Financial policy and insurance development: Do financial reforms matter and how?

Lee Chien-Chiang; Chang Chi-Hung

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Financial policy and insurance development: Do financial reforms matter and how?

机译：金融政策和保险发展：金融改革重要吗？如何？

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This paper investigates the relationship between financial policies and life insurance development and how country-specific characteristics such as economic development level, financial structure, and governance environments influence the effect of financial reforms. We examine the association between life insurance development and the overall index as well as several sub-dimensions of financial reform, including interest rate liberalization, entry barriers, privatization, capital account restrictions, and securities market policy. We find that financial reforms alone are-not significantly correlated with the development of the life insurance market. However, interest rate liberalization matters after accounting for the influence of country-specific characteristics. (C) 2015 Elsevier Inc. All rights reserved.

机译：本文研究了金融政策与人寿保险发展之间的关系，以及特定国家的特征（如经济发展水平，金融结构和治理环境）如何影响金融改革的效果。我们研究了人寿保险发展与总体指数以及金融改革的几个子维度之间的关联，包括利率自由化，进入壁垒，私有化，资本账户限制和证券市场政策。我们发现，仅金融改革与人寿保险市场的发展并没有显着相关。但是，利率自由化在考虑了国家特定特征的影响后才很重要。（C）2015 Elsevier Inc.保留所有权利。

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来源
《International Review of Economics and Finance》 |2015年第7期|258-278|共21页
作者
Lee Chien-Chiang; Chang Chi-Hung;
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作者单位

Natl Sun Yat Sen Univ, Dept Finance, Kaohsiung 80424, Taiwan;

Feng Chia Univ, Dept Risk Management & Insurance, Taichung 40724, Taiwan;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Financial reform; Life insurance development; Economic development; Financial structure; Governance environments;

机译：金融改革;人寿保险发展;经济发展;金融结构;治理环境;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Financial policy and insurance development: Do financial reforms matter and how?

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