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Insurance Development and Economic Growth*

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Author Info

  • Liyan Han

    (School of Economics & Management, Beihang University, Beijing, China)

  • Donghui Li

    ()
    (School of Banking and Finance, The University of New South Wales, Sydney, Australia.)

  • Fariborz Moshirian

    ()
    (School of Banking and Finance, The University of New South Wales, Sydney, Australia.)

  • Yanhui Tian

    (School of Economics & Management, Beihang University, Beijing, China)

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    Abstract

    This paper investigates the relationship between insurance development and economic growth by employing GMM models on a dynamic panel data set of 77 economies for the period 1994–2005. Insurance density is used to measure the development of insurance. Controlled by a simple conditioning information set and a policy information set, we can draw a conclusion that insurance development is positively correlated with economic growth. The sample is then divided into developed and developing economies. For the developing economies, the overall insurance development, life insurance and non-life insurance development play a much more important role than they do for the developed economies.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

    Volume (Year): 35 (2010)
    Issue (Month): 2 (April)
    Pages: 183-199

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    Handle: RePEc:pal:gpprii:v:35:y:2010:i:2:p:183-199

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    Cited by:
    1. Lee, Chien-Chiang & Chiu, Yi-Bin & Chang, Chi-Hung, 2013. "Insurance demand and country risks: A nonlinear panel data analysis," Journal of International Money and Finance, Elsevier, vol. 36(C), pages 68-85.
    2. Hongbing HU & Meng SU & Wenhua LEE, 2013. "Insurance Activity and Economic Growth Nexus in 31 Regions of China: Bootstrap Panel Causality Test," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 182-198, October.
    3. Lee, Chien-Chiang & Huang, Wei-Ling & Yin, Chun-Hao, 2013. "The dynamic interactions among the stock, bond and insurance markets," The North American Journal of Economics and Finance, Elsevier, vol. 26(C), pages 28-52.

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