인터넷전문은행 도입의 경쟁 촉진 효과 분석: 시장집중도를 중심으로

This study investigates the effect of Internet-only banks on competition within the South Korean banking industry. To do so, it utilizes quarterly, market-specific loan data from September 2015 to March 2022. The present study commences with an examination of market concentration trends (HHI and CR3) in the period following the advent of Internet-only banks in April 2017. Subsequently, we employ both pooled regression and bank fixed-effects panel analyses, focusing on the household credit and non-face-to-face loan markets. The findings of this study indicate a substantial decrease in market concentration subsequent to 2017, thereby suggesting that the emergence of Internet-only banks has led to an escalation in competitive dynamics. Preliminary findings from regression analysis, employing an Internet-only banks dummy variable, appear to indicate that Internet-only banks contribute to reduced market concentration and foster more competitive banking environments. Subsequent analysis incorporating bank fixed effects and lagged effects demonstrates that Internet-only banks have notably improved competition in the household loan market. The findings of this study demonstrate notable robustness across various specifications, including the incorporation of policy variables, an array of market concentration indicators, and the assessment of lagged effects. These findings imply that an appropriate regulatory environment is crucial, as competition within the banking industry consistently drives efficiency. Moreover, when effectively managed, competition has been empirically demonstrated to yield substantial societal benefits.