Bank-Based and Market-Based Financial Systems : Which is better for Insurance Business?
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초록
이 연구는 1980년부터 2004년까지 세계 48개국의 패널데이터를 통해 금융시스템의 차이가 보험산업 성장에 어떠한 영향을 미치는지에 대해 분석하였다. 또한 한 국가의 법체계가 보험산업 성장에 어떤 효과를 미치는지에 대해서도 살펴보았다. 분석방법은 횡단면 분석(pooled cross-sectional estimator)과 정태적 패널모형(static panel models) 및 GMM을 통한 동태적 패널모형(dynamic panel models)을 사용하였다. 분석결과, 시장중심 금융시스템이 은행중심 금융시스템보다 보험산업 성장에 보다 긍정적인 영향을 주는 것으로 나타났다. 또한 법체계가 국가 경제성장에 중요한 역할을 하는 것을 보인 LLSV(1988)의 연구결과가 같이 보험산업 성장에도 법체계가 중요한 요인으로 작용하는 것으로 나타났다. 특히 주주의 권리의무와 계약조건 등을 강하게 규제하는 영국법체계가 프랑스법 등 여타 법체계보다 보험산업 성장에 더 유리하게 작용하는 것으로 나타났다. 보험종목별로는 손해보험보다는 생명보험에 있어 영국법체계가 보험산업 성장에 더 유의한 효과를 주는 것으로 나타났다.
Abstract
Using 48 country data from 1980 to 2004, we empirically test the effects of financial system and legal origins on the growth of insurance market. Both pooled cross-sectional estimator and panel data regression (static and dynamic panel models) show that market-based financial system generally plays a greater role in insurance growth than bank-based system. Bank development, although not significant, seems to affect insurance growth at least in a positive way. And we also show that legal origins are important in insurance growth as LLSV (1998) suggest the role of legal systems in economic growth. Apparently, countries with English legal origins enjoy higher growth rate in insurance market than others. The impact of legal system is more significant especially in life insurance sector and in middle income countries. But, in developed countries, legal system affects non-life insurance growth more than life insurance.
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