Insurance and Economic Growth Nexus in Nigeria: Asymmetric Non-Linear Relationship under Heterogeneous Agents

David Olayungbo

African Development Review, 2015, vol. 27, issue 3, 248-261

Abstract: type="main" xml:lang="en">

This paper examines the asymmetric non-linear relationship between insurance and economic growth in Nigeria between 1976 and 2010. Prior studies have examined the direction of causality between insurance and economic growth with mixed conclusions in the insurance-growth literature. Moreover, the majority of these studies assumed symmetric causal relationships by concentrating mainly on testing the supply-leading and demand-following hypothesis. This paper, therefore, contributes to the literature by examining the asymmetric causality test between insurance and economic growth in Nigeria. After the cointegration, the asymmetry causality and the asymmetric impulse responses show a robust significant relationship between high gross domestic product (GDP) and low insurance in the long run.

Date: 2015
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