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Insurance–growth nexus and macroeconomic determinants: evidence from middle-income countries

Author

Listed:
  • Rudra P. Pradhan

    (Indian Institute of Technology)

  • Mak B. Arvin

    (Trent University)

  • Sahar Bahmani

    (University of Wisconsin Parkside)

  • Sara E. Bennett

    (Lynchburg College)

  • John H. Hall

    (University of Pretoria)

Abstract

This paper examines the causal relationships between insurance market activities, economic growth, financial depth, and government consumption expenditure. We utilize a panel vector autoregressive model to test Granger causality for 18 middle-income countries over 1980–2012—a group that has not been previously studied in this literature. The results show a robust long-run economic relationship between insurance market activities, economic growth, financial depth, and government consumption expenditure. Moreover, in the short run, we find bidirectional causality between financial depth and economic growth, between financial depth and government consumption expenditure, and between insurance market activities and government consumption expenditure. Unidirectional causality exists from insurance market activities to economic growth, from financial depth to insurance market activities, and from government consumption expenditure to economic growth.

Suggested Citation

  • Rudra P. Pradhan & Mak B. Arvin & Sahar Bahmani & Sara E. Bennett & John H. Hall, 2017. "Insurance–growth nexus and macroeconomic determinants: evidence from middle-income countries," Empirical Economics, Springer, vol. 52(4), pages 1337-1366, June.
    • Handle: RePEc:spr:empeco:v:52:y:2017:i:4:d:10.1007_s00181-016-1111-7
    DOI: 10.1007/s00181-016-1111-7
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    3. J. François Outreville, 2021. "Insurance and foreign direct investment: a review (or lack) of evidence," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(2), pages 236-247, April.
    4. Siddharth Kumar & Naresh Chandra Sahu & Pushp Kumar, 2020. "Insurance Consumption and Economic Growth in the Post-Liberalized India: An Empirical Analysis," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 10(2), pages 218-228, February.
    5. Mmakgabo Pinkie Segodi & Athenia Bongani Sibindi, 2022. "Determinants of Life Insurance Demand: Empirical Evidence from BRICS Countries," Risks, MDPI, vol. 10(4), pages 1-14, April.
    6. Mehmet Balcilar & Rangan Gupta & Chien-Chiang Lee & Godwin Olasehinde-Williams, 2020. "Insurance-growth nexus in Africa," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(2), pages 335-360, April.
    7. Rudra P. Pradhan & Saurav Dash & Rana Pratap Maradana & Manju Jayakumar & Kunal Gaurav, 2017. "Insurance market density and economic growth in Eurozone countries: the granger causality approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 3(1), pages 1-24, December.

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    More about this item

    Keywords

    Insurance market activities; Economic growth; Financial depth; Government consumption expenditure; Middle-income countries;
    All these keywords.

    JEL classification:

    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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