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은행그룹화가 은행시장경쟁에 미친 영향과 정책시사점

Bank Consolidation and Bank Competition: An Empirical Analysis of the Korean Banking Industry

이종건|이상규
한국은행|2004.12|경제분석 (Economic Analysis)|제10권 제4호|pp. 1-55|DOI 10.23299/bokeri.2004.10.4.001

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참고문헌

키워드

경쟁정책competition policymarket powermarket competition시장집중도시장경쟁도시장력은행그룹화bank consolidationmarket concentration measures
주제분류경제학

초록

외환위기 이후 소수의 대형은행 중심으로 급속하게 진전된 은행산업의 구조조정으로 은행시장의 집중도가 급속히 증가하면서 은행시장의 경쟁도 약화와 대형은행들의 독과점적 폐해 발생가능성에 대한 우려가 제기되고 있다. 이 연구의 목적은 외환위기 이후 이루어진 은행그룹화가 은행시장의 집중도와 경쟁도에 미친 영향을 실증분석하고 우리나라 은행산업에 대한 경쟁정책의 방향을 제시하고자 하는 데 있다. 외환위기 이후 우리나라 은행시장의 집중도는 은행수가 감소하고 은행규모간 분산이 확대되면서 급속히 증가하였으며, 2002년말 현재 허핀달-허쉬만 지수(Herfindhal-Hirschman Index) 기준으로 판단해 보면 우리나라의 은행시장은「다소 집중된 시장」에서「매우 집중된 시장」으로 이행하고 있는 것으로 분석되었다. 비구조적 분석방법인 Panzar-Rosse 모형을 적용하여 추정한 H-통계량에 의하면, 외환위기 이후기간(1998년～2002년)의 우리나라 은행시장의 경쟁도는 외환위기 이전기간(1992년～1997년)에 비해 통계적으로 유의하게 약화된 것으로 분석되었다.한편 OECD 선진국들의 은행산업들과의 비교평가를 통하여 우리나라 은행산업을 진단하면서, 본 논문은 은행산업구조의 재편과정에서 불가피하게 높아진 은행시장의 집중과 이에 따른 독과점폐해에 대한 우려를 불식시키고 과도하게 약화된 은행시장의 경쟁도를 적정한 수준으로 제고시키기 위한 경쟁정책들을 시장의 구조적 측면, 행태적 측면, 경합성 측면에서 종합적으로 검토하여 제시하였다.

Abstract

This paper tries to estimate empirically the effects of bank consolidation on competitive behavior in the Korean banking industry and provide some competition policy suggestions. Market concentration has been markedly increased from the reduction in the number of banks and the widening in the size distribution of banks caused by bank consolidation after the Korean currency crisis in1997. The Herfindhal-Hirschman Index shows that the Korean banking market is currently moving from moderately concentrated into highly concentrated. Applying an empirical method developed by Panzar and Rosse (1987), we estimate H-statistics for the period of 1992-1997 and the period of 1998-2002. We find that the Korean banking market show monopolistically competitive behavior for the two periods, but market competition has been significantly weakened over the period of 1998-2002. Our findings suggest that some competition policy responses need to be considered to make the Korean banking market more competitive in the wave of bank consolidation. Finally, we briefly discuss some competition policy implications from structural, behavioral, and contestable aspects.

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