증권사의 소액결제시스템 접속방식에 대한 이론적 이해

초록

This paper analyses the economic effects of stock brokers' participation into the retail payment system. Stock brokers can participate in the system ① through banks, or ② via the representative intermediary, or ③ directly without any intermediation. We compare the consumers' surplus, the profits of banks and stock brokers, and the social welfare of these three cases, by using Hotel ling's horizontally differentiated model. The results are as follows. First, the prices of the payment and settlement service are lower in the order of ③, ②, ①. SO the consumers' surplus is the highest in the case of ③, and the lowest in the case of ①. Secondly, the profits of banks are lower in the order of ③, ②, ①. But the profits of stock brokers are the lowest in the case of ②. Thirdly, the social welfare of case ② is lower than that of case ③. However, we cannot order the social welfare of case ① and ③. In summary, if stock brokers participate in the system ② or ③ instead of ①, there is no guarantee that the social welfare will improve, though the consumers' surplus increases.

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