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Deregulation, Consolidation, and Efficiency: Evidence from the Spanish Insurance Industry

Overview This paper provides new information on the effects of deregulation and consolidation in financial services markets by analyzing the Spanish insurance industry. Deregulation has led to dramatic changes in the Spanish insurance market; the number of firms declined by 35 percent and average firm size increased by 275 percent. We analyze the causes and effects of consolidation using modern frontier efficiency analysis to estimate cost, technical, and allocative efficiency, as well as using Malmquist analysis to measure total factor productivity change.

Further White Paper Details
PublisherWharton Financial Institutions Center File FormatPDF, requires Acrobat Rdr 5
Date PublishedNovember 2001 Downloads289
FormatWhite Papers   
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