Insurance Market Development and Economic Growth in Transition Countries: Some new evidence based on bootstrap panel Granger causality test

Stanisław Wanat (), Monika Papież () and Sławomir Śmiech ()

MPRA Paper from University Library of Munich, Germany

Abstract: The purpose of this paper is to investigate causal relations between the insurance market development and economic growth in ten transition European Union member countries in the period between 1993 and 2013. The analysis is conduced with the use of bootstrap panel causality approach proposed by Kónya (2006), which allows for simultaneous inclusion of both cross-sectional dependence and country-specific heterogeneity. Various types of dependencies between economic growth and the insurance market development (both in terms of the global insurance market and in the division into life insurance and non-life insurance) are identified in the study, and these findings confirm the results obtained in the majority of other papers, which report differences in the role of insurance and benefits various economies derive from the insurance market.

Keywords: insurance market; economic growth; panel Granger causality test; transition EU member countries (search for similar items in EconPapers)
JEL-codes: C33 G22 O16 (search for similar items in EconPapers)
Date: 2016-01-25
New Economics Papers: this item is included in nep-ias and nep-tra
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Citations: View citations in EconPapers (3)

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