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버냉키, '전국 및 지역경제 개괄' 연설문(원문)

기사입력 : 2007년11월30일 09:02

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※ 번역할 언어 선택

Chairman Ben S. Bernanke

National and regional economic overview

At the presentation of the Citizen of the Carolinas Award, Charlotte Chamber of Commerce, Charlotte, North Carolina
November 29, 2007

Good evening. I thank the Charlotte Chamber of Commerce for bestowing on me this year’s Citizen of the Carolinas Award. I deeply appreciate the honor, and I am grateful for the opportunity it gives me to speak to you this evening. I am also delighted to be here in Charlotte. My wife Anna and I are looking forward to visiting family and friends during our time here in the Queen City.

The focus of my brief remarks this evening will be the Charlotte region and how the area and the economy have changed since I regularly visited my grandparents here some four-and-a-half decades ago. First, though, I would like to share a few thoughts on the U.S. economy and the considerations that we at the Federal Reserve will be weighing as we prepare for our policy meeting on December 11, less than two weeks from now.

The Federal Open Market Committee (FOMC), the monetary policy making arm of the Federal Reserve System, last met on October 30-31. At that meeting, the Committee cut its target for the federal funds rate, the key policy interest rate, by 25 basis points (1/4 of a percentage point), following a cut of 50 basis points in September. Economic growth in the period leading up to the October meeting had proven quite strong, as confirmed by this morning’s figures on third-quarter gross domestic product (GDP). At its meeting, however, Committee members took the view that tightening credit conditions--the product of ongoing stresses in financial markets--and some intensification of the correction in the housing sector were likely to restrain economic activity going forward. Specifically, growth appeared likely to slow significantly in the fourth quarter from its rapid third-quarter rate and to remain sluggish in early 2008. The Committee expected that economic growth would thereafter gradually return to a pace approaching its long-run trend as the drag from housing subsided and financial conditions improved. Inflation was seen as edging down next year, approaching rates consistent with price stability; however, the Committee remained concerned about the possible effects of higher energy costs and the lower foreign exchange value of the dollar, especially the risk that they might lead to an increase in the public’s long-term inflation expectations.

How has the economic picture changed in the month since that meeting? As is often the case, the incoming economic data have been mixed. In the market for residential real estate, indicators of construction and home sales have continued to be weak. In contrast, the labor market remained solid in October, with some 130,000 new jobs added to private-sector payrolls and the unemployment rate remaining at 4.7 percent. Claims for unemployment insurance have drifted up a bit in recent weeks, although, on average, they have remained at a level consistent with moderate expansion in employment. We will, of course, have the labor market report for November next week, and in the coming days we will continue to draw on anecdotal reports, surveys, and other sources of information about employment and wages. Continued good performance by the labor market is important for maintaining the economic expansion, as growth in earnings helps to underpin household spending.

With respect to household spending, the data received over the past month have been on the soft side. The Committee will have considerable additional information on consumer purchases and sentiment to digest before its next meeting. I expect household income and spending to continue to grow, but the combination of higher gas prices, the weak housing market, tighter credit conditions, and declines in stock prices seem likely to create some headwinds for the consumer in the months ahead.

Core inflation--that is, inflation excluding the relatively more volatile prices of food and energy--has remained moderate. However, the price of crude oil has continued its rise over the past month, a rise that will be reflected in gasoline and heating oil prices and, of course, in the overall inflation rate in the near term. Moreover, increases in food prices and in the prices of some imported goods have the potential to put additional pressures on inflation and inflation expectations. The effectiveness of monetary policy depends critically on maintaining the public’s confidence that inflation will be well controlled. We are accordingly monitoring inflation developments closely.

The incoming data on economic activity and prices will help to shape the Committee’s outlook for the economy; however, the outlook has also been importantly affected over the past month by renewed turbulence in financial markets, which has partially reversed the improvement that occurred in September and October. Investors have focused on continued credit losses and write-downs across a number of financial institutions, prompted in many cases by credit-rating agencies’ downgrades of securities backed by residential mortgages. The fresh wave of investor concern has contributed in recent weeks to a decline in equity values, a widening of risk spreads for many credit products (not only those related to housing), and increased short-term funding pressures. These developments have resulted in a further tightening in financial conditions, which has the potential to impose additional restraint on activity in housing markets and in other credit-sensitive sectors. Needless to say, the Federal Reserve is following the evolution of financial conditions carefully, with particular attention to the question of how strains in financial markets might affect the broader economy.

In sum, as I have indicated, we will be receiving a good deal of relevant information in the coming days. In making its policy decision, the Committee will have to judge whether the outlook for the economy or the balance of risks has shifted materially. In doing so, we will take full account of the implications for the outlook of both the incoming economic data and the ongoing developments in the financial markets.

Economic forecasting is always difficult, but the current stresses in financial markets make the uncertainty surrounding the outlook even greater than usual. We at the Federal Reserve will have to remain exceptionally alert and flexible as we continue to assess how best to promote sustainable economic growth and price stability in the United States.

Charlotte and the Carolinas: Personal Connections
I’d like now to speak a bit about Charlotte and the region from a personal as well as an economic perspective. My family has a long connection with Charlotte. My maternal grandparents, originally immigrants from Eastern Europe, moved here from Connecticut when my mother was a teenager, and she finished high school here. My parents met while attending different campuses of the University of North Carolina--my father at UNC-Chapel Hill, my mother at UNC-Greensboro (then a women’s college). I was raised from early childhood in the small town of Dillon, South Carolina, about two hours from here. My family settled in Dillon because my paternal grandfather bought a drug store there in 1941, and my father and his brother followed in his footsteps as town pharmacists. In Dillon, a town that was always very short of the more regular kind of doctor, my father and uncle were popularly known as Dr. Phil and Dr. Mort, and the prescriptions they dispensed were often accompanied by their free advice on maintaining good health.

I often visited my maternal grandparents’ home on Cumberland Avenue in Charlotte, sometimes with my parents and sometimes on my own, and I have many fond memories of those visits. A short walk from their home was a park where my grandfather often took me to feed the ducks that lived on a lake there. The name of that spot--Freedom Park--was sufficiently like my grandparents’ surname--Friedman--for me as a small child to conclude that it was actually called Friedman Park. I was suitably impressed by the honor the city authorities had apparently given my grandparents. Grandpa Friedman taught me to play chess when I was five or six; he let me win at first, but after a few years I was no longer a pushover, and the games became very, very serious. Grandma Friedman was a wonderful cook, and if you dig deep enough into the archives of the Charlotte Observer, you will find a large photo of a much younger me under the headline, “Ben Loves Grandma’s Blintzes,” together with her recipe for that dish. Unfortunately, my grandmother died when I was thirteen, and when my grandfather came to live with us in Dillon, the regular trips to Charlotte ended. I am pleased to say, though, that my connection to this city has since been re-established, as my parents have retired to Charlotte, and my brother (a lawyer in town) and his family live here, too. So I still feel like an honorary Charlottean as well as a Carolinian.

In my periodic visits to the Carolinas, I have been enormously impressed by the social and economic changes that have emerged in what has aptly been called the New South. This transformation has not been easy. In Dillon in the 1960s, I attended a segregated public school; but I did have African-American friends, and one of them was instrumental in persuading me to attend Harvard University--a critical step, as it turned out, in my life and career. Now, in Dillon, Charlotte, and elsewhere in the Carolinas, I see increasing cooperation among people of different races and backgrounds to achieve common civic and economic goals.

The Transformation of the Economy in the Carolinas
Economically speaking, Carolinians have faced the same challenge confronting many other parts of the country, that is, to replace jobs lost in old-line manufacturing industries by creating jobs in services such as health care and hospitality while simultaneously adapting to globalization and advancing technology. Here as elsewhere, the Carolinas have met this challenge through education and by building on regional strengths. As I’ve stressed on previous occasions, the quality of the workforce is the single most important factor in an economy’s success. In a rapidly changing world, economically valuable skills can be maintained only through learning that extends beyond traditional schooling to encompass training and re-training well into the middle years of life.

North Carolina offers a good example of these trends. In the past decade, the state has lost about one-third of the manufacturing jobs it had at the beginning of the decade--a loss of about 250,000 jobs. About 60 percent of the losses occurred in the textile and apparel industries. In the textile mills in particular, employment across the state is down two-thirds from the level of ten years ago. In the furniture industry, which accounts for the largest share of the remaining job losses in North Carolina manufacturing, employment in the state has dropped from 82,000 in 1999 to less than 51,000. The Charlotte area itself has experienced a number of plant closings, including the 2003 shutdown of the Pillowtex plant in nearby Kannapolis.

There is, of course, another side to the coin of economic change here. Despite losing an average of 25,000 manufacturing jobs each year over the past decade, North Carolina has managed a net increase of 44,000 jobs per year in total nonfarm employment over the same period. Those two numbers together imply that, on average, North Carolina has enjoyed an annual net gain of 69,000 nonmanufacturing jobs. The largest net increases have been in education and health care, professional and business services, and the leisure and hospitality sector. Thus, like many other vibrant regions of the country, the Charlotte area has grown by developing a high-productivity service economy.

Indeed, what happened to the former Pillowtex site itself is a good metaphor for the transformation under way in the region. Though the loss of manufacturing jobs is painful, the ongoing development of the Pillowtex site as the North Carolina Research Campus illustrates this region’s ability to shift resources from industries that are shrinking to those that are expanding The North Carolina Research Campus is a public-private, 350-acre life sciences hub near Charlotte that includes partnerships with Duke University, the University of North Carolina, the North Carolina Community College System, and other institutions of higher education. This is one high-profile example, but the transformation has also been happening in less dramatic fashion through the development of hundreds of smaller businesses throughout the region.

Even within the manufacturing sector, a number of firms--typically smaller operations with relatively few employees--have begun to exploit nontraditional niches. Some recent examples of emerging industrial operations across the state include primary metal manufacturing, machinery production, and the manufacture of nonwoven fabrics (Employment Security Commission of North Carolina, 2007). That last category includes a remarkably wide variety of engineered fabrics, ranging from those used to make doctors’ and nurses’ operating-room garb to some used in roofing materials; those products are especially interesting because they represent a small but fast-growing segment of specialty textiles within the broader textile industry.

The transformation of this region has been aided by its reputation as a desirable location in which to live and work. Census data and statistics from interstate moving companies indicate a heavy flow of people moving into Charlotte from other states, including large numbers of educated workers. Overall, the area has gained an average of 39,000 net new residents every year since 1997. (You probably feel that you see all those people every day in traffic.) Without a doubt, Charlotte’s status as one of the preeminent financial centers of the country lies behind much of the inflow.

Importance of Charlotte as a Financial Services Center
Charlotte’s roots as a financial center stretch back two centuries. From 1800 to 1848, the city was the center of U.S. gold production, and a branch of the U.S. Mint operated here from 1837 to 1913. More recently, North Carolina’s legal framework has been important to the growth of the banking system. Because the state had long allowed in-state branch banking, homegrown banks here had a head start when interstate banking became possible--first regionally, in the mid-1980s, and then nationally with the 1994 passage of the Riegle-Neal Interstate Banking and Branching Efficiency Act (Hills, 2007).

North Carolina’s early adoption of branch banking is a good example of a “first mover” gaining a strategic advantage. The banking statutes allowed banks in North Carolina to become larger than their counterparts in other states and helped them develop expertise in running larger branch networks. The result has been a rapid increase in the size of banks located in the state: In 1970, only three banks from the entire South, including two from North Carolina, were among the fifty largest U.S. banks ranked by assets, today, three of the top ten U.S. banks are headquartered in Charlotte alone (Hills, 2007).

One of the key advantages of Charlotte and other metropolitan centers in North Carolina has been the ability to attract and retain educated workers: Among adults aged 25 or older, 31 percent in metro centers hold at least a bachelor’s degree, versus 17 percent in rural areas (U.S. Census Bureau, 2006). In some cases, growing urban areas like Charlotte are the beneficiaries of a positive dynamic: The city’s modern, service-oriented economy attracts skilled and educated workers; the presence of a skilled workforce attracts new firms to the area and also promotes the development of amenities such as high-end restaurants and cultural activities; these opportunities and amenities then attract additional highly skilled workers.

The Challenge of Education in North Carolina
Cities like Charlotte will probably continue to attract highly educated and skilled workers from other areas of the country, but improving the skills of local workers--especially those displaced by industries in decline--remains critical for both urban and rural areas in the state. Four-year institutions play an important role in meeting that challenge, but they are not the sole means for developing workforce skills. For example, in the 2004-05 school year, the North Carolina Community College System served nearly 780,000 students in fifty-eight institutions. The average community college student in the state is thirty years old and likely working while attending school (North Carolina Community College System, 2006). Because they offer education closely tailored to employer demands in the local workplace, community colleges in North Carolina, as elsewhere, play an essential role in training and retraining workers. Moreover, they do so at a relatively low cost. In general, we must move beyond the view that education is something that takes place only in K-through-12 schools and four-year colleges, as important as those are. Education and skills must be provided flexibly and to people of any age.

I will close my comments on education with a pitch for financial literacy. In today’s complex financial marketplace, a basic understanding of financial tools and markets and an appreciation of the need to budget, save, invest, and borrow wisely are critical to the financial health of every individual. The Federal Reserve is advancing financial literacy locally through the Charlotte Branch of the Federal Reserve Bank of Richmond. The Branch has active partnerships with organizations involved in financial literacy and economic education, including among others Jump$tart, Junior Achievement, LifeSmarts, Communities in Schools, the North Carolina Council on Economic Education, and the North Carolina Bankers Association. In short, advancing financial literacy is a high priority at the Federal Reserve.

Conclusion
I’d like to conclude by again expressing my gratitude to the Charlotte Chamber of Commerce for honoring me with its Citizen of the Carolinas Award. I am indeed proud to consider myself a citizen of the Carolinas and of the region. Thank you very much.


References
Employment Security Commission of North Carolina (2007). “Employment and Wages by Industry, 1990 to Most Recent,” Leaving the Board www.ncesc.com/lmi/industry/industrymain.asp.

Hills, Thomas D. (2007). “The Rise of Southern Banking and the Disparities among the States following the Southeastern Regional Banking Compact (225 KB PDF),” Leaving the Board Balance Sheet, vol. 11, pp. 57-104, http://studentorgs.law.unc.edu/ncbank/balancesheet.

North Carolina Community College System (2006). “Get the Facts,” Leaving the Board press release, July 3, www.ncccs.cc.nc.us/News_Releases/GetTheFacts.htm.

U.S. Census Bureau (2006). “2005 American Community Survey,” www.census.gov/acs Leaving the Board.

[뉴스핌 베스트 기사]

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추경호 체포동의안 본회의 통과 [서울=뉴스핌] 이바름 기자 = 12.3 비상계엄 당시 국민의힘 의원들의 계엄해제 표결을 방해한 의혹을 받는 추경호 국민의힘 의원에 대한 체포동의안이 27일 여당 주도로 국회 본회의를 통과했다. 국회는 이날 본회의를 열고 '국회의원(추경호) 체포동의안'을 상정해 표결을 진행했다. 투표 결과 재석 180인 가운데 찬성 172표, 반대 4표, 기권 2표, 무 2표로 가결됐다. 불체포특권이 있는 현역 국회의원에 대한 체포동의안은 재적 의원 과반 출석에 출석 의원 과반 찬성이 가결 조건이다. [서울=뉴스핌] 윤창빈 기자 = 추경호 국민의힘 의원이 27일 서울 여의도 국회에서 열린 본회의에서 본인의 체포동의안에 대한 신상발언을 마치고 나서며 동료 의원들의 격려를 받고 있다. 2025.11.27 pangbin@newspim.com 국민의힘 의원들은 표결에 반발하며 표결에 참여하지 않고 본회의장에서 퇴장했다. 이들은 로텐더홀에서 정부여당 및 특검 규탄대회를 벌였다. 신동욱 국민의힘 최고위원은 규탄대회에서 "우리가 추경호"라며 "반드시 싸워서 심판해야 한다"고 말했다. 추 의원은 지난해 12월3일 윤석열 전 대통령이 비상계엄을 선포했을 당시 국민의힘 원내대표로서 의원총회 장소를 국회와 당사 등으로 여러 차례 바꿔 국민의힘 의원들의 계엄해제 표결 참여를 방해했다는 의혹을 받고 있다. 내란 특별검사(조은석 특검팀)은 지난 3일 추 의원에 대해 내란중요임무종사 혐의로 구속영장을 청구했다. 법무부는 이틀 뒤인 5일 국회에 체포동의요청서를 제출했으며, 13일 국회 본회의에 보고됐다. 국회가 동의함에 따라 법원은 조만간 추 의원에 대한 구속 전 피의자 심문(영장실질심사)을 실시한다. 결과에 따라 추 의원의 구속 여부가 결정된다. 추 의원은 투표 전 신상발언 기회를 얻어 특검 수사는 정치탄압이라고 주장했다. 추 의원은 "특검은 제가 언제 누구와 계엄에 공모, 가담했는지 어떠한 증거도 제시하지 못하면서 영장을 창작했다"며 "특검은 계엄 공모를 입증하지도, 표결을 방해받았다는 의원을 특정하지도 못했다"고 강조했다. right@newspim.com 2025-11-27 15:41
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영국계 단타, 11월에만 5조 팔았다 [서울=뉴스핌] 이나영 기자= 연중 고점을 기록한 코스피가 11월 들어 조정을 받는 가운데, 외국인 매도세를 주도한 주체는 영국계 자금으로 나타났다. 9~10월 단기 매수세로 코스피를 4000선 위로 끌어올렸던 영국계 투자자들은 이달 들어 약 5조원 규모의 주식을 순매도하며 수급 전환의 중심에 섰다. 금융감독원과 한국거래소 자료를 종합하면, 영국계 자금은 상반기까지는 관망세를 보이다가 9월부터 순매수로 전환해 지수 급등을 견인했다. 그러나 11월 들어 매도세로 돌아서며 단기간에 코스피를 다시 4000선 아래로 밀어냈다. 전문가들은 이를 투자 이탈보다는 업종 재배치·수익 실현·헤지 전략 등 다층적 조정 흐름으로 해석하고 있다. ◆ 영국계, 활발한 거래에도 낮은 보유 비중…'단타 성향' 뚜렷 27일 한국거래소에 따르면, 영국계 투자자는 이달 1일부터 24일까지 코스피와 코스닥 시장에서 총 4조9900억원을 순매도했다. 같은 기간 외국인 전체 순매도 금액은 13조5328억원으로, 영국계 자금이 차지하는 비중은 36.9%에 달한다. 이는 지난 10월 영국계가 2조4000억원을 순매수하며 전체 외국인 순매수(4조2050억원)의 절반 이상을 견인했던 흐름과는 대조적이다. 영국계 자금은 올해 외국인 매매에서 가장 활발한 움직임을 보였다. 지난 1~8월 유가증권시장에서 영국계 투자자는 총 557조원 규모(매수 273조9270억원, 매도 283조730억원)를 거래하며 외국인 전체 거래액의 44.7%를 차지했다. 국적별 기준으로는 거래 비중 1위였지만, 보유 비중은 10%대 초반에 머무는 등 높은 회전율이 특징적이다. 이는 중·단기 차익 실현에 집중하는 유동적 자금 특성을 드러낸다는 분석이다. 실제 영국계 자금은 9월 2조2000억원, 10월 2조4000억원 등 두 달간 총 4조6000억원어치를 순매수하며 국내 증시 랠리를 이끌었다. 이 기간 외국인 전체 순매수의 상당 부분을 담당했고, 코스피는 9월 말 3424포인트에서 10월 말 4107포인트까지 약 20% 급등했다. 이후 이달 3일에는 장중 사상 최고치인 4221.87포인트를 기록했다. 당시 외국인의 현·선물 동반 매수가 지수 상승을 뒷받침했고, 거래 비중에서도 영국계 영향력은 두드러졌다. 하지만 11월 들어 매도세로 돌아서면서 코스피는 한 달 새 300포인트 넘게 밀리며, 전날(26일) 기준 3960.87로 마감했다. ◆ 수익 실현 흐름 속 업종·자산군 재배치 뚜렷…"ETF 투자도 변화 감지" 코스피 4000선을 끌어올렸던 외국인 수급이 11월 들어 주춤하면서, 이번 수급 전환의 배경에는 반도체 중심의 차익 실현과 업종 간 포트폴리오 조정이 복합적으로 작용한 것으로 풀이된다. 실제로 외국인 자금은 특정 업종에서 수익을 실현한 뒤, 해외 자산이나 새로운 산업군으로 비중을 재조정하는 흐름을 보였다. 이 같은 변화는 상장지수펀드(ETF) 매매에서도 뚜렷하게 나타났다. 코스콤 ETF체크에 따르면 최근 일주일간 외국인이 가장 많이 순매수한 상품은 'KODEX 레버리지'(93억8000만원)였고, 이어 'TIGER 미국필라델피아반도체나스닥'(64억2000만원), 'TIGER 차이나항셍테크'(64억원), 'TIGER 차이나전기차SOLACTIVE'(55억200만원) 등이 뒤를 이었다. 순매수 상위 10개 ETF 중 절반이 중국 테크 및 미국 증시 관련 상품으로 구성돼 외국인 자금의 관심이 해외 주요 지수로 이동한 모습이다. 반면 외국인은 국내 주식형 ETF를 중심으로 대규모 매도에 나섰다. 같은 기간, 'TIGER 2차전지TOP10'(-79억원), 'TIGER200선물레버리지'(-68억원), 'KODEX AI반도체'(-56억9000만원) 등이 외국인 순매도 상위에 올랐으며, 상위 10개 가운데 9개가 국내 ETF였다. 개별 종목에서도 자금 재배치 흐름 뚜렷하게 나타났다. 이달 1~25일 외국인 순매도 상위 종목에는 SK하이닉스, 삼성전자, 두산에너빌리티, KB금융, NAVER, 한화오션 등이 포함됐다. 반면 셀트리온, 이수페타시스, LG 씨엔에스, SK바이오팜 등이 외국인 순매수 상위권을 차지했다. 전통 반도체주에서 인프라, 바이오, AI 관련 종목으로 수급이 분산되는 모습이다. 시장에서는 이 같은 움직임을 외국인 자금의 '이탈'이라기보다는 전략적 '재편'으로 해석하고 있다. 현물 매도를 통해 일부 비중을 축소하는 동시에, 선물·옵션을 활용한 헤지 전략이나 국채 등 대체 자산으로의 분산 투자가 병행되고 있다는 분석이다.  전문가들은 이러한 흐름이 외국인 자금의 유출보다는 포트폴리오 조정 과정의 일환으로 볼 수 있다고 보고 있다. 김석환 미래에셋증권 연구원은 "반도체 업종의 내년 이익 전망치가 빠르게 상향되고 있어 외국인 수급이 재개될 여지가 충분하다"며 "외국인 유입에 기반한 증시 상승 기대는 여전히 유효하다"고 분석했다. 이상현 메리츠증권 센터장은 "코스피 4000 돌파는 단기 유동성이 아니라 기업 실적이 만들어낸 구조적 상승이었다"며 "현재 조정은 큰 흐름이 끝났다는 신호가 아니라 다음 단계 상승을 위한 숨 고르기 성격이 강하다"고 강조했다.    nylee54@newspim.com 2025-11-27 08:20
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