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dc.contributor.authorTrigo Gamarra, Lucindaen_US
dc.date.accessioned2009-10-19en_US
dc.date.accessioned2010-09-08T07:47:48Z-
dc.date.available2010-09-08T07:47:48Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/39756-
dc.description.abstractThe German insurance market was liberalized in 1994 by the introduction of the 'single passport' allowing European insurers to operate throughout the entire European Union. The European directive put also an end to price and insurance contract terms regulation. These measures were meant for removing the obstacles to competition within and between the insurance markets of the member states aiming at an increased efficiency of the European insurance markets. We analyze to which extent this aim has been achieved in the German life insurance market. The development of market performance is measured by changes in technical cost and profit efficiency levels since the liberalization, as well as a measurement of technological change. Technical cost efficiency levels are estimated by applying a stochastic 'true' fixed effects distance frontier (Greene, 2005). Non-standard profit efficiency is derived in a second step following Kumbakhar (2006). According to our results, the industry experienced positive total factor productivity (TFP) growth during the observation period, which is mainly driven by substantial positive technological change. Technical cost efficiency and profit efficiency remained stable on average, but significant positive scale efficiency change can be found indicating that market consolidation in the presence of increasing returns to scale led to efficiency gains of the firms.en_US
dc.language.isoengen_US
dc.publisherUniv., Wirtschafts- und Sozialwiss. Fak. Rostocken_US
dc.relation.ispartofseriesThünen-series of applied economic theory 93en_US
dc.subject.jelD24en_US
dc.subject.jelG22en_US
dc.subject.jelG28en_US
dc.subject.ddc330en_US
dc.subject.keywordInsurance marketsen_US
dc.subject.keywordTotal factor productivity growthen_US
dc.subject.keywordStochastic Frontier Analysisen_US
dc.subject.stwLebensversicherungen_US
dc.subject.stwVersicherungsmarkten_US
dc.subject.stwDeregulierungen_US
dc.subject.stwEU-Binnenmarkten_US
dc.subject.stwWirkungsanalyseen_US
dc.subject.stwTechnische Effizen_US
dc.titleThe effects of liberalization and deregulation on the performance of financial institutions: The case of the German life insurance marketen_US
dc.typeWorking Paperen_US
dc.identifier.ppn610654667en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:roswps:93-
Appears in Collections:Thünen Series of Applied Economic Theory, Universität Rostock

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