1930년경 시카고 은행들의 체인ㆍ그룹 계열관계
Chain․Group Affiliation of Chicago Banks circa 1930
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초록
체인ㆍ그룹 뱅킹은 지점활동이 금지되거나 제한되었던 미국의 은행산업에서 뉴딜 이전에 발달했던 독특한 은행산업 집중방식이다. 체인․그룹 계열화가 대공황 시기에 은행위기가 심화되는 과정에서 중요한 역할을 하였을 것이라는 지적은 꾸준히 제기되어 왔다. 하지만 체인․그룹 계열화를 파악하는 작업의 어려움으로 인하여 그에 대한 실증적 연구는 부재한 실정이다. 이 연구는 체인ㆍ그룹 계열화에 대한 구체적인 이해를 높이고 비교적 다양한 자료를 구할 수 있는 시카고 은행들을 대상으로 임원과 이사, 대주주 등을 통한 은행들 사이의 연결을 종합적으로 고려하여 체인ㆍ그룹 계열화를 주관적으로 파악하였다. 그리고 네트워크 분석을 통해 얻어진 계열화에 대한 객관적인 척도들과 이를 비교하고 은행위기에 대한 분석에 이용하여 동일한 분석결과를 얻을 수 있음을 확인하였다. 이러한 연구결과는 대공황 시기 은행위기에서 체인․그룹 계열화가 중요한 역할을 하였다는 최근의 연구들을 방법론적으로 뒷받침해준다. 나아가 대공황 시기 은행위기에 대한 연구의 진척을 위해 절실하게 요구되는 체인․그룹 계열화를 객관적으로 파악하는 방법을 모색하는 데 있어서도 몇 가지 중요한 시사점을 제공해준다고 판단된다.
Abstract
Chain․group banking was a unique way of concentration in American banking industry before the New Deal reform. It has been argued for a long time that chain․group affiliation exacerbated banking crises during the Great Depression. There has been, however, little literature that provided empirical evidences for this argument because of the difficulty in identifying the banks which were affiliated with chain․group systems. This paper tries to identify chain․group banks among Chicago banks of 1930 utilizing various data on the interlocking directors, officers, and largest shareholders. And it tries to measure the cohesiveness of clusters with which banks were affiliated using network analysis. Comparing the objective network statistics with subjective judgement for affiliation and using both subjective and objective measures for chain․group affiliation in logit regressions for Chicago bank failures, this paper validates a few recent studies which, by using subjective judgements for banking affiliation, argued that chain․group banking exacerbated banking crises during the Great Depression. These results provide some important suggestions that we can develop an objective methods to measure the degree of affiliation of banks if we use network analysis.
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