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Exploring the dynamic nexus between life insurance, governance, and economic development in OECD and MENA countries: a system-generalized method of moments analysis

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  • Nasri, Ines
  • Ghannouchi, Imen
  • Ammou, Saloua Ben

Abstract

This paper aims to elucidate the connection between insurance and economic growth, with a particular focus on the significance of institutional governance factors. To achieve this objective, two distinct samples from different regions are employed. The first region encompasses developed countries, referred to as the OECD region, while the second region comprises developing countries, denoted as the MENA region. Both static and dynamic analyses are conducted, utilizing Ordinary Least Squares (OLS) and Generalized Method of Moments (GMM) models for both samples. The principal findings indicate that life insurance penetration has a positive and significant impact on economic growth in OECD countries. Similarly, government effectiveness positively and significantly influences economic growth in these nations. For the MENA region, it was found that regulatory quality and the rule of law have a positive and significant effect on economic development.

Suggested Citation

  • Nasri, Ines & Ghannouchi, Imen & Ammou, Saloua Ben, 2025. "Exploring the dynamic nexus between life insurance, governance, and economic development in OECD and MENA countries: a system-generalized method of moments analysis," World Development Perspectives, Elsevier, vol. 40(C).
    • Handle: RePEc:eee:wodepe:v:40:y:2025:i:c:s2452292925000906
    DOI: 10.1016/j.wdp.2025.100745
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