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
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页码:186 / 202
页数:17
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