협동조합형 은행이 리스크, 금융산업의 안정성 및 고용에 미치는 영향

The global economic crisis of 2008 starting from sub-prime mortgage gives a good implication about the role of cooperatives in overcoming economic crisis. In particular, the interests in cooperative banks increase more and more because cooperative banks show better performances in overcoming crisis and keeping employment than commercial banks. In this paper, we investigate mainly the role, characteristics, and contribution to national economy of cooperative banks, and from the results of the study we find out the implications to the policies of depository insurance, cooperative banks, and national economy. For these purposes, we empirically study well developed European cooperative banks in the perspectives of stability, profitability, operational efficiency, dividend policy and capital growth rate. The results of the study can be summarized as follows: First, the financial stability and capital growth rates are higher for cooperative banks than commercial banks, while the dividend ratio is lower, which are very consistent results with previous studies. However, the operational efficiency and employment stability of the cooperative banks are significantly higher than commercial banks, which is unlike to previous studies. This is very interesting and newly found result, which is opposite result to conventional wisdom and previous studies.