CAJ | 학술논문

本文基于1990--2007年56个国家的面板数据和1999年世界银行的企业调查数据，运用动态面板模型和Tobit模型，探究了银行集中度、企业储蓄和经常账户失衡的关系。实证结果表明，银行集中度越高，企业从银行融资的比重越小，自身储蓄越高。而公司部门的储蓄与经常账户余额存在显著的正向相关，高银行集中度国家企业的高储蓄导致这些国家经历更大的经常账户顺差（或更小的逆差）。上述结论并不受金融中心效应的影响，也在工具变量回归中保持稳健。与强调金融部门总规模的传统金融发展观不同，本文的结论表明，银行业的内部结构是理解经常账户失衡的重要视角。
본문기우1990--2007년56개국가적면판수거화1999년세계은행적기업조사수거，운용동태면판모형화Tobit모형，탐구료은행집중도、기업저축화경상장호실형적관계。실증결과표명，은행집중도월고，기업종은행융자적비중월소，자신저축월고。이공사부문적저축여경상장호여액존재현저적정향상관，고은행집중도국가기업적고저축도치저사국가경력경대적경상장호순차（혹경소적역차）。상술결론병불수금융중심효응적영향，야재공구변량회귀중보지은건。여강조금융부문총규모적전통금융발전관불동，본문적결론표명，은행업적내부결구시리해경상장호실형적중요시각。
Based on the national level panel data about 56 countries in the period of 1990 to 2007 and a World Bank survey dataset about firms＇ financing behaviors in 1999, this paper investigates the relationship among bank concentration, corporate savings and current account imbalances with the utilization of dynamic panel models and Tobit models. The empirical results show that the more concentrated the banking sector is, the less the proportion of firms＇ bank financing is and the more their retained earnings are. Furthermore, savings by corporate sector are significantly correlated with current account imbalances and the high savings in countries with a more concentrated banking sector lead to larger current account surplus or less current account deficits in these countries. Our results remain robust with the consideration of financial center effect and IV regressions. Differing from traditional measurement of financial development which focuses on the overall scale of financial sector, our results highlight the importance of internal structure of banking sector in the understanding of current account imbalances.