or through investment. A complicated set of interacting forces is at work in a general equilibrium setting, and the net outcome depends on fundamentals of technology, preferences and the nature of the fundamental shocks. And a variety of other causes have been offered to explain the macroeconomic moderation, including better monetary policy and the good fortune of receiving smaller shocks. Nonetheless, a causal link between the great moderation and the simultaneous wave of financial innovation would seem to be a plausible conjecture.
The basic story for households, then, appears to be one of reduced credit constraints leading to improved consumption-smoothing opportunities. A similar story might apply to businesses. A large literature has argued that many firms face credit constraints, and that these constraints result in firms' investment spending being more tied to available internal cash flow than would otherwise be the case. Such a mechanism would have the potential to amplify and propagate more fundamental shocks. But if such a mechanism is at work, and if financial innovation has reduced borrowing costs and expanded access to credit for business firms, then we would expect the amplifying effect of credit market constraints to have fallen as well. This, too, could have contributed to the great moderation.
The arguments I've presented here suggest that financial innovation may have a role in explaining the great moderation. But these arguments do not address the concerns often expressed about the volatility- or fragility-increasing effects of financial innovation. One line of reasoning underlying such concerns is that while financial innovation has enhanced the divisibility of risks and made it easier to allocate risks across a broader array of investors, these innovations also have facilitated greater concentrations of risk. The effectiveness of markets for new financial claims depends to some extent on the presence of entities willing and able to arbitrage away pricing misalignments, should they arise. That ability goes along with an ability to acquire relatively large positions in a relatively narrow set of claims, and thus to accumulate substantial risk exposures. This is arguably a good description of the role that hedge funds have come to play in financial markets. The flexibility that hedge funds have in responding to what they perceive to be pricing misalignments stems in part from their nature as entities free of much of the regulation facing other financial firms. The efficiency-enhancing benefits of financial innovations thus might be difficult to disentangle from the rise of less regulated intermediaries.
Concerns about possible fragility-increasing effects of financial innovation tend to revolve around low-frequency events – financial crises in which losses incurred by one financial market participant have repercussions for other market participants. Such events might be economically costly if, for example, they caused some positive net present value investment opportunities to be missed or some ongoing, economically viable projects to be shut down. Alternatively, concentration of exposures within hedge funds or other entities could prove complicated and costly to resolve in situations of financial distress. In particular, if such a resolution were costly enough, its effects on the prices of financial assets might have the effect of curtailing the flow of capital to productive purposes, resulting in a disruption to real economic activity.
Two Views on the Role of Regulation
To talk about the implications of financial innovation for regulation, I think it is useful to first be clear about the underlying reasons for financial regulation. There are two broad views on this question, and each tends to be associated with a corresponding view on how policy should respond to the risks associated with the financial activities of less-regulated intermediaries.
One view sees the government financial safety net as the central motivation for the regulation of financial intermediaries. The safety net has the potential to distort risk-taking incentives of protected institutions, and supervisory oversight attempts to prevent excessive risks from accumulating in sectors supported by the safety net. In this view, regulators might be thought of as playing a role similar to that played by private providers of insurance, financial guarantees, or other credit enhancements, who by various means monitor and constrain risk-taking by their clients.
The safety net reduces the incentives of private financial counterparties to manage the exposures they take on. And these incentive effects arise not just from such explicit safety net guarantees as deposit insurance. They may also result from the expectations of private market participants about actions that the central bank or other public sector entity might take during a financial crisis. The mere possibility of public sector action to stem so-called "systemic" losses, such as central bank lending, can provide an implicit safety net that makes some participants more willing to hold concentrated exposures. Hence, under this moral hazard view of the need for regulation, the safety net itself can be a source of "systemic" risk.5
How does the financial innovation process I have sketched affect the potential for moral hazard induced by the safety net? By expanding the variety of risks that a supported institution is capable of taking on, the development of new instruments could provide new means to accumulate excessive exposures. Left unchecked, this could exacerbate the moral-hazard costs of the safety net. Enhancements in supervisory practice in the U.S. and elsewhere since the early 1990s seem to have made significant progress in constraining the distortionary effects of the safety net.
The second view, while not discounting the importance of moral hazard related to the safety net, sees a more fundamental justification for regulatory intervention. In this view, there are inherent market failures in financial markets – leading some risks, especially those that might be labeled "systemic," to be mispriced. Often this market failure is portrayed as an externality. Systemic risks are said to distort choices because a counterparty does not take into account the effect of its own possible losses on its counterparty's counterparties. Alternatively, market failures are attributed to such market frictions as imperfect information, the idea being that if it's impossible to know all of the risk-relevant information about a counterparty's characteristics and past and future actions, then credit to that party cannot be priced as precisely as it would under full information.
Coordination failures are a closely related type of market imperfection in which multiple market participants take the same action, such as attempting to sell a particular exposure or withdraw funds from an institution, causing losses to all that might have been avoided. The canonical example of a financial coordination failure is the Diamond-Dybvig bank run.6
Under the market failure view, the safety net acts to ameliorate friction-induced distortions and coordination problems, and financial innovation raises an array of concerns. Since distortions arise in the context of transactions, a dramatic rise in the volume of gross transactions relative to real economic activity would raise the level of risk and expand the need for safety net protection and the associated risk-taking constraints. Moreover, growth in the number of distinct market-traded financial instruments would multiply the potential for coordination failures. Offsetting these adverse effects, however, is the fact that innovation improves the ability to assess, measure and price risk, and thus could reduce the incidence of mispricing. A market failure amounts to the deviation of a market price from the normative fundamental value of the underlying claim, as when systemic effects are undervalued and lead to wrongly priced risks, or when coordination failures induce "firesale" liquidations at prices below fundamental values. The occurrence of such mispricing relies on the inability of any market participant to recognize and act on the deviation of price from fundamental value. It is exactly the ability to identify and exploit such deviations, however, that financial innovation has tended to enhance.
So which of these two views do I align myself with? I think it is useful to bring a healthy skepticism to the table about the extent of inherent market failures in financial markets. First, I would point out that work some 20 years ago by my co-panelist Rob Townsend (together with Edward C. Prescott) made clear that information imperfections – moral hazard, asymmetric information, and the like – do not constitute market failures.7 Rather, the financial instruments and contracts we actually observe, and the rich variety of contractual features they display, should be understood as the market's adaptation to information limits. And the logic that says markets can allocate risk optimally subject to informational constraints is essentially identical to the logic that says markets are efficient when there is perfect information.
Second, I think that the notion of "systemic risk" as an externality in the classical sense is fundamentally flawed. If I take on a credit-risk exposure to a counterparty who has material exposure to another counterparty, then surely that should figure in my risk assessment. And similarly with that counterparty's exposure to others, and so on. Now, it might be quite costly to know everything one would like to know about one's counterparties' counterparties. But as I've just argued, limits to information do not imply a market failure.
Skepticism regarding market failures does not imply a Panglossian stance, however. Actual markets are complex, and are evolving in ways that are difficult to predict. Measuring and assessing risk in such an environment is an intellectually challenging endeavor. Moreover, not all market participants will acquire sophistication and proficiency with new products and practices at the same pace. As a result, mistakes inevitably will be made, some of which could result in high-profile losses to some market participants – indeed we see these with some regularity, whether in households, business firms or financial institutions. The occurrence of such mistakes does not represent a form of market failure, but rather is an integral part of the innovation process. While market participants should certainly be encouraged to ensure that their own risk-measurement and risk-management practices keep pace with market developments as much as possible – and supervisors should certainly help in this regard with regulated financial institutions – reducing the probability of such mistakes to zero is unlikely to be optimal and could well inhibit beneficial innovation.
So What Should Regulators Do?
The picture that I have painted here today leads me to a few general principles about the role of supervision and regulation in the face of financial innovation.
First, we must always remain mindful that reducing constraints and freeing up institutions to pursue new products and processes can have tremendous benefits. In part, these benefits stem from removing constraints to innovation, and I've devoted some time today to the hypothesis that the fruits of financial innovation can be seen at the macroeconomic level in the form of reduced real volatility. But reducing regulatory constraints can also more directly improve the allocation of credit and risk. Recent research has used the varying times at which states deregulated their banking industries to find that state-level deregulation was associated with improvements in income-smoothing for people within the state.8
Second, to effectively carry out their role of monitoring risks in financial institutions, it is essential for regulators to keep pace with changes and advances in the marketplace. If supervisors are to assess the adequacy of banks' risk-management practices, they must have a thorough understanding of emerging instruments and practices. This task is all the more challenging if innovations originate outside of the regulated banking sector.
Third, it is possible for regulation itself to be a driver of innovation. The advent of the one-year, "364-day" credit facility was prompted by the 1988 Basel capital rules. This imposed a higher capital charge on credit lines with maturities of one year or more – hence, a facility lasting a day less than a year. Similarly, concentration limits on loan portfolios spurred the development of the secondary loan market, and the prohibition of interest on corporate deposits spurred the development of "sweep accounts." While it may often be the case that innovations designed to "bypass" regulations ultimately lead to wider benefits for the market, this motivation generally makes innovation less likely to enhance efficiency.
Finally, when innovation occurs outside of the banking industry, regulators' main concern should be with the interactions between the regulated and unregulated sectors. For example, supervisors and institutions have focused heavily in recent years on strengthening counterparty risk management practices and the settlement infrastructures undergirding important new financial markets. As I noted earlier, supervising this boundary requires that regulators broadly understand the activities of the unregulated sector, but perhaps even more important, it also requires regulators to understand how innovations change the ways in which exposures can flow back into the banking sector.
These observations point to a regulatory approach that avoids being overly proscriptive, but that attempts to ensure that regulated institutions' practices for measuring and managing risks are appropriate for the changing environment. Regulators should avoid extending constraints motivated by safety-net considerations to entities that do not receive safety-net support. And regulators should scrupulously avoid any actions or practices that would contribute to the perception that there is a probability of safety net support being extended into sectors that are now governed chiefly by market discipline.
In summary, I believe there is a strong case that financial innovation in the U.S. has brought real, tangible benefits for macroeconomic performance and growth, and I am drawn to the hypothesis that financial innovation can bring similar benefits to economies at different stages in the growth process. At the same time, some observers have expressed concerns that this wave of innovation also has resulted in concentrations of risk that add to financial market fragility. But at least as persuasive is the notion that the same advances that have made it easier for market participants to evaluate and exchange various risks have also made it possible for markets to respond more resiliently to disruptions by allowing market allocations to change more flexibly in response to changing market circumstances. As a consequence, I believe regulators serve their mission best, not by second-guessing observed risk allocations, but by assuring that individual institutions with access to a public sector safety net conduct their businesses using risk measurement and management practices that keep pace with the ever-changing market.

Endnotes
1. Lacker (2005)
2. Bernanke (2004)
3. Townsend (1987)
4. Weinberg (2006) reviews trends in household borrowing, while Athreya (2004) conducts quantitative exercises to argue that the leading candidate for the cause of increased borrowing is falling borrowing costs.
5Goodfriend and Lacker (1999) examine the implications of limited commitment in central bank lending.
6. Diamond and Dybvig (1983)
7. Prescott and Townsend (1984)
8. Demyanyk et al, J. Finance, forthcoming

References
Athreya, K., 2004. "Shame as it Ever Was: Stigma and Personal Bankruptcy," Federal Reserve Bank of Richmond Economic Quarterly, 90 (Spring), 1-19.
Bernanke, B., 2004. "The Great Moderation," speech to the Eastern Economic Association in Washington D.C., Board of Governors of the Federal Reserve System, http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2004/20040220/default.htm
Demyanyk, Y., C. Ostergaard, and B. Sorensen, forthcoming. "U.S. Banking Regulation, Small Business, and Interstate Insurance of Personal Income," Journal of Finance.
Diamond, D., and P. Dybvig, 1983. "Bank Runs, Deposit Insurance and Liquidity," Journal of Political Economy, 91 (June), 401-19.
Goodfriend, M. and J. Lacker, 1999. "Limited Commitment and Central Bank Lending," Federal Reserve Bank of Richmond Economic Quarterly, 85 (Fall), 1-28.
Lacker, J., 2005. "Retail Financial Innovation," speech to Virginia Bankers Association, Hot Springs, Va., Federal Reserve Bank of Richmond, http://www.richmondfed.org/news_and_speeches/presidents_speeches/index.cfm/2005/id=74
Prescott, E. C., and R. Townsend, 1984. "Pareto Optima and Competitive Equilibria with Moral Hazard and Adverse Selection," Econometrica, 52 (January), 21-46.
Townsend R., 1987. "Arrow-Debreu Programs as Microfoundations of Macroeconomics," in T.F. Bewley, Advances in Advances in Economic Theory: Fifth World Congress, Econometric Society Monograph Series no. 12, New York and Melbourne, Cambridge University Press, 379-428.
Weinberg, J. 2006. "Borrowing by U.S. Households," Federal Reserve Bank of Richmond 2005 Annual Report, 4-16.

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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
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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
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