Country factor behavior for integration improvement of European life insurance markets

被引:12
|
作者
Cummins, J. David [1 ]
Rubio-Misas, Maria [2 ]
机构
[1] Temple Univ, Fox Sch Business, 1301 Cecil B Moore Ave, Amman, PA 19122 USA
[2] Univ Malaga, Finance & Accounting Dept, Campus Ejido, Malaga 29071, Spain
关键词
Integration; Financial market development; Institutional quality; EU life insurance markets; FINANCIAL DEVELOPMENT; ECONOMIC-GROWTH; CONTEXTUAL VARIABLES; CROSS-COUNTRY; RISK-TAKING; EFFICIENCY; INSTITUTIONS; PERFORMANCE; INSURERS; PRODUCTIVITY;
D O I
10.1016/j.eap.2021.08.004
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper provides evidence of the role that financial market development and institutional quality play in the integration of European Union (EU) life insurance markets. It analyzes ten EU life insurance markets over a seventeen-year sample period. The meta-technology cost/revenue efficiency ratios, estimated under the meta-frontier DEA framework, are used as a measure of integration and the analysis is conducted by applying Tobit panel regression models. We find that national stock market development and institutional quality enhance cost performance and integration of EU life insurance markets. Results also show that in countries where bancassurance is the main life insurance distribution channel, banking sector development contributes to integration in terms of revenue efficiency. However, we find that better outcomes in national institutional quality decrease the meta-technology revenue efficiency ratio, suggesting that life insurance prices are lower in countries with better institutions. (C) 2021 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.
引用
收藏
页码:186 / 202
页数:17
相关论文
共 50 条
  • [1] TRANSFORMATION OF NATIONAL LIFE INSURANCE MARKETS IN THE CONTEXT OF EUROPEAN INTEGRATION
    Zalietov, O. M.
    FINANCIAL AND CREDIT ACTIVITY-PROBLEMS OF THEORY AND PRACTICE, 2013, 1 (14): : 269 - 276
  • [2] Integration and convergence in efficiency and technology gap of European life insurance markets
    Cummins, J. David
    Rubio-Misas, Maria
    ANNALS OF OPERATIONS RESEARCH, 2022, 315 (01) : 93 - 119
  • [3] Integration and convergence in efficiency and technology gap of European life insurance markets
    J. David Cummins
    María Rubio-Misas
    Annals of Operations Research, 2022, 315 : 93 - 119
  • [4] Culture and integration of Eurozone life insurance markets
    Rubio-Misas, Maria
    EUROPEAN JOURNAL OF FINANCE, 2024, 30 (06): : 597 - 617
  • [5] Competition, efficiency and soundness in European life insurance markets
    Cummins, J. David
    Rubio-Misas, Maria
    Vencappa, Dev
    JOURNAL OF FINANCIAL STABILITY, 2017, 28 : 66 - 78
  • [6] Integration of insurance markets - case of the countries of Central and Eastern Europe that are members of the European Union
    Lament, Marzanna
    Bukowski, Slawomir
    EKONOMISTA, 2023, (04): : 387 - 402
  • [7] Regulation and efficiency in European insurance markets
    Rees, R
    Kessner, E
    Klemperer, P
    Matutes, C
    ECONOMIC POLICY, 1999, (29) : 365 - 397
  • [8] The comparison of European and Slovak insurance markets
    Koraus, A
    EKONOMICKY CASOPIS, 2003, 51 (10): : 1201 - 1216
  • [9] The Integration of European Labour Markets
    Martin Artiles, Antonio
    TRANSFER-EUROPEAN REVIEW OF LABOUR AND RESEARCH, 2010, 16 (04) : 577 - 581
  • [10] On the integration of European capital markets
    Alexakis, Panayotis
    Vasila, Anna
    MANAGERIAL FINANCE, 2013, 39 (09) : 825 - 836