KCI등재
서민금융기관의 대출금리, 비용구조 및 수익성에 관한 연구: 해외의 영리 마이크로 파이넌스 기관을 활용한 실증분석 = A Behavioral Model of Lenders for Less Creditworthy Individuals: Theoretical Model and Empirical Test of Interest Rate, Cost Structure and Profitability
저자
발행기관
학술지명
권호사항
발행연도
2012
작성언어
-주제어
KDC
300
등재정보
KCI등재
자료형태
학술저널
발행기관 URL
수록면
59-108(50쪽)
KCI 피인용횟수
8
제공처
소장기관
Structural issues in the lending market for low income and less creditworthy individuals could be summarized into two topics. The first is market inefficiency, that is, adverse selection and moral hazard caused by imperfect information, and the second is high unit cost of loans to service customers with small loan amount. Although there were many researches about financial access and availability of credit for less creditworthy individuals recently in Korea, they focused mostly on the institutional aspect of the lending market, and rigorous economic analyses were not performed enough to support policies in that area. The purpose of this paper is to provide an empirical knowledge of this special lending market, based on a theoretical model of lenders` behavior. The theoretical model is developed by extending the historical research of Stiglitz and Weiss (1981) on credit rationing to the specific decision making process of lenders under imperfect credit information. Based on the lending market model, authors test the model using international commercial microfinance institutions, and interpret the results to enhance understanding of the lending market for low income and less creditworthy individuals. Economic models of loan loss rate, interest rate and profitability are theoretically derived, and they are tested as a simultaneous equation system. Also, cost structure of the loan is analyzed focused on the impact of economies of scale in operating cost. Although the empirical test is performed with data from international microfinance institutions, the analysis demonstrates a possibility of developing the special lending market based on commercial principles, and provides lessons for the related policy in the area, as well as a rigorous test of the theoretical model. In chapter 2, under the assumption of imperfect information, a theoretical model of lenders behavior is developed for lending interest rate, loan loss rate, and profitability. The models are developed by applying the original model of Stiglitz and Weiss (1981) on credit rationing. But it is extended by incorporating lender`s decision making process under imperfect information with specific consideration of important variables in banking, such as error rate in the credit decision making process, default rate, recovery rate, and market competition etc. Chapter 3 and 4 summarize previous researches in this area, and describe data and methodology of this research. Most of the previous researches came from microfinance industry in relation with its commercialization and outreach. But despite their significant contribution, they have limitation in some areas, such as the scope of data and method of empirical test. To address those issues, this paper adopts a differentiated approach. At first, different from the previous researches that estimated interest rate and loan loss rate as separate variables, this paper builds theoretical and empirical models as a simultaneous equation system, and adopts an appropriate econometric methodology. Secondly, previous researches on microfinance industry included all types of institutions including small NGOs. But, this paper uses only for-profit bank and nonbank financial institutions in order to focus on the economic behavior and opportunities in the market. Thirdly, a panel data is created to cover 182 microfinance institutions over six year period from 2005 to 2010 with Mix`s public data. Six year sample which is consistent with one credit cycle will provide an unbiased view of those financial institutions` performance in the long term. Also, this data set makes possible a panel regression methodology, which is more useful than a simple cross sectional approach adopted by other researches. In Chapter 5, results of the empirical test are summarized. Using the panel data, two approaches are taken. The first is a regression analysis on the simply pooled data without consideration of uniqueness of each individual institution. The second is a random effect panel regression which incorporates unique values of each individual institution in each regression. The regression analysis of the simply pooled data shows an evidence of strong form of adverse selection, that is, a decreasing profitability of loans over a threshold interest rate, as well weak form adverse section, that is, an increasing loan loss rate with interest rate. But, in the random effect panel regression, the effect of interest rate on both loan loss rate and profitability is reduced to only marginally significant level. Also, the average loan loss rate of all sample turned out to be in the range of 1.5~2.5%, and average ROA was over 1%, both of which are better than general perception of the lending market for the poor. Based on those findings, authors contend that market inefficiencies caused by imperfect information is not such a serious barrier in extending financial access for the low income borrowers, at least in the observable range of lending interest rates. On the other hand, the most important factor in the high interest rates of small loans for low income borrowers was found to be the high operating cost, and the determinants of operating cost were analyzed focused on the impact of economies scales in two dimensions, that is, average loan size and number of outstanding loans. In addition to the average loan size, the number of loans outstanding was proved to have very significant impact of economies of scales, over a size of an institution which had been believed to have a maximum benefit of economies of scale. Also, market competition which was proxied by the ratio of total commercial bank credit over GNP was proved to reduce lending rate directly and indirectly through operating cost. Despite all the favorable findings to support development of credit market for low income borrowers based on market mechanism, very high volatility of loan loss rate and ROA should be seriously noted in the management and supervision of those financial institutions focusing on lending for less creditworthy and low income customers.
더보기분석정보
연월일 | 이력구분 | 이력상세 | 등재구분 |
---|---|---|---|
2026 | 평가예정 | 재인증평가 신청대상 (재인증) | |
2020-01-01 | 평가 | 등재학술지 유지 (재인증) | KCI등재 |
2017-01-01 | 평가 | 등재학술지 유지 (계속평가) | KCI등재 |
2013-01-01 | 평가 | 등재학술지 유지 (등재유지) | KCI등재 |
2010-01-01 | 평가 | 등재학술지 유지 (등재유지) | KCI등재 |
2009-01-01 | 평가 | 학술지 통합 (기타) | |
2008-03-28 | 학술지명변경 | 한글명 : 금융학회지 -> 금융연구외국어명 : Korean Journal of Money & Finance -> Journal of Money & Finance | KCI등재 |
2008-01-01 | 평가 | 등재학술지 유지 (등재유지) | KCI등재 |
2005-01-01 | 평가 | 등재학술지 선정 (등재후보2차) | KCI등재 |
2004-01-01 | 평가 | 등재후보 1차 PASS (등재후보1차) | KCI후보 |
2003-01-01 | 평가 | 등재후보학술지 선정 (신규평가) | KCI후보 |
기준연도 | WOS-KCI 통합IF(2년) | KCIF(2년) | KCIF(3년) |
---|---|---|---|
2016 | 0.57 | 0.57 | 0.64 |
KCIF(4년) | KCIF(5년) | 중심성지수(3년) | 즉시성지수 |
0.61 | 0.62 | 1.431 | 0.06 |
서지정보 내보내기(Export)
닫기소장기관 정보
닫기권호소장정보
닫기오류접수
닫기오류 접수 확인
닫기음성서비스 신청
닫기음성서비스 신청 확인
닫기이용약관
닫기학술연구정보서비스 이용약관 (2017년 1월 1일 ~ 현재 적용)
학술연구정보서비스(이하 RISS)는 정보주체의 자유와 권리 보호를 위해 「개인정보 보호법」 및 관계 법령이 정한 바를 준수하여, 적법하게 개인정보를 처리하고 안전하게 관리하고 있습니다. 이에 「개인정보 보호법」 제30조에 따라 정보주체에게 개인정보 처리에 관한 절차 및 기준을 안내하고, 이와 관련한 고충을 신속하고 원활하게 처리할 수 있도록 하기 위하여 다음과 같이 개인정보 처리방침을 수립·공개합니다.
주요 개인정보 처리 표시(라벨링)
목 차
3년
또는 회원탈퇴시까지5년
(「전자상거래 등에서의 소비자보호에 관한3년
(「전자상거래 등에서의 소비자보호에 관한2년
이상(개인정보보호위원회 : 개인정보의 안전성 확보조치 기준)개인정보파일의 명칭 | 운영근거 / 처리목적 | 개인정보파일에 기록되는 개인정보의 항목 | 보유기간 | |
---|---|---|---|---|
학술연구정보서비스 이용자 가입정보 파일 | 한국교육학술정보원법 | 필수 | ID, 비밀번호, 성명, 생년월일, 신분(직업구분), 이메일, 소속분야, 웹진메일 수신동의 여부 | 3년 또는 탈퇴시 |
선택 | 소속기관명, 소속도서관명, 학과/부서명, 학번/직원번호, 휴대전화, 주소 |
구분 | 담당자 | 연락처 |
---|---|---|
KERIS 개인정보 보호책임자 | 정보보호본부 김태우 | - 이메일 : lsy@keris.or.kr - 전화번호 : 053-714-0439 - 팩스번호 : 053-714-0195 |
KERIS 개인정보 보호담당자 | 개인정보보호부 이상엽 | |
RISS 개인정보 보호책임자 | 대학학술본부 장금연 | - 이메일 : giltizen@keris.or.kr - 전화번호 : 053-714-0149 - 팩스번호 : 053-714-0194 |
RISS 개인정보 보호담당자 | 학술진흥부 길원진 |
자동로그아웃 안내
닫기인증오류 안내
닫기귀하께서는 휴면계정 전환 후 1년동안 회원정보 수집 및 이용에 대한
재동의를 하지 않으신 관계로 개인정보가 삭제되었습니다.
(참조 : RISS 이용약관 및 개인정보처리방침)
신규회원으로 가입하여 이용 부탁 드리며, 추가 문의는 고객센터로 연락 바랍니다.
- 기존 아이디 재사용 불가
휴면계정 안내
RISS는 [표준개인정보 보호지침]에 따라 2년을 주기로 개인정보 수집·이용에 관하여 (재)동의를 받고 있으며, (재)동의를 하지 않을 경우, 휴면계정으로 전환됩니다.
(※ 휴면계정은 원문이용 및 복사/대출 서비스를 이용할 수 없습니다.)
휴면계정으로 전환된 후 1년간 회원정보 수집·이용에 대한 재동의를 하지 않을 경우, RISS에서 자동탈퇴 및 개인정보가 삭제처리 됩니다.
고객센터 1599-3122
ARS번호+1번(회원가입 및 정보수정)