중금리 대출과 금융기관 건전성

In this study, we investigated the effect of the expansion of competition on medium-yield loans on financial institutional soundness by using micro data held by CBs provided by individual financial institutions. In the previous study, it was impossible to directly analyze the market because the interest rate information of individual loans was not disclosed. However, in this study, the borrower was identified using the estimated interest rate calculated from the interest payment information held by CBs. A Logit model using a dummy variable representing whether or not the borrower is overdue as a dependent variable was estimated to examine the effect of the expansion of the medium-yield loan market on the financial stability. More specifically, in order to examine the direct effect of the increase in medium-yield loans on financial institutional soundness, we looked into significant differences of personal delinquency probabilities between medium-yield loans lenders and others, even after controlling the interest rates and the other general factors affecting the risk of overdue loans. Furthermore, by estimating the effect of increasing loans from multiple financial sectors measured by HHI on an individual's delinquency rate, we investigated the indirect effect of the increase in medium-yield loans on financial institutional soundness. We also studied whether the size of this indirect effect differs depending on whether or not a medium-interest loan is made. In addition, the current mid-interest loan customers were classified dynamically to further examine whether each group has a different effect on financial institutional soundness. As a result of the estimation, the intensification of the competition on medium-yield loans had a tendency to increase the overall delinquency rate by increasing HHI. However, the vulnerability of medium-yield loans lenders was relatively low compared to others. In addition, in terms of improving the soundness of financial institutions, the intra margin strategy of supplying additional medium-interest loans to past middle-interest group loans was superior to the extra margin strategy that achieved the increase of medium-interest loans through the inflow of borrowers who were not in the past.