Insurance penetration and economic growth nexus: Cross-country evidence from ASEAN

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• 作者：Rudra P. Pradhan^a ; ^{rudrap@vgsom.iitkgp.ernet.in" class="auth_mail" title="E-mail the corresponding author} ; B. Mak Arvin^b ; ^{marvin@trentu.ca" class="auth_mail" title="E-mail the corresponding author} ; Neville R. Norman^c ; ^d ; ^{n.norman@unimelb.edu.au" class="auth_mail" title="E-mail the corresponding author} ; ^{nrn1v@econ.cam.ac.uk" class="auth_mail" title="E-mail the corresponding author} ; Mahendhiran Nair^e ; ^{mahendhiran.nair@monash.edu" class="auth_mail" title="E-mail the corresponding author} ; John H. Hall^f ; ^{john.hall@up.ac.za" class="auth_mail" title="E-mail the corresponding author}
• 关键词：L96 ; O32 ; O33 ; O43
• 刊名：Research in International Business and Finance
• 出版年：2016
• 出版时间：January 2016
• 年：2016
• 卷：36
• 期：Complete
• 页码：447-458
• 全文大小：598 K

文摘

This paper investigates whether there are Granger causal relationships between insurance market penetration, broad money, stock-market capitalization, and economic growth, using panel data for the Association of South East Asian Nations (ASEAN) Regional Forum (ARF) countries for the 1988–2012 period. Using a multivariate framework, we show that all the variables are cointegrated and reveal a network of causal connections, including short-run bidirectional causality between insurance market penetration and economic growth. Recommendations based on this study include establishing a sound regulatory framework for a country's insurance industry, and introducing professional education and certification of insurance personnel to ensure adherence to global best practices and standards. Moreover, opening up a country's domestic insurance market to larger foreign players can ensure a wider choice of cost-effective, quality insurance.