Does Insurance Market Activity Promote Economic Growth? A Cross-Country Study for Industrialized and Developing Countries Arena, Marco 2012-03-30T07:29:06Z 2012-03-30T07:29:06Z 2008
dc.description.abstract Insurance market activity may contribute to economic growth, both as financial intermediary and provider of risk transfer and indemnification, by allowing different risks to be managed more efficiently and by mobilizing domestic savings. During the last decade, there has been faster growth in insurance market activity, particularly in emerging markets, given the process of financial liberalization and integration, which raises questions about the overall impact on economic growth. This article tests whether there is a causal relationship between insurance market activity (life and nonlife insurance) and economic growth. Using the generalized method of moments (GMM) for dynamic models of panel data for 55 countries between 1976 and 2004, I find robust evidence for this relationship. Both life and nonlife insurance have a positive and significant causal effect on economic growth. For life insurance, high-income countries drive the results, and for nonlife insurance, both high-income and developing countries drive the results. en
dc.identifier.citation Journal of Risk and Insurance
dc.identifier.issn 00224367
dc.language.iso EN
dc.rights.holder World Bank
dc.subject Macroeconomics: Consumption
dc.subject Saving
dc.subject Wealth E210
dc.subject Financial Markets and the Macroeconomy E440
dc.subject Insurance
dc.subject Insurance Companies G220
dc.subject Economic Development: Financial Markets
dc.subject Saving and Capital Investment
dc.subject Corporate Finance and Governance O160
dc.subject Measurement of Economic Growth
dc.subject Aggregate Productivity
dc.subject Cross-Country Output Convergence O470
dc.title Does Insurance Market Activity Promote Economic Growth? A Cross-Country Study for Industrialized and Developing Countries en
dc.title.alternative Journal of Risk and Insurance en
dc.type Journal Article en
dc.type Article de journal fr
dc.type Artículo de revista es
dspace.entity.type Publication
okr.doctype Journal Article
okr.externalcontent External Content
okr.identifier.externaldocumentum 108
okr.journal.nbpages 921-946
okr.language.supported en
okr.peerreview Academic Peer Review
okr.volume 75