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

Author

Listed:
  • Wanat, Stanisław
  • Papież, Monika
  • Śmiech, Sławomir

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.

Suggested Citation

  • Wanat, Stanisław & Papież, Monika & Śmiech, Sławomir, 2016. "Insurance Market Development and Economic Growth in Transition Countries: Some new evidence based on bootstrap panel Granger causality test," MPRA Paper 69051, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:69051
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    References listed on IDEAS

    as
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    Cited by:

    1. Mihaela Simionescu, 2022. "Non-life Insurance Market and Macroeconomic Indicators in Baltic States," Bulgarian Economic Papers bep-2022-05, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria // Center for Economic Theories and Policies at Sofia University St Kliment Ohridski, revised Jun 2022.
    2. Anna Denkowska & Stanis{l}aw Wanat, 2020. "Development and similarity of insurance markets of European Union countries after the enlargement in 2004," Papers 2012.15078, arXiv.org.
    3. Cristina UNGUR, 2017. "Socio-Economic Valences Of Insurance," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 2(2), pages 112-118.

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    More about this item

    Keywords

    insurance market; economic growth; panel Granger causality test; transition EU member countries;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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