독일의 금융 국제화: 특징과 시사점
Internationalization of the German Financial System: Structural Features and Implications
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독일의 금융 국제화 과정에 대해 살펴본 결과 다음과 같은 특징을 관측하였다. 첫째, 대형 은행들이 자금 조달과 운용의 국제화를 통해 고수익을 추구하는 동안 각 지역의 저축은행 및 신협(이하 커뮤니티은행)은 자기 지역의 중소기업에 대한 관계금융 제공을 통해 이들의 혁신을 지원하는 데 집중하였다. 커뮤니티은행들은 지역주의 원칙에 따른 제약을 극복하기 위해 관계금융에 치중하였는데, 이를 통해 중소기업금융시장의 실패를 초래하는 정보비대칭성을 극복하여 지역혁신시스템과 산업생태계의 발전에 기여하였다. 둘째, 내수부진과 수출호조에 따른 잉여저축을 기업, 은행 및 보험사가 흡수하여 해외에 투자하였으며, 이는 경상수지 흑자가 국내 자산 가격 상승을 통해 수출경쟁력을 저해하는 일이 없도록 예방하고, 고령화된 인구의 미래소득원을 확보하는 데 도움을 준 것으로 보인다. 또한, 기업과 금융의 해외직접투자는 국내 기업의 혁신 역량 확충에도 기여한 것으로 판단된다. 이와 같은 독일 금융시스템의 국제화 경험은 수출주도로 성장해온 소규모 개방 경제가 실물부문의 혁신 및 대외경쟁 역량 강화와 양립할 수 있는 금융 국제화 전략을 모색하는 데 의미 있는 정책시사점을 줄 것으로 판단된다.
Abstract
This paper examines structural features of German financial system’s internationalization process and draws implications. It finds the structural features as follow. First, big banks and community banks such as savings banks and credit cooperatives have different approaches to internationalization of their businesses, resulting in a division of labor between them for internationalizing the financial system. Big banks expand businesses globally to realize economies of scale and scope. Meanwhile, community banks maintain their roles in supporting innovation efforts by small and medium-size enterprises. The paper finds that, through relationship banking and networking, the community banks could overcome constraints imposed by the ‘regional principle’ and were able to provide long-term loans to small and medium-size firms for the benefits of their regional economies including themselves. This helps make regional industries internationally competitive and regional innovation systems strong. Second, German firms, banks, and insurance companies absorb the excess of savings over investments stemming from booming exports and stagnant domestic demands to invest in foreign markets. This helps prevent the persistent current account surpluses from expanding domestic credits and appreciating non-tradables including real estates. This mechanism underscores stability of property prices and rents and, through these, international cost competitiveness of German firms. By channelling trade surpluses to overseas investments, the country seems to have established new income sources for the ageing population in years to come albeit at some costs of increasing exposure to the global financial risks. Last, foreign direct investments by German financial and non-financial firms largely complement rather than replace innovative capabilities of domestic firms, partly due development of community banking. Thus, the German financial system has set an exemplary path for the countries that have gone through export-led growth and capital account liberalization like Korea to follow suit in internationalizing their financial systems. In particular, it has shown financial integration compatible with the strengthening of manufacturing prowess.
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