협동조합금융기관은 소득불평등 해소에 기여하는가? : 신용협동조합과 새마을금고를 중심으로
Do CFIs Contribute to the Reduction of Income Inequality? : the Case of Credit Unions and Community Credit Cooperatives
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This paper verifies a hypothesis that CFIs(Cooperative Financial Institutions) contribute tothe reduction of income inequality as they are originally established with the purpose ofexpanding financial access for poor families and firms. We presume that CFIs in Korea,such as credit unions and community credit cooperatives, had operated according to theiroriginal purpose until 1980s, with the result that they helped lots of poor people enhancetheir economic situation. However, since 1980 they have been engaging in financialactivities resembling those of profit-oriented commercial financial institutions. Analysing quarterly financial data of credit unions and community credit cooperativesfrom the 4th quarter of 1993 to the 4th quarter of 2010, we find that overall there is along-term negative relationship between the development of CFIs and income inequalityrepresented by Gini coefficient. This confirms that the development of CFIs in Koreacontributes to the reduction of income inequality, which is somewhat contrary to our initialexpectation based on their history. Nevertheless, it may be necessary to search for more appropriate way to prompt thedevelopment of CFIs because they keep trying to resemble commercial financial institutionsin their operation. We suggest that allowing the establishment of new financial cooperativesbe an answer, which is only possible with the revision of the Basic Law on Cooperativesenacted in 2012.
Abstract
This paper verifies a hypothesis that CFIs(Cooperative Financial Institutions) contribute tothe reduction of income inequality as they are originally established with the purpose ofexpanding financial access for poor families and firms. We presume that CFIs in Korea,such as credit unions and community credit cooperatives, had operated according to theiroriginal purpose until 1980s, with the result that they helped lots of poor people enhancetheir economic situation. However, since 1980 they have been engaging in financialactivities resembling those of profit-oriented commercial financial institutions. Analysing quarterly financial data of credit unions and community credit cooperativesfrom the 4th quarter of 1993 to the 4th quarter of 2010, we find that overall there is along-term negative relationship between the development of CFIs and income inequalityrepresented by Gini coefficient. This confirms that the development of CFIs in Koreacontributes to the reduction of income inequality, which is somewhat contrary to our initialexpectation based on their history. Nevertheless, it may be necessary to search for more appropriate way to prompt thedevelopment of CFIs because they keep trying to resemble commercial financial institutionsin their operation. We suggest that allowing the establishment of new financial cooperativesbe an answer, which is only possible with the revision of the Basic Law on Cooperativesenacted in 2012.
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