銀行業の非価格競争と預金金利規制

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  • NON-PRICE COMPETITION AMONG BANKS UNDER THE REGULATION OF THE INTEREST RATES OF BANK DEPOSITS
  • ギンコウギョウ ノ ヒ カカク キョウソウ ト ヨキン キンリ キセイ

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In Japan commercial banks are under the regulation of Ministry of Finance in many respects, e. g. interest rates, entry, and the construction of new branches. The interest rate of deposit is looked upon as the price of an input into banking activities, but this rate has been strictly regulated for the past years. Therefore, the interest rate could not play a significant role to allure customers to a particular bank.<br>On the other hand, the market for bank deposits is subject to fierce competition among several kinds of banks. The lending opportunity has been abundant, all banks are eager to attract customers by differentiating their deposits through the extra services. That is, banks are forced into quality or non-price competition in the deposits market.<br>In this paper we have analyzed the economic consequences of this quality competition. First, we have constructed a model of banking behavior and shown that there exists a trade-off between the deposit interest rate and quality services: if the interest rate held low, the level of quality services gets higher and vice versa. Next, we tried to estimate empirically the degree of non-price competition by using the data about labor inputs in banks assigned for these quality services.<br>According to our results, the present state of non-price competition is judged rather excessive. Our investigation indicates the ratio of the quality services expenditure (including advertising) to the current revenue, amounts to approxi- mately 3%. This is comparable to the ratio of selling expenditures to sales in other industries and 3% promotional expenditure industry belongs to the group of differentiated consumer goods industries by heavy sales promotion. Then it is suggested the regulation of interest rates has brought about the allocational loss of resources. Moreover, it has been shown quality services are liable to redistribute income from the small, less wealthy customers to the big, rich ones and may be disastrous from the viewpoint of equity.

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