한일 대부업시장의 형성과정과 향후 정책적 과제

Abstract

The purpose of this paper is to provide some suggestion how the consumer finance market can work properly as a healthy financial sector in Korea. Korean consumer finance market is not a natively grown market. This market was formed by the new entrants of Japanese money lending business after the financial crisis in 1997. Their entrance have a positive role to relieve the financial exclusion of a certain areas of Korean financial consumers. But there still remains an increasing request for the system improvement compared to other financial service industries. Hence, we will examine the Japanese consumer finance cases which are more developed than Korea’s. We can find the origin of their consumer finance from Tan chi(團地) loan before and after the 1960s. In the 1970s, as the white-collar financial loan (Sara Kin) became more popular, their business management system changed from small-sized delivery system into large store formation. The market experienced rapid growth. However, as new types of various competitors entered into the market as well as a lots of lenders, screening function did not work properly and consequently, market profitability started to deteriorate. After a long time of interphase, taking the opportunity of 1990s asset bubble collapse, Japanese Money lending business recover their business by means of speedy(fast screening), convenience(as the non-guaranteed and unsecured loans), and anonymity(automatic loan appraisal with no personnel). After the Korean financial crisis, Japanese money lender had become major players in Korean consumer finance market by taking advantage of an accumulated know-how in Japan market. In Japan, although consumer finance business provided a lot of positive effects such as serving a financial needs of low creditors, they have been kept criticized as taking excessive interest rates and various illegal activities. Japanese regulation law on money lending business has been frequently revised since the late 1970s. Even after 2000, Japanese government still revised three times three key laws(enacted in 1983) regarding the money lending business. In particular, 2006 revision includes the following measures: reinforcement of entry barriers, prohibition of excess loan, improvement of interest rate system, reinforcement of the penalties for illegal private banking, and measures of preventing multi-debtor problems. This revision is evaluated as a successful measure in terms of eliminating a social problem related to money lending business. In light of such Japanese successful experience, we suggest the introduction of entry barriers and the prohibition of excess loan, and the reinforcement of regulation and supervision.