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Remarks by Chairman Ben S. Bernanke
At a conference on The Credit Channel of Monetary Policy in the Twenty-first Century, Federal Reserve Bank of Atlanta, Atlanta, Georgia
June 15, 2007

The Financial Accelerator and the Credit Channel

Economic growth and prosperity are created primarily by what economists call "real" factors--the productivity of the workforce, the quantity and quality of the capital stock, the availability of land and natural resources, the state of technical knowledge, and the creativity and skills of entrepreneurs and managers. But extensive practical experience as well as much formal research highlights the crucial supporting role that financial factors play in the economy. An entrepreneur with a great new idea for building a better mousetrap typically must tap financial capital, perhaps from a bank or a venture capitalist, to transform that idea into a profitable commercial enterprise. To expand and modernize their plants and increase their staffs, most firms must turn to financial markets or to financial institutions to secure this essential input. Families rely on the financial markets to obtain mortgages or to help finance their children's educations. In short, healthy financial conditions help a modern economy realize its full potential. For this reason, one of the critical priorities of developing economies is establishing a modern, well-functioning financial system. In the United States, a deep and liquid financial system has promoted growth by effectively allocating capital and has increased economic resilience by increasing our ability to share and diversify risks both domestically and globally.

Just as a healthy financial system promotes growth, adverse financial conditions may prevent an economy from reaching its potential. A weak banking system grappling with nonperforming loans and insufficient capital or firms whose creditworthiness has eroded because of high leverage or declining asset values are examples of financial conditions that could undermine growth. Japan faced just this kind of challenge when the financial problems of banks and corporations contributed substantially to sub-par growth during the so-called "lost decade."

As the topic of this conference reminds us, financial conditions may affect shorter-term economic conditions as well as the longer-term health of the economy. Notably, some evidence supports the view that changes in financial and credit conditions are important in the propagation of the business cycle, a mechanism that has been dubbed the "financial accelerator." Moreover, a fairly large literature has argued that changes in financial conditions may amplify the effects of monetary policy on the economy, the so-called credit channel of monetary-policy transmission. In fact, as I will discuss, these two ideas are essentially related. As someone who (in a former life) did research on both of these topics, I thought it might be useful for me to provide a somewhat personal overview of the financial accelerator and credit channel ideas and their common underlying logic. Along the way I will offer a few thoughts on where future research might be most productive.

Market Frictions and the Real Effects of Financial and Credit Conditions
Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamics. As a matter of intellectual history, the reason is not difficult to understand. During the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costs. But without such frictions, financial markets have little reason to exist. For example, with complete markets (and if we ignore taxes), we know that whether a corporation finances itself by debt or equity is irrelevant (the Modigliani-Miller theorem).

The blossoming of work on asymmetric information and principal-agent theory, led by Nobel laureates Joseph Stiglitz and George Akerlof and with contributions from many other researchers, gave economists the tools to think about the central role of financial markets in the real economy. For example, the classic 1976 paper by Michael Jensen and William Meckling showed that, in a world of imperfect information and principal-agent problems, the capital structure of the firm could be used as a tool by shareholders to better align the incentives of managers with the shareholders' interests. Thus was born a powerful and fruitful rejoinder to the Modigliani-Miller neutrality result and, more broadly, a perspective on capital structure that has had enduring influence.

My own first job as an academic was at Stanford University, where I arrived as an assistant professor in the Graduate School of Business in 1979. At the time, Stanford was a hotbed of work on asymmetric information, incentives, and the principal-agent problem; and even though my field was macroeconomics, I was heavily influenced by that intellectual environment. I became particularly interested in how this perspective on financial markets could help explain why financial crises--that is, extreme disruptions of the normal functioning of financial markets--seem often to have a significant impact on the real economy. Putting the issue in the context of U.S. economic history, I laid out, in a 1983 article, two channels by which the financial problems of the 1930s may have worsened the Great Depression (Bernanke, 1983).

The first channel worked through the banking system. As emphasized by the information-theoretic approach to finance, a central function of banks is to screen and monitor borrowers, thereby overcoming information and incentive problems. By developing expertise in gathering relevant information, as well as by maintaining ongoing relationships with customers, banks and similar intermediaries develop "informational capital." The widespread banking panics of the 1930s caused many banks to shut their doors; facing the risk of runs by depositors, even those who remained open were forced to constrain lending to keep their balance sheets as liquid as possible. Banks were thus prevented from making use of their informational capital in normal lending activities. The resulting reduction in the availability of bank credit inhibited consumer spending and capital investment, worsening the contraction.

The second channel through which financial crises affected the real economy in the 1930s operated through the creditworthiness of borrowers. In general, the availability of collateral facilitates credit extension. The ability of a financially healthy borrower to post collateral reduces the lender's risks and aligns the borrower's incentives with those of the lender. However, in the 1930s, declining output and falling prices (which increased real debt burdens) led to widespread financial distress among borrowers, lessening their capacity to pledge collateral or to otherwise retain significant equity interests in their proposed investments. Borrowers' cash flows and liquidity were also impaired, which likewise increased the risks to lenders. Overall, the decline in the financial health of potential borrowers during the Depression decade further impeded the efficient allocation of credit. Incidentally, this information-based explanation of how the sharp deflation in prices in the 1930s may have had real effects was closely related to, and provided a formal rationale for, the idea of "debt-deflation," advanced by Irving Fisher in the early 1930s (Fisher, 1933).

The External Finance Premium and the Financial Accelerator
Both real and monetary shocks produced the Great Depression, and in my 1983 paper I argued that banking and financial markets propagated both types of impulses, without distinguishing sharply between the two. My subsequent research and that of many others looked separately at the role of financial conditions in amplifying both monetary and nonmonetary influences.

On the nonmonetary side, Mark Gertler and I showed how, in principle, the effects of a real shock (such as a shock to productivity) on financial conditions could lead to persistent fluctuations in the economy, even if the initiating shock had little or no intrinsic persistence (Bernanke and Gertler, 1989). A key concept in our analysis was the external finance premium, defined as the difference between the cost to a borrower of raising funds externally and the opportunity cost of internal funds. External finance (raising funds from lenders) is virtually always more expensive than internal finance (using internally generated cash flows), because of the costs that outside lenders bear of evaluating borrowers' prospects and monitoring their actions. Thus, the external finance premium is generally positive. Moreover, the theory predicts that the external finance premium that a borrower must pay should depend inversely on the strength of the borrower's financial position, measured in terms of factors such as net worth, liquidity, and current and future expected cash flows. Fundamentally, a financially strong borrower has more "skin in the game," so to speak, and consequently has greater incentives to make well-informed investment choices and to take the actions needed to ensure good financial outcomes. Because of the good incentives that flow from the borrower's having a significant stake in the enterprise and the associated reduction in the need for intensive evaluation and monitoring by the lender, borrowers in good financial condition generally pay a lower premium for external finance.1

The inverse relationship of the external finance premium and the financial condition of borrowers creates a channel through which otherwise short-lived economic shocks may have long-lasting effects. In the hypothetical case that Gertler and I analyzed, an increase in productivity that improves the cash flows and balance sheet positions of firms leads in turn to lower external finance premiums in subsequent periods, which extends the expansion as firms are induced to continue investing even after the initial productivity shock has dissipated. This "financial accelerator" effect applies in principle to any shock that affects borrower balance sheets or cash flows. The concept is useful in that it can help to explain the persistence and amplitude of cyclical fluctuations in a modern economy.

Although the financial accelerator seems intuitive--certainly financial and credit conditions tend to be procyclical--nailing down this mechanism empirically has not proven entirely straightforward. For example, empirical studies of business investment in structures, equipment, and inventories have often found that a firm's cash flow significantly determines its level of investment and that the link between cash flow and investment tends to be stronger for firms (such as relatively small firms) that have more limited access to capital markets.2 In a "frictionless" capital market in which borrowers do not face an external finance premium, a firm's cash position would be irrelevant to its decision to invest because efficient capital markets would supply any necessary funding for investment projects expected to yield a positive net return. Thus, findings of a positive association between cash flow and investment tends to support the financial accelerator theory.

These findings also raise issues and questions, however. I will mention two. First, as a number of researchers have pointed out, the apparent empirical link between cash flow and investment may arise because cash flow proxies for difficult-to-measure factors like the prospective return on investment, which would be relevant to the investment decision even without capital-market frictions. This identification problem is a difficult one. However, some work that has attempted to correct for this possible misspecification has still found a role for cash flow (see, for example, Gilchrist and Himmelberg, 1999). Second, if only the smallest firms have significant external finance premiums, as implied by some research, then the macroeconomic significance of the financial accelerator may be questioned. One response to this point, pursued by several researchers, has been to dispute the claim that small firms do not play a significant role in business-cycle fluctuations. For example, small firms apparently account for a significant portion of cyclical changes in employment and inventory stocks. Another response has been to argue that even large firms with relatively good access to capital markets may face nontrivial external finance premiums. For instance, using a sample that included large public companies, researchers at the Board have estimated external finance premiums of economically significant magnitudes, and they showed that these premiums rose sharply during the 2001 recession, as predicted by the financial accelerator theory (Levin, Natalucci, and Zakrajsek, 2004; Levin and Natalucci, 2005).

Financial accelerator effects need not be confined to firms and capital spending but may operate through household spending decisions as well.3 Household borrowers, like firms, presumably face an external finance premium, which is lower the stronger their financial position. For households, home equity is often a significant part of net worth. Certainly, households with low mortgage loan-to-value ratios can borrow on relatively favorable terms through home-equity lines of credit, with the equity in their home effectively serving as collateral. If the financial accelerator hypothesis is correct, changes in home values may affect household borrowing and spending by somewhat more than suggested by the conventional wealth effect because changes in homeowners' net worth also affect their external finance premiums and thus their costs of credit. If true, this hypothesis has various interesting implications. For example, unlike the standard view based on the wealth effect, this approach would suggest that the distribution of housing wealth across the population matters because the effect on aggregate consumption of a given decline in house prices is greater, the greater the fraction of consumers who begin with relatively low home equity. Another possible implication is that the structure of mortgage contracts may matter for consumption behavior. In countries like the United Kingdom, for example, where most mortgages have adjustable rates, changes in short-term interest rates (whether induced by monetary policy or some other factor) have an almost immediate effect on household cash flows. If household cash flows affect access to credit, then consumer spending may react relatively quickly. In an economy where most mortgages carry fixed rates, such as the United States, that channel of effect may be more muted. I do not think we know at this point whether, in the case of households, these effects are quantitatively significant in the aggregate. Certainly, these issues seem worthy of further study.

Monetary Policy and the Credit Channel
The ideas I have been discussing today have also been useful in understanding the nature of the monetary policy transmission process. Some evidence suggests that the influence of monetary policy on real variables is greater than can be explained by the traditional "cost-of-capital" channel, which holds that monetary policy affects borrowing, investment, and spending decisions solely through its effect on the level of market interest rates. This finding has led researchers to look for supplementary channels through which monetary policy may affect the economy. One such supplementary channel, the so-called credit channel, holds that monetary policy has additional effects because interest-rate decisions affect the cost and availability of credit by more than would be implied by the associated movement in risk-free interest rates, such as Treasury rates. The credit channel, in turn, has traditionally been broken down into two components or channels of policy influence: the balance-sheet channel and the bank-lending channel (Bernanke and Gertler, 1995). The balance-sheet channel of monetary policy is closely related to the idea of the financial accelerator that I have already discussed. That theory builds from the premise that changes in interest rates engineered by the central bank affect the values of the assets and the cash flows of potential borrowers and thus their creditworthiness, which in turn affects the external finance premium that borrowers face. For example, according to this view, a tightening of monetary policy that reduces the net worth and liquidity of borrowers would increase the effective cost of credit by more than the change in risk-free rates and thus would intensify the effect of the policy action.

In the interest of time I will confine the remainder of my remarks to the bank-lending channel. The theory of the bank-lending channel holds that monetary policy works in part by affecting the supply of loans offered by depository institutions. This concept is a cousin of the idea I proposed in my paper on the Great Depression, that the failures of banks during the 1930s destroyed "information capital" and thus reduced the effective supply of credit to borrowers. Alan Blinder and I adapted this general idea to show how, by affecting banks' loanable funds, monetary policy could influence the supply of intermediated credit (Bernanke and Blinder, 1988).

Historically, monetary policy did appear to affect the supply of bank loans (at any given level of interest rates). In the 1960s and 1970s, when reserve requirements were higher and more comprehensive than they are today, Federal Reserve open market operations that drained reserves from the banking system tended to force a contraction in deposits. Regulation Q, which capped interest rates payable on deposits, prevented banks from offsetting the decline in deposits by offering higher interest rates. Moreover, banks had limited alternatives to deposits as a funding source. Thus, monetary tightening typically resulted in a shrinking of banks' balance sheets and a diversion of funds away from the banking system, a phenomenon known as disintermediation. The extension of credit to bank-dependent borrowers, which included many firms as well as households, was consequently reduced, with implications for spending and economic activity.

Of course, much has changed in U.S. banking and financial markets since the 1960s and 1970s. Reserve requirements are lower and apply to a smaller share of deposits than in the past. Regulation Q is gone. And the capital markets have become deep, liquid, and easily accessible, either directly or indirectly, to almost all depository institutions. Although the traditional bank-lending channel may still be operative in economies that remain relatively more bank-dependent, as recent research has found for some European countries (Ehrmann and others, 2003), in the United States today it seems unlikely to be quantitatively important.

This is not to say, however, that financial intermediation no longer matters for monetary policy and the transmission of economic shocks. For example, although banks and other intermediaries no longer depend exclusively on insured deposits for funding, nondeposit sources of funding are likely to be relatively more expensive than deposits, reflecting the credit risks associated with uninsured lending (Stein, 1998). Moreover, the cost and availability of nondeposit funds for any given bank will depend on the perceived creditworthiness of the institution. Thus, the concerns of holders of uninsured bank liabilities about bank credit quality generate an external finance premium for banks that is similar to that faced by other borrowers. The external finance premium paid by banks is presumably reflected in turn in the cost and availability of funds to bank-dependent borrowers. Importantly, this way of casting the bank-lending channel unifies the financial accelerator and credit channel concepts, as the central mechanism of both is seen to be the external finance premium and its relationship to borrowers' balance sheets. The only difference is that the financial accelerator focuses on the ultimate borrowers--firms and households--whereas financial intermediaries are the relevant borrowers in the theory of the credit channel. By the way, the existence of loan sales and the originate-to-distribute model of bank lending does not fundamentally change this picture. Loan sales and similar activities are, in essence, another form of nondeposit financing, and the effective cost of this form of funding to the bank will generally depend on its perceived financial strength and resources (which may affect recourse and reinsurance arrangements with the loan purchasers, for example).

Recently, researchers have pursued a number of approaches in search of evidence of a distinct banking channel. For example, some researchers have focused on smaller banks, which may have fewer funding alternatives to deposits and whose customer base may consist disproportionately of bank-dependent borrowers (Kashyap and Stein, 2000). Of course, these days, even the smallest of banks has ready access to sources of funds other than retail deposits. Thus, even for the smallest banks, the source of any bank-lending channel remains the existence of a finance premium on marginal sources of (uninsured) nondeposit funding, rather than an absolute constraint on the quantity of available funding. Moreover, for the bank channel to affect economic activity, borrowers accustomed to relying on banks must be unable to turn to other lenders, at least not without some cost. For some business borrowers, particularly small business borrowers that rely on banking relationships, this scenario is plausible.4 But financial innovation and deregulation imply that borrowers in the market for a mortgage or consumer credit have numerous nonbank financing alternatives, blunting any direct impact of changes in bank lending. I will return to nonbank lending and its implications in a moment.

If relationship borrowing is the key, then--as pointed out in the paper at this conference by Black, Hancock, and Passmore--a bank with many such borrowers might defensively invest in deposit capacity, say, by increasing the number of branches. By actively seeking to finance a high share of loans with insured deposits, such a bank could shield its borrowers from the effects of increases in the nondeposit finance premium, whether the result of monetary policy or some other factor. Consistent with this idea, these authors find that banks that make a large share of their loans to small businesses also tend to have a high ratio of deposits to loans.

The recognition that, fundamentally, the bank-lending channel is based on changes in the quality of bank balance sheets naturally turns our attention to bank capital and its determinants (Van den Heuvel, 2002). Raising new capital on the open market can be difficult and costly for many banks, implying that, in the short run, capital is determined by earnings and changes in asset values. Changes in the value of capital, particularly when a bank's capital is not much higher than the level demanded by regulators or the market, potentially affects the bank's cost of funds. In conformity with this hypothesis, various studies have found evidence that loans provided by banks that are more capital-constrained seem more sensitive to changes in market interest rates than loans provided by highly capitalized banks.5 Moreover, changes in the financial condition of banks may play a role in cyclical developments. I have already mentioned the cases of Japan's "lost decade." Closer to home, some believe that the U.S. economy's recovery from the 1990-91 recession was delayed by "financial headwinds," which arose from regional shortages of bank capital (Bernanke and Lown, 1991).

One might view the idea that banks are somehow "special" in their ability to gather information and to screen and monitor borrowers as rather dated. Banks do continue to play a central role in credit markets; in particular, because of the burgeoning market for loan sales, banks originate considerably more loans than they keep on their books. Nevertheless, nonbank lenders have become increasingly important in many credit markets, and relatively few borrowers are restricted to banks as sources of credit. Of course, nonbank lenders do not have access to insured deposits. However, they can fund loans by borrowing on capital markets or by selling loans to securitizers. Does the rise of nonbank lenders make the bank-lending channel irrelevant?

I am not so sure that it does. Like banks, nonbank lenders have to raise funds in order to lend, and the cost at which they raise those funds will depend on their financial condition--their net worth, their leverage, and their liquidity, for example. Thus, nonbank lenders also face an external finance premium that presumably can be influenced by economic developments or monetary policy. The level of the premium they pay will in turn affect the rates that they can offer borrowers. Thus, the ideas underlying the bank-lending channel might reasonably extend to all private providers of credit. Further investigation of this possibility would be quite worthwhile.

Conclusion
I have taken you on a whirlwind tour of several decades of research on how variations in the financial condition of borrowers, whether arising from changes in monetary policy or from other forces, can affect short-term economic dynamics. The critical idea is that the cost of funds to borrowers depends inversely on their creditworthiness, as measured by indicators such as net worth and liquidity. Endogenous changes in creditworthiness may increase the persistence and amplitude of business cycles (the financial accelerator) and strengthen the influence of monetary policy (the credit channel). As I have noted today, what has been called the bank-lending channel--the idea that banks play a special role in the transmission of monetary policy--can be integrated into this same broad logical framework, if we focus on the link between the bank's financial condition and its cost of capital. Nonbank lenders may well be subject to the same forces.

Let me conclude by offering you best wishes for a stimulating and enjoyable last day of the conference. Policymakers and scholars both will benefit from your efforts.

References

Almeida, Heitor, Murillo Campello, and Crocker H. Liu (2006). "The Financial Accelerator: Evidence from International Housing Markets," Review of Finance, vol. 10 (September), pp. 1-32.

Aoki, Kosuki, James Proudman, and Gertjan Vlieghe (2002). "Houses as Collateral: Has the Link between House Prices and Consumption in the U.K. Changed?" (188 KB PDF) Economic Policy Review, Federal Reserve Bank of New York, May, pp. 163-77

-----------------------------------------------(2004). "House Prices, Consumption, and Monetary Policy: A Financial Accelerator Approach," Journal of Financial Intermediation, vol. 13 (October), pp. 414-35.

Avery, Robert B., and Katherine A. Samolyk (2004). "Bank Consolidation and the Provision of Banking Services: Small Commercial Loans," Journal of Financial Services Research, vol. 25 (April), pp. 291-325.

Bernanke, Ben S. (1983). "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression," American Economic Review, vol. 73 (June), pp. 257-76.

Bernanke, Ben S., and Alan S. Blinder (1988). "Credit, Money, and Aggregate Demand," American Economic Review, vol. 78, Papers and Proceedings of the 100th Annual Meeting of the American Economics Association, May, pp. 435-39.

Bernanke, Ben S., and Mark Gertler (1989). "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, vol. 79 (March), pp. 14-31.

--------------------------------------(1995). "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, vol. 9 (Fall), pp. 27-48.

Bernanke, Ben S., Mark Gertler, and Simon Gilchrist (1999). "The Financial Accelerator in a Quantitative Business Cycle Framework," in Handbook of Macroeconomics, Volume 1C, Handbooks in Economics, vol. 15. Amsterdam: Elsevier, pp. 1341-93.

Bernanke, Ben S., and Cara S. Lown (1991). "The Credit Crunch," Brookings Papers on Economic Activity, 1991:2, pp. 205-39.

Black, Lamont, Diana Hancock, and Wayne Passmore (2007). "Bank Core Deposits and the Mitigation of Monetary Policy," unpublished paper, Board of Governors of the Federal Reserve System, June.

Calomiris, Charles W., Charles P. Himmelberg, and Paul Wachtel (1995). "Commercial Paper, Corporate Finance and the Business Cycle: A Microeconomic Perspective," Carnegie-Rochester Series on Public Policy, vol. 42 (June), pp. 203-50.

Carlstrom, CharlesT., and Timothy S. Fuerst (2001). "Monetary Policy in a World without Perfect Capital Markets," Working Paper 0115, Federal Reserve Bank of Cleveland.

Carpenter, Robert E., Steven M. Fazzari, and Bruce C. Petersen (1998). "Financing Constraints and Inventory Investment: A Comparative Study with High-Frequency Panel Data," (265 KB PDF) Review of Economics and Statistics, vol. 80 (December), pp. 513-19.

Ehrmann, Michael, Leonardo Gambacorta, Jorge Martinez-Pages, Patrick Sevestre, and Andreas Worms (2003). "Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area," in Ignazio Angeloni, Anil K Kashyap, and Benoit Mojon, eds., Monetary Policy Transmission in the Euro area: A Study by the Eurosystem Monetary Transmission Network,. Cambridge: Cambridge University Press.

Fisher, Irving (1933). "The Debt-Deflation Theory of Great Depressions," Econometrica, vol. 1 (October), pp. 337-57.

Gambacorta, Leonardo (2005). "Inside the Bank Lending Channel," European Economic Review, vol. 49 (October), pp. 1737-59.

Gilchrist, Simon, and Charles Himmelberg (1999). "Investment, Fundamentals and Finance," in Ben S. Bernanke and Julio Rotemberg, eds. NBER Macroeconomics Annual 1998. Cambridge, Mass.: MIT Press.

Iacoviello, Matteo (2005). "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review, vol. 95 (June), pp. 739-64.

Jensen, Michael C., and William H. Meckling (1976). "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics, vol. 3 (October), pp. 305-60.

Kashyap, Anil K, and Jeremy C. Stein (2000). "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?" American Economic Review, vol. 90 (June), pp. 407-28.

Kishan, Ruby P., and Timothy Opiela (2000). "Bank Size, Bank Capital, and the Bank Lending Channel," Journal of Money, Credit, and Banking, vol. 32 (February), pp. 121-41.

------------------------------- (2006). "Bank Capital and Loan Asymmetry in the Transmission of Monetary Policy," Journal of Banking and Finance, vol. 30 (January), pp. 259-85.

Kiyotaki, Nobuhiro, and John Moore (1997). "Credit Cycles," Journal of Political Economy, vol. 105 (April), pp. 211-48.

Levin, Andrew T., and Fabio M. Natalucci (2005). "The Magnitude and Cyclical Behavior of Financial Market Frictions," 2005 Meeting Papers 443, Society for Economic Dynamics.

Levin, Andrew T., Fabio M. Natalucci, and Egon Zakrajsek (2004). "The Magnitude and Cyclical Behavior of Financial Market Frictions," Finance and Economics Discussion Series 2004-70, Board of Governors of the Federal Reserve System, December.

Stein, Jeremy C. (1998). "An Adverse-Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy," RAND Journal of Economics, vol. 29 (Autumn), pp. 466-86.

Van den Heuvel, Skander (2002). "Does Bank Capital Matter for Monetary Transmission?" (100 KB PDF) Economic Policy Review, Federal Reserve Bank of New York (May), pp. 1-7.

Footnotes

1. Over the past two decades, an extensive theoretical literature has exploited the idea that borrowers' financial positions affect their external finance premiums and thus their overall cost of credit. See, for example, Bernanke and Gertler (1989), Kiyotaki and Moore (1997), Bernanke, Gertler, and Gilchrist (1999), Carlstrom and Fuerst (2001), Aoki, Proudman and Vlieghe (2004), and Iacoviello (2005).

2. Calomiris, Himmelberg and Wachtel,(1995), Carpenter, Fazzari and Petersen (1998), and Gilchrist and Himmelberg (1999).

3. See Aoki, Proudman and Vlieghe (2002, 2004), Iacoviello (2005), and Almeida, Campello and Liu (2006).

4. In recent years, community banks appear to have become increasingly important in lending to small businesses (Avery and Samolyk, 2004).

5. Kishan and Opiela, (2000), Kishan and Opiela, (2006), and Gambacorta (2005).

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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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