Examining the Causal Relationship between Globalization and Insurance Activities in Large Emerging Market (LEM) Economies: Evidence from Bootstrap Panel Granger Causality
Godwin Olasehinde-Williams and
Authors registered in the RePEc Author Service: Muhammad Shahbaz
No 15-40, Working Papers from Eastern Mediterranean University, Department of Economics
This study applies bootstrap panel Granger causality test of to examine the causal relationship between globalization and insurance market activities in large emerging market economies. Economic, social, political and overall globalization indices are considered separately, and 3 alternative measures of globalization (hybrid, de facto and de jure) are also used in each case for our estimations. The empirical results confirm the following; first, empirical outcomes are sensitive to the choice of globalization measure used. Second, cross-sectional dependence and cross-country heterogeneity exist among large emerging market economies. Third, causality varies across large emerging economies with different conditions, and social globalization has the most widespread effect on insurance market activities.
Keywords: Globalization; Insurance Markets; Bootstrap panel Granger causality; Large Emerging Market Economies (search for similar items in EconPapers)
JEL-codes: C23 F65 G22 (search for similar items in EconPapers)
Pages: 26 pages
New Economics Papers: this item is included in nep-ias and nep-int
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http://repec.economics.emu.edu.tr/RePEc/emu/wpaper/15-40.pdf First version, 2018 (application/pdf)
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