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Commercial banking, insurance and economic growth in Sweden between 1830 and 1998

Author

Listed:
  • Mike Adams
  • Jonas Andersson
  • Lars-Fredrik Andersson
  • Magnus Lindmark

Abstract

We examine empirically the dynamic historical relation between commercial bank lending, insurance and economic (income) growth in Sweden using time-series data from 1830 to 1998 and performing tests for Granger causality. Because of the non-stationary nature of the time series examined the procedure of Toda and Yamamoto (1995) is used. Our results, which have accounted for possible regime changes due to different exchange rate mechanisms over time, indicate that insurance has Granger-caused economic growth and bank lending. Therefore, we conclude that insurance is an important prerequisite for stimulating economic growth and that this could have important implications for contemporary developing economies

Suggested Citation

  • Mike Adams & Jonas Andersson & Lars-Fredrik Andersson & Magnus Lindmark, 2009. "Commercial banking, insurance and economic growth in Sweden between 1830 and 1998," Accounting History Review, Taylor & Francis Journals, vol. 19(1), pages 21-38.
  • Handle: RePEc:taf:acbsfi:v:19:y:2009:i:1:p:21-38
    DOI: 10.1080/09585200802667139
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    Citations

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    Cited by:

    1. Wanat, Stanisław & Papież, Monika & Śmiech, Sławomir, 2016. "Insurance Market Development and Economic Growth in Transition Countries: Some new evidence based on bootstrap panel Granger causality test," MPRA Paper 69051, University Library of Munich, Germany.
    2. Pradhan, Rudra P. & Arvin, Mak B. & Norman, Neville R., 2015. "Insurance development and the finance-growth nexus: Evidence from 34 OECD countries," Journal of Multinational Financial Management, Elsevier, vol. 31(C), pages 1-22.
    3. Shrutikeerti Kaushal & Amlan Ghosh, 2016. "Financial Institutions and Economic Growth: An Empirical Analysis of Indian Economy in the Post Liberalized Era," International Journal of Economics and Financial Issues, Econjournals, vol. 6(3), pages 1003-1013.
    4. repec:taf:oaefxx:v:5:y:2017:i:1:p:1390029 is not listed on IDEAS
    5. Lars-Fredrik Andersson & Liselotte Eriksson, 2015. "The compulsory public pension and the demand for life insurance: the case of Sweden, 1884–1914," Economic History Review, Economic History Society, vol. 68(1), pages 244-263, February.
    6. repec:spr:empeco:v:52:y:2017:i:4:d:10.1007_s00181-016-1111-7 is not listed on IDEAS
    7. Mehmet Balcilar & Rangan Gupta & Chien-Chiang Lee & Godwin Olasehinde-Williams, 2018. "Insurance-Growth Nexus in Africa," Working Papers 201801, University of Pretoria, Department of Economics.
    8. Phutkaradze Jaba, 2014. "Impact of Insurance Market on Economic Growth in Post-Transition Countries," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 44(1), pages 92-105, December.
    9. Lee, Chien-Chiang & Lee, Chi-Chuan & Chiu, Yi-Bin, 2013. "The link between life insurance activities and economic growth: Some new evidence," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 405-427.
    10. J. François Outreville, 2011. "The relationship between insurance growth and economic development - 80 empirical papers for a review of the literature," ICER Working Papers 12-2011, ICER - International Centre for Economic Research.
    11. repec:jed:journl:v:43:y:2018:i:2:p:1-28 is not listed on IDEAS
    12. repec:jed:journl:v:42:y:2017:i:4:p:23-57 is not listed on IDEAS
    13. Abdulnasser Hatemi-J & Chi-Chuan Lee & Chien-Chiang Lee & Rangan Gupta, 2018. "Insurance Activity and Economic Performance: Fresh Evidence from Asymmetric Panel Causality Tests," Working Papers 201828, University of Pretoria, Department of Economics.
    14. Relwende Sawadogo, Samuel Guerineau and Idrissa M. Ouedraogo, 2018. "Life Insurance Development and Economic Growth: Evidence from Developing Countries," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 43(2), pages 1-28, June.
    15. repec:eee:revfin:v:33:y:2017:i:c:p:12-28 is not listed on IDEAS
    16. Lee, Chien-Chiang & Chiu, Yi-Bin, 2012. "The impact of real income on insurance premiums: Evidence from panel data," International Review of Economics & Finance, Elsevier, vol. 21(1), pages 246-260.
    17. 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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    Keywords

    banking; insurance; economic growth; history; Sweden;

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