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Financial policy and insurance development: Do financial reforms matter and how?

Chien-Chiang Lee () and Chi-Hung Chang

International Review of Economics & Finance, 2015, vol. 38, issue C, 258-278

Abstract: This paper investigates the relationship between financial policies and life insurance development and how country-specific characteristics such as economic development level, financial structure, and governance environments influence the effect of financial reforms. We examine the association between life insurance development and the overall index as well as several sub-dimensions of financial reform, including interest rate liberalization, entry barriers, privatization, capital account restrictions, and securities market policy. We find that financial reforms alone are not significantly correlated with the development of the life insurance market. However, interest rate liberalization matters after accounting for the influence of country-specific characteristics.

Keywords: Financial reform; Life insurance development; Economic development; Financial structure; Governance environments (search for similar items in EconPapers)
JEL-codes: C23 G22 O16 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1016/j.iref.2015.03.004

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