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KDI - Korea Development Institute

KDI - Korea Development Institute



Policy Study A Study on the Prospects of Vitalizing the Mid-range Interest Rate Loan Market December 31, 2019


Series No. 2019-17

Policy Study KOR A Study on the Prospects of Vitalizing the Mid-range Interest Rate Loan Market #Consumer Finance
DOI P-ISBN979-11-5932-535-9 E-ISBN979-11-5932-590-8

December 31, 2019

  • 프로필
    KIM, Meeroo
This study examines whether the mid-interest lending market can be autonomously activated without government intervention in terms of market failure due to information asymmetry. In this study, information asymmetry refers to a situation in which a financial consumer has more accurate information about the probability of defaulting his or her debt than the financial institution that sells the financial products. Empirical results show that the degree of information asymmetry between the group of loan holders and financial institutions has not been serious enough to disable financial transactions. This means that, at least for the holders of “Saitdol” loans (government guarantee loans) that were issued during the analysis period of July 2016-end-2017, private financial institutions had enough private information to handle their cases if they were accompanied by interest rate adjustments based on average default rates.

The result provide three policy implications. Firstly, a shift is needed in the policy stance, in which loans are guaranteed for fear of market failure due to information asymmetry, to encourage financial institutions to supply private mid-range interest rate products. Secondly, guarantee loans should be made available only for a limited time since the information asymmetry between potential consumer groups who still do not have access to mid-rate credit loans and financial institutions may be excessive compared to those that are currently borrowing. In this case, it would be advisable to lower the guarantee rate to enable financial institutions to become more proactive in ratings. Lastly, considering that one of the policy objectives of “Saitdol” loans is to accumulate the experience in lending medium credit loans and to develop and improve a credit rating model for said loans, we should also consider the policy incentives for financial institutions to expand the target of the “Saitdol” loans. In this regard, the policy stance to ease the recent requirements for “Saitdol” loans seems to be the right direction.
요 약

제1장 서 론

제2장 선행연구

제3장 중금리 대출시장 현황
 제1절 보증부 대출 출시 배경
 제2절 중금리 대출시장 현황

제4장 분석 방법 및 자료 소개
 제1절 정보비대칭 정도에 대한 비모수적 및 모수적 추정
 제2절 구조모형을 통한 정보비대칭 정도 측정
 제3절 연구가설의 소개
 제4절 자료의 소개

제5장 실증분석 및 결과
 제1절 비모수적 방법 및 모수적 방법을 통한 정보비대칭 정도의 추정
 제2절 구조모형을 통한 정보비대칭 정도 측정
 제3절 종합 및 소결

제6장 정책적 시사점
 제1절 예대율 조정을 통한 접근
 제2절 보증비율 조정
 제3절 지원요건 완화를 통한 접근

제7장 맺음말

부 록
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