금융권 간 융합과 경쟁에 대한 연구The Convergence and Competition across Segments of the Korean Financial Services Industry
- Authors
- 강경훈; 여은정
- Issue Date
- Dec-2013
- Publisher
- 한국경제발전학회
- Keywords
- Convergence in Financial Services Industry; Bundling; Selling and Manufacturing of Financial Products; Competitive Mixed Bundling Model; Matrix Structure; 금융권 간 융합; 번들링; 금융상품 판매-제조; 경쟁적 혼합결합 모형; 매트릭스 체제
- Citation
- 경제발전연구, v.19, no.2, pp 51 - 80
- Pages
- 30
- Journal Title
- 경제발전연구
- Volume
- 19
- Number
- 2
- Start Page
- 51
- End Page
- 80
- URI
- https://scholarworks.bwise.kr/cau/handle/2019.sw.cau/19339
- ISSN
- 1229-3148
- Abstract
- 지난 수십 년간 규제 완화 및 정보통신 기술의 발달 등에 힘입어 금융권 간 융합이 전 세계적으로 빠르게 진행되어 왔다. 최근 글로벌 금융위기 이래 각국에서 금융규제체계를 새로이 정비하고 있으나 금융권 간 융합 현상은 단순히 규제완화뿐 아니라 정보통신 기술의 발전 및 금융혁신 등 다양한 요인의 산물인 데다 이미 각 금융회사의 내부조직에까지 뿌리를 내리고 있는 만큼 앞으로도 그 흐름이 크게 달라지지는 않을 것으로 보인다. 금융업종 간 융합이 진전되면 금융산업 내 경쟁에 현저한 영향을 초래하게 되며 이는 다시 전체 금융시스템의 효율성 및 안정성에도 영향을 주게 된다. 본 연구는 금융업종 간 융합에 따른 금융회사의 복수(종류)의 금융상품 판매가 금융시장 경쟁 및 소비자 후생에 미치는 영향에 대해 분석한다. 산업조직론에서 이용되는 Mix and Match 모형, 금융상품의 판매-제조 분리 모형 및 금융소비자가 복수(종류)의 금융상품을 사지 않고 한 종류만 살 수도 있는 모형을 활용하여 분석하였으며, 또한 금융권 간 융합과 매트릭스 체제의 확산 간 상승효과를 검토해 보았다. 결과적으로, 금융회사에 대한 선호 여부에 따라 금융권 간 융합에 따른 금융소비자의 소비자 잉여와 경제 전반의 후생이 서로 반대 방향으로 움직임을 알 수 있었다. 특히, 겸업화에 따른 차별성 감소 및 금융시장의 경쟁 격화는 소비자 잉여 증가로 이어지는 반면, 전반적인 후생 감소 가능성 및 금융회사의 위험투자 유인을 높일 수 있다는 점에서 최근 겸업 제한 논의와도 연결될 수 있을 것이다
Over the past decades, owing to deregulation and the development of information and communication technologies, convergence across segments of the financial services industry worldwide has been fast-paced. Since the recent global financial crisis, international financial regulatory system has been in the new maintenance. However, convergence phenomenon across segments of the financial services industry is not only a byproduct of deregulation of the financial sectors but also that of the development of information and communication technology and financial innovation. It has been already rooted far down in many companies’ internal organization so that the trend is significantly different from it is now in any future seems unlikely. Progress of the convergence across segments of the financial services industry has a significant impact on competition in the financial service industry, and this again affects the efficiency and stability of the entire financial system.
This study is based on some theoretical models where multiple (types) of financial product sales have different impacts on the competition of the financial market and consumer welfare, by changing the degree of the convergence across segments of the financial services industry. The models include Mix and Match model which is commonly used in the context of industrial organization, a model for separation between selling and manufacturing of financial products, and another model, competitive mixed bundling model allowing consumers to purchase only one kind of financial products. In addition, the synergistic effects between the spread of the matrix financial structure and the convergence across segments of the financial services industry have been analyzed.
At the same time, some restrictions on the universal banking has been proposed from major countries, such as U.S. and U.K. since the global financial crisis. Theoretical models discussed in this study provide some implications on the various aspects of competition in the financial market due to the results of restrictions on universal banking. Intensifying competition in the financial market can be linked to the discussion of restrictions on universal banking in the sense that it increases financial companies’ incentives to undertake risky investments.
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