Does insurance market activity promote economic growth? : a cross-country study for industrialized and developing countries

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      <subfield code="a">Does insurance market activity promote economic growth?</subfield>
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      <subfield code="a">Insurance market activity may contribute to economic growth, both as financial intermediary and provider of risk transfer and indemnification, by allowing different risks to be managed more efficiently and by mobilizing domestic savings. During the last decade, there has been faster growth in insurance market activity, particularly in emerging markets, given the process of financial liberalization and integration, which raises questions about the overall impact on economic growth. This article tests whether there is a causal relationship between insurance market activity (life and nonlife insurance) and economic growth. Using the generalized method of moments (GMM) for dynamic models of panel data for 55 countries between 1976 and 2004 was found robust evidence for this relationship. Both life and nonlife insurance have a positive and significant causal effect on economic growth. For life insurance, high-income countries drive the results, and for nonlife insurance, both high-income and developing countries drive the results</subfield>
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      <subfield code="t">The Journal of risk and insurance</subfield>
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      <subfield code="g">01/12/2008 Tomo 75 Número 4  - 2008, p. 921-946</subfield>
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