Health Insurance, Liquidity and Growth

Benoit Carmichael and Yazid Dissou

Scandinavian Journal of Economics, 2000, vol. 102, issue 2, 269-284

Abstract: Within the context of an endogenous growth model, it is shown that in the presence of health risks which influence household income, the introduction of a private insurance company increases the long‐term economic growth rate. The introduction of such an institution has two effects on savings: a level effect and a composition effect. Although the presence of this risk‐reducing institution induces a decrease in the level of total savings, as suggested in earlier papers, the rate of illiquid savings, which contribute to growth, increases. JEL Classification E1; G2; O1; O4

Date: 2000
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