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

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<title>Does insurance market activity promote economic growth?</title>
<subTitle> : a cross-country study for industrialized and developing countries</subTitle>
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<genre authority="marcgt">periodical</genre>
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<place>
<placeTerm type="code" authority="marccountry">usa</placeTerm>
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<dateIssued encoding="marc">2008</dateIssued>
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<abstract displayLabel="Summary">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</abstract>
<note type="statement of responsibility">Marco Arena</note>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080600648">
<topic>Crecimiento económico</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080594589">
<topic>Análisis comparativo</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080562342">
<topic>Estadísticas</topic>
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<classification authority="">219</classification>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>01/12/2008 Tomo 75 Número 4  - 2008, p. 921-946</text>
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<languageTerm type="code" authority="iso639-2b">spa</languageTerm>
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