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• W2002769910 abstract "The past two decades have ushered in a revolution in the nature of financial institutions. The traditional distinctions between depository institutions, investment banks, insurers, investment companies, pensions, and mutual funds have blurred and, in some cases, virtually disappeared.(1) The motivating forces behind this change appear to originate from two fundamental factors. First, the product line offered to the industry's natural constituents, firms and households, could not be arbitrarily segmented and allocated to various subsectors as had been attempted by previous legislation and regulatory structures. Attempts by regulators to do so were inherently inefficient and opened the way for economic forces consistent with an expansion in the product lines offered by various financial entities. Second, technology ultimately made such regulations, and even locational restrictions, less meaningful as a constraint on the delivery system of financial services. This inevitably led to an expansion of product markets, the substitution of technology, telecommunications, or mail service for physical location, and the development of nearly identical financial products by competing financial entities. In most cases, this has resulted in increased competition and, at the same time, a reduction in the number of competitors in the industry as a whole.(2) These forces should have been apparent as early as the post-Depression era, when the regulations that shaped the industry were formed.(3) But it took years for regulators, and even some industry participants, to see it. Today, it is readily transparent. It is clear that the arbitrary financial divisions separating household and corporate product sectors were doomed to failure. All parts of the industry sought to expand their product menu to satisfy customer needs. The services included a full array of products to provide scarce financial capital to undertake real investment, provide saver services of various kinds, and the pooling of risks of different types. As insurers know, the latter includes actuarial risks, most notably property-liability and mortality risks. However, it also includes myriad financial risks, from liquidity to market risk. In providing investment capital, insurers were prime candidates to finance real capital investment through equity positions in real estate and more traditional corporate equity capital, as well as both standard and nonstandard debt contracts. However, this full array was often limited by regulation - not always in a reasonable or even prudent manner. Over time, however, techniques and instruments emerged to expand the types of investments in insurer portfolios - sometimes with less than satisfactory results.(4) The insurance industry was not alone in this product expansion. It was joined by an incursion of commercial banks into many investment product areas with longer duration investments, such as commercial mortgages, private placement, and, through subsidiaries, the provision of venture capital funds (see Saunders and Walter, 1996). At the same time, the investment banking community realized that a substantial portion of then corporate finance activity was essentially a direct substitute for the more standardized lending functions performed by banks, even at the short end of the maturity spectrum. With investment management firms and various types of mutual funds as anxious purchasers of such products, even more capital flowed to the ever expanding capital market (see Saunders and Walter, 1996). It should be pointed out that no one part of the industry was the predator in this expanding product-line process. Yet, it could be argued that our investment banking community, subject to less explicit product limiting regulation, was the first to see the opportunity to expand its product franchise into broader investment vehicles. The expansion of markets for both pension and retail mutual funds also gave them an easy place to distribute the newly created assets. …" @default.
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• W2002769910 title "Insurers in a Changing and Competitive Financial Structure" @default.
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