금융권 간 융합과 경쟁에 대한 연구

초록

Over the past decades, owing to deregulation and the development of information and communication technologies, convergence across segments of the financial services industry worldwide has been fast-paced. Since the recent global financial crisis, international financial regulatory system has been in the new maintenance. However, convergence phenomenon across segments of the financial services industry is not only a byproduct of deregulation of the financial sectors but also that of the development of information and communication technology and financial innovation. It has been already rooted far down in many companies’ internal organization so that the trend is significantly different from it is now in any future seems unlikely. Progress of the convergence across segments of the financial services industry has a significant impact on competition in the financial service industry, and this again affects the efficiency and stability of the entire financial system. This study is based on some theoretical models where multiple (types) of financial product sales have different impacts on the competition of the financial market and consumer welfare, by changing the degree of the convergence across segments of the financial services industry. The models include Mix and Match model which is commonly used in the context of industrial organization, a model for separation between selling and manufacturing of financial products, and another model, competitive mixed bundling model allowing consumers to purchase only one kind of financial products. In addition, the synergistic effects between the spread of the matrix financial structure and the convergence across segments of the financial services industry have been analyzed. At the same time, some restrictions on the universal banking has been proposed from major countries, such as U.S. and U.K. since the global financial crisis. Theoretical models discussed in this study provide some implications on the various aspects of competition in the financial market due to the results of restrictions on universal banking. Intensifying competition in the financial market can be linked to the discussion of restrictions on universal banking in the sense that it increases financial companies’ incentives to undertake risky investments.

키워드