Development under Regulation: The Way of the Ukrainian Insurance Market
AbstractThis study is intended to assess the introduction of increased capitalization requirements for Ukrainian insurance firms. To do so, we employ up-to-date frontier efficiency analysis. The analysis suggests that an increase in size occurs not only because of the regulator's requirements, but also because all scale inefficient firms have been persistently operating under increasing returns to scale. Additionally, we show that the Ukrainian insurance industry experiences significant increases in technical efficiency. Our analysis identifies winners and losers among small, medium and large companies. The findings are consistent with the hypothesis that regulation forces firms to concentrate on efficiency.
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Bibliographic InfoPaper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 644.
Length: ca. 35 p.
Date of creation: 2006
Date of revision:
insurance industry; efficiency and productivity analysis; returns to scale; bootstrap; Ukraine;
Other versions of this item:
- Oleg Badunenko & Bogdana Grechanyuk & Oleksandr Talavera, 2009. "Development Under Regulation: The Way of the Ukrainian Insurance Market," The IUP Journal of Managerial Economics, IUP Publications, IUP Publications, vol. 0(3-4), pages 65-79, August-No.
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-12-01 (All new papers)
- NEP-EFF-2006-12-01 (Efficiency & Productivity)
- NEP-IAS-2006-12-01 (Insurance Economics)
- NEP-TRA-2006-12-01 (Transition Economics)
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