통화정책의 은행대출경로: 은행대출함수의 추정을 이용한 분석 = Bank Lending Channel of Monetary Policy in Korea

국문 초록 (Abstract)

한국의 14개 은행의 재무 자료로 패널 자료를 구축하여 은행대출함수를 추정한 결과, 콜금리가 상승하면 은행대출 증가율이 하락한다는 실증을 발견하였다. 통화정책이 대출증가율에 미치는 효과는 은행 특성에 따라 다르다. 은행의 자산규모가 크거나 자본비율이 높으면 통화정책이 대출증가율에 미치는 효과가 약하다. 또한 통화정책이 은행대출에 미치는 영향은 기업대출과 가계대출에서 상이하게 나타난다. 특히 가계대출의 통화정책 민감도는 은행의 자금조달수단 중 양도성예금증서와 은행채 발행비율의 영향을 받는다. 이상의 발견은 한국경제에 통화정책의 은행대출경로가 작동하고 있다는 증거로 볼 수 있다.

다국어 초록 (Multilingual Abstract)

We find that contractionary monetary shocks reduce bank loan growth rates. Analyzing fourteen Korean bank data, we find an increase in call rate results in a reduction of loan growth rates. Furthermore, the effect of monetary shocks on loan growth rate is weaker for banks with large assets and high capital ratio. The effect of monetary policy on loans differs between household loans and firm loans. As the negotiable certificate of deposit ratio and bank bond ratio is higher, monetary policy has weaker effects on household loan growth rate. These findings are evidence for a bank lending channel of monetary policy in Korea.

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