Insurance, Pensions, and Mutual Funds on Economic Growth

Richard. S Ramoutar

MPRA Paper from University Library of Munich, Germany

Abstract: Earlier studies examining the impact of insurance sector activity on economic growth have produced mixed and often inconclusive results. This study re-examines the growth effects of financial development by jointly analyzing life insurance premium volume, non-life insurance premium volume, insurance company assets, pension fund assets, and mutual fund assets. Using annual panel data for 33 developed and developing countries over the period 2000--2016, we apply a panel Autoregressive Distributed Lag (ARDL) framework employing the Pooled Mean Group (PMG) and Mean Group (MG) estimators. The results provide robust evidence of cointegration among the variables and indicate that insurance sector development and mutual fund assets have a positive, statistically significant impact on economic growth in both the short- and long-run. These findings highlight the importance of contractual savings institutions as key channels through which financial development supports long-term economic performance.

Keywords: Insurance markets; Pension funds; Mutual funds; Financial development; Economic growth; Panel ARDL; PMG; MG (search for similar items in EconPapers)
JEL-codes: G15 O1 (search for similar items in EconPapers)
Date: 2025-12-17
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:127380

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