디지털 금융 환경과 통화정책에 따른 은행 예금의 이동 행태분석

초록

This study empirically examines whether depositor-based market discipline operates effectively in the Korean banking sector, under the presence of a deposit insurance system. In particular, we focus on how the responsiveness of depositors is moderated by digital financial infrastructure and macro-financial conditions. To do so, we analyze quarterly deposit and financial data from 2016 to 2023 for 18 banks, including commercial banks, regional banks, and internet-only banks. The empirical findings show that changes in total and uninsured deposit growth rates respond significantly to key indicators of bank risk, suggesting the presence of depositor discipline. The intensity of market discipline appears stronger for internet-only banks than for traditional commercial banks, possibly due to differences in depositor trust arising from variations in institutional history. In addition, the expansion of online banking strengthens the disciplining role of depositors. During periods of rising interest rates, however, the effect of market discipline appears to weaken. This may be attributed to widening differences in offered deposit rates across banks, leading depositors to prioritize interest rates over financial soundness in their decision-making. This study goes beyond verifying the mere existence of market discipline and provides novel empirical evidence on how digitalization and monetary policy environments influence the strength of such discipline. The findings suggest that, even in a system with deposit insurance, effective market discipline can be fostered through enhanced information accessibility and supportive financial environments. The results offer meaningful policy implications for financial authorities and banks, particularly regarding financial disclosure and risk management practices.

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