FINANCE AND GROWTH: NEW EVIDENCE ON THE ROLE OF INSURANCE

This paper provides new evidence that sheds light on the impact of insurance sector development on output growth, capital accumulation and productivity improvement, using data from 51 countries (developed and developing) during 1981‐2005. The dynamic panel data analysis results demonstrate that insu...

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Veröffentlicht in:The South African Journal of economics 2011-06, Vol.79 (2), p.111-127
Hauptverfasser: AZMAN-SAINI, W.N.W, SMITH, PETER
Format: Artikel
Sprache:eng
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Zusammenfassung:This paper provides new evidence that sheds light on the impact of insurance sector development on output growth, capital accumulation and productivity improvement, using data from 51 countries (developed and developing) during 1981‐2005. The dynamic panel data analysis results demonstrate that insurance sector development affects growth predominantly through productivity improvement in developed countries, while in developing countries it promotes capital accumulation.
ISSN:0038-2280
1813-6982
DOI:10.1111/j.1813-6982.2011.01258.x