Globalization and insurance activity: Evidence on the industrial and emerging countries

Chien-Chiang Lee () and Yi-Bin Chiu

The North American Journal of Economics and Finance, 2016, vol. 36, issue C, 328-349

Abstract: This study applies panel cointegration with cross-country dependence and causality tests to uncover the extent and the magnitude of the relationship between insurance penetration and globalization. The results first confirm evidence of the long-run relationship between insurance market activities and globalization. Second, we find positive impacts of all three globalization indices on life and non-life insurance penetrations, and globalization has a larger impact on insurance market activities in the industrial countries than in the emerging countries. Finally, the results of panel causality tests roughly show bidirectional causality between insurance market activities and globalization in the long run.

Keywords: Insurance penetration; Globalization; Panel cointegration analysis; Cross-sectional dependence; Emerging countries (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecofin:v:36:y:2016:i:c:p:328-349

DOI: 10.1016/j.najef.2016.03.002

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