한국 생명보험업의 경쟁도에 관한 실증연구*
An Empirical Study on Degree of Competition in the Korean Life Insurance Industry
0
조회
0
다운로드
4
인용
0
참고문헌
키워드
초록
이 연구는 한국 생명보험업의 경쟁도 변화를 실증분석을 통해 추적해 보는 데 목적이 있다. 특히 방카슈랑스 실시, 보험가격 자유화, 1997년 IMF 사태와 2008년 금융위기 등 생명보험시장의 구조적 변화 및 시장 환경변화에 따라 생명보험업의 경쟁도가 어떻게 변화되었는지에 초점을 맞췄다. 이를 위해 과점시장에서의 이윤극대화 1차 조건식과 트랜스로그비용함수에서 도출한 한계비용식을 가지고 완전정보최우법(Full information maximum likelihood)을 통한 정태적 분석과 함께 Arellano and Bond의 GMM(Generalized method of moments)을 통한 동태적 패널분석을 이용해 생명보험업의 경쟁도를 추정하였다. 분석기간은 FY1998부터 FY2008까지이다. 분석결과, 한국 생명보험업의 경쟁도는 그동안 꾸준히 심화되어 완전경쟁수준에 도달한 것으로 나타났다. 또한, 방카슈랑스, 퇴직연금제도 도입 등 제도적 변화가 있고 나서 생명보험업의 경쟁도가 통계적으로 유의하게 높아진 것으로 나타나, 보험시장의 구조적 변화가 생명보험업의 경쟁도 변화에 영향을 미침을 보였다.
Abstract
The purpose of this study is to empirically verify changes in the level of competition in the Korean life insurance industry. In particular, changes during structural breaks of the life insurance industry such as the introduction of bancassurance, price liberalization and economic crisis of 1997 and 2008 are examined. The first order condition for profit maximizing insurance oligopolies and translog cost function were applied in the full information maximum likelihood method(FIML) for statical analysis; and Generalized method of moments(GMM) suggested by Arellano and Bond(1991) was used for dynamic analysis of the changes in the degree of competition over a ten year period from FY1998 to FY2008 in the Korean industry. The result shows that the level of competition in the Korean life insurance industry has gradually intensified to the point of near-perfect competition. Moreover, regulatory changes such as the introduction of bancassurance and retirement annuity have contributed to escalating the level of competition in the Korean market; indicating that such structural breaks affected the competitive landscape of the market, statistically.
참고문헌 (28)
- 김현욱, "국내 은행산업의 대형화에 따른 경쟁도 변화 분석", 한국개발연구, 25(1), pp.57~98 (2003), 한국개발연구원
- 정홍주, "보험회사의 특성과 생산성 : 독일 손해보험산업을 중심으로", 보험학회지, 54, pp.95~113 (1999)
- 지홍민, "Free Disposal Hull 방법을 이용한 생명보험산업의 기술진보 및 퇴보 분석 Analyzing technical progress and regress of the Life Insurance Industry Using a Free-Disposal Hull Approach", 보험학회지, (74), pp.225~252 (2006), 한국보험학회
- Alley, W. A., "Collusion versus Efficiency in the Japanese Regional Banking Industry", Economic Studies Quarterly, 44, pp.206~215 (1993)
- Bikker, Jacob A., "Competition, Concentration and Their Relationship : An Empirical Analysis of the Banking Industry", Journal of Banking and Finance, 26, pp.2191~2214 (2002)
- Berger, Allen N., "Competitive viability in banking : Scale, scope, and product mix economies", Journal of Monetary Economics, 20(3), pp.501~520 (1987)
- Bresnahan, T. F., "The Oligopoly Solution Concept Is Identified", Economics Letters, 10, pp.87~92 (1982)
- Clarke, R., "Market Structure and Price-Cost Margins", Economica, 49, pp.277~287 (1982)
- Coccorese, Paolo, "Assessing the Competitive Conditions in the Italian Banking System : Some Empirical Evidence", BNL Quarterly Review, (205), pp.171~191 (1998)
- Colwell, R. J., "Output and Productivity in Banking", Scandinavian Journal of Economics, 94, pp.111~129 (1992)
- Donni, O., "Efficiency and Productivity of the Insurance Industry in the OCDE Countries", Geneva Papers on Risk and Insurance, 22, pp.523~536 (1997)
- De Bandt, O., "Competition, Contestability and Market Structure in European Banking Sectors on the Eve of EMU", Journal of Banking and Finance, 24, pp.1045~1066 (2000)
- Gardner, Lisa A., "X-Efficiency in the US life insurance industry", Journal of Banking & Finance, 17(2), pp.497~510 (1993), Elsevier
- Hondroyiannis, George, "Assessing competitive conditions in the Greek banking system", Journal of International Financial Markets, Institutions and Money, 9, pp.377~391 (1999)
- Iwata, G, "Measurement of Conjectural Variations in Oligopoly", Econometrica, 42(5), pp.947~966 (1974)
- Lau, L. J., "On Identifying the Degree of Competitiveness from Industry Price and Output Data", Economics Letters, 10, pp.93~99 (1982)
- Molyneux, S. P. Thornton, "Competition and Market Contestability in Japanese Commercial Banking", Journal of Economics and Business, 48, pp.33~45 (1996)
- Nathan, Alli, "Competition and Contestability in Canada's Financial System: Empirical Results", Canadian Journal of Economics, 22(3), pp.576~594 (1989)
- Panzar, J. C., "Testing for Monopoly Equilibrium", The Journal of Industrial Economics, 35, pp.443~456 (1987)
- Shaffer, S., "Competition in the U.S. Banking Industry", Economics Letters, 29, pp.321~323 (1989)
- Shaffer, S., "A Test of Competition in Canadian Banking", Journal of Money, Credit, and Banking, 25, pp.49~61 (1993)
- Shaffer, S., "Conduct in a Banking Duopoly", Journal of Banking and Finance, 18, pp.1063~1082 (1994)
- Recent competition in Japanese life insurance industry, "Souma, T.", ~, pp.Discussion Paper Osaka University No. 63 (2000)
- Suominen, Matti, "Measuring Competition in Banking : A Two-Product Model", Scandinavian Journal of Economics, 96(1), pp.95~110 (1994)
- Toolsema, Linda A., "Competition in the Dutch Consumer Credit Market", Journal of Banking and Finance, 26, pp.2215~2229 (2002)
- Uchida, H., "Has competition in the Japanese banking sector improved?", Journal of Banking and Finance, pp.419~439 (2005)
- Zardkoohi, A., "Geographical Deregulation and Competition in U.S. Banking Markets", Financial Review, 33, pp.85~98 (1998)
- 筒井 義郎, "金融業における競争と効率性", pp.93~114 (2005), 東洋経済新報社