35 This analysis aimed to analyze changes in efficiency by looking at the trends in the value of subsidy with respect to expenditure in a given sector. The level of the value of subsidy with respect to expenditure itself largely differs depending on the characteristics of the target sectors, so it is not appropriate to simply make comparisons among sectors based on this estimate. The fact that the value of subsidy is higher than expenditure shows that each financial institution is ensuring a certain level of efficiency. On the other hand, considering the complementary relationship of the private and public sectors of "leave to the private sector what it can do," even if the value of subsidy with respect to expenditure is low that is not necessarily a problem; furthermore, it is not necessarily the case that is preferable for it to be high.