标题: Does insurance activity promote economic growth? Further evidence based on bootstrap panel Granger causality test
作者: Chang, Tsangyao
Lee, Chien-Chiang
Chang, Chi-Hung
资讯管理与财务金融系
注:原资管所+财金所

Department of Information Management and Finance
公开日期: 2-十二月-2014
摘要: This study applies the bootstrap panel Granger causality test to test whether insurance activity promotes economic growth, using data from 10 OECD countries over the period of 1979-2006. Empirical results indicate that one-way Granger causality running from all insurance activities to economic growth for France, Japan, Netherlands, Switzerland, and the UK, and economic growth Granger causes insurance activities in Canada (for life insurance), Italy (for total and life insurance) and the USA (for total and non-life insurance). There is a two-way Granger causality between life insurance activity and economic growth in the USA, while no causality between insurance activities and economic growth is found in Belgium (for all insurance), Canada (for total and non-life insurance), Italy (for non-life insurance) and Sweden (for life insurance). Our results also confirm the finding of Ward and Zurbruegg [Does insurance promote economic growth? Evidence from OECD economies. Journal of Risk and Insurance 67, no. 4: 489-506] showing that the insurance-growth nexus varies across countries, since their paper have previously demonstrated heterogeneity in this vein. In an analysis of a broader, though overlapping 17-country sample and taking into account banking activities, the results suggest the importance of including banking activities when investigating the insurance-growth relationship.
URI: http://dx.doi.org/10.1080/1351847X.2012.757555
http://hdl.handle.net/11536/25413
ISSN: 1351-847X
DOI: 10.1080/1351847X.2012.757555
期刊: EUROPEAN JOURNAL OF FINANCE
Volume: 20
Issue: 12
起始页: 1187
结束页: 1210
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