금융혁신이 금융포용에 미치는 비대칭적 영향과 사회후생 = The Asymmetric Effects of Financial Innovation on Financial Inclusion and Social Welfare

다국어 초록 (Multilingual Abstract)

A general equilibrium banking model is constructed to capture the asymmetric effects of costly financial innovation on financial inclusion and digital financial inclusion. Financial inclusion refers to economic individual’s access to traditional financial services while digital financial inclusion refers to access to digital financial services through fintech to advance financial inclusion. In equilibrium, costly financial innovation may advance financial technology but reduce (digital) financial inclusion. At the same time, it raises cost barriers to economic individuals and deepens financial exclusion, which increases cash trades. Social welfare may improve or deteriorate with financial innovation, depending on the elasticity of financial production.