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The nexus between insurance activity and economic growth: A bootstrap rolling window approach

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  • Liu, Guan-Chun
  • Lee, Chien-Chiang
  • Lee, Chi-Chuan

Abstract

This paper investigates the long-run linkage and short-run time-lagged causality between insurance activity and economic growth for G-7 countries. To overcome the problem of structural change, we adopt the bootstrap Granger causality test to full samples and subsamples with a fixed window size. We find that there exists a long-run relation between the series, and the results of the bootstrap Granger causality test in the full sample show that the short-run causal relationships are country-specific. Differing from the full sample results, the evidence of rolling VAR models demonstrates that the short-run causal nexus between the series is time-varying across various subsamples.

Suggested Citation

  • Liu, Guan-Chun & Lee, Chien-Chiang & Lee, Chi-Chuan, 2016. "The nexus between insurance activity and economic growth: A bootstrap rolling window approach," International Review of Economics & Finance, Elsevier, vol. 43(C), pages 299-319.
    • Handle: RePEc:eee:reveco:v:43:y:2016:i:c:p:299-319
    DOI: 10.1016/j.iref.2015.11.004
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    More about this item

    Keywords

    Insurance activity; Economic growth; Bootstrap Granger causality test; Parameter instability test; Time-varying causality;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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