TY  - BOOK
AU  - Arena,Marco
AU  - Arena,Marco
TI  - Does Insurance Market Activity Promote Economic Growth ?: Country Study for Industrial and Developing Countries 
PY  - 2006///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Bank Policy
KW  - Banking Sector
KW  - Banks and Banking Reform
KW  - Bond
KW  - Debt Markets
KW  - Developing Countries
KW  - Economic Theory and Research
KW  - Emerging Markets
KW  - Exchange
KW  - Finance and Financial Sector Development
KW  - Financial Intermediation
KW  - Financial Literacy
KW  - Financial Systems
KW  - Insurance
KW  - Insurance and Risk Mitigation
KW  - Insurance Law
KW  - Insurance Market
KW  - Insurance Markets
KW  - Insurance Premiums
KW  - Investment
KW  - Investment Decisions
KW  - Law and Development
KW  - Life Insurance
KW  - Life Insurance Premiums
KW  - Macroeconomics and Economic Growth
KW  - Potential Investments
KW  - Private Sector Development
KW  - Productive Investments
KW  - Stock
KW  - Stock Market
KW  - Stock Market Development
N2  - Insurance market activity, both as a financial intermediary and a provider of risk transfer and indemnification, may contribute to economic growth by allowing different risks to be managed more efficiently and by mobilizing domestic savings. During the past decade, there has been faster growth in insurance market activity, particularly in emerging markets given the process of liberalization and financial integration, which raises questions about its impact on economic growth. The author tests whether there is a causal relationship between insurance market activity (life and nonlife insurance) and economic growth. Using the generalized method of moments for dynamic models of panel data for 56 countries and for the 1976-2004 period, he finds robust evidence of a causal relationship between insurance market activity and economic growth. Both life and nonlife insurance have a positive and significant causal effect on economic growth. High-income countries drive the results in the case of life insurance. On the other hand, both high-income and developing countries drive the results in the case of nonlife insurance
UR  - http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-4098
ER  -