Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality
This paper examines the causal relationship between insurance market penetration and per capita economic growth in 19 Eurozone countries for the period 1980–2014. We use three different indicators of insurance market penetration (IMP), namely life insurance penetration, non-life insurance penetratio...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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SpringerOpen
2018-06-01
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| Series: | Future Business Journal |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2314721017301251 |
| _version_ | 1819060759357816832 |
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| author | Saurav Dash Rudra P. Pradhan Rana P. Maradana Kunal Gaurav Danish B. Zaki Manju Jayakumar |
| author_facet | Saurav Dash Rudra P. Pradhan Rana P. Maradana Kunal Gaurav Danish B. Zaki Manju Jayakumar |
| author_sort | Saurav Dash |
| collection | DOAJ |
| description | This paper examines the causal relationship between insurance market penetration and per capita economic growth in 19 Eurozone countries for the period 1980–2014. We use three different indicators of insurance market penetration (IMP), namely life insurance penetration, non-life insurance penetration, and total (both life and non-life) insurance penetration. We particularly emphasize on whether Granger causality exists between these variables both ways, one way, or not at all. Our empirical results perceive both unidirectional and bidirectional causality between IMP and per capita economic growth. However, these results are mostly non-uniform across the Eurozone countries during this selected period. The policy implication is that the economic policies should recognize the differences in the insurance market and per capita economic growth in order to maintain sustainable growth in the Eurozone. Keywords: IMP, Per capita economic growth, Granger causality, Eurozone countries, JEL codes: L96, O32, O33, O43 |
| first_indexed | 2024-12-21T14:32:06Z |
| format | Article |
| id | doaj.art-30e1d499349b41fb89ec7eba0ec9bce0 |
| institution | Directory Open Access Journal |
| issn | 2314-7210 |
| language | English |
| last_indexed | 2024-12-21T14:32:06Z |
| publishDate | 2018-06-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Future Business Journal |
| spelling | doaj.art-30e1d499349b41fb89ec7eba0ec9bce02022-12-21T19:00:27ZengSpringerOpenFuture Business Journal2314-72102018-06-01415067Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causalitySaurav Dash0Rudra P. Pradhan1Rana P. Maradana2Kunal Gaurav3Danish B. Zaki4Manju Jayakumar5Indian Institute of Technology Kharagpur, Kharagpur 721302, IndiaCorresponding author. Indian Institute of Technology, Kharagpur-721302, India.; Indian Institute of Technology Kharagpur, Kharagpur 721302, IndiaIndian Institute of Technology Kharagpur, Kharagpur 721302, IndiaIndian Institute of Technology Kharagpur, Kharagpur 721302, IndiaIndian Institute of Technology Kharagpur, Kharagpur 721302, IndiaIndian Institute of Technology Kharagpur, Kharagpur 721302, IndiaThis paper examines the causal relationship between insurance market penetration and per capita economic growth in 19 Eurozone countries for the period 1980–2014. We use three different indicators of insurance market penetration (IMP), namely life insurance penetration, non-life insurance penetration, and total (both life and non-life) insurance penetration. We particularly emphasize on whether Granger causality exists between these variables both ways, one way, or not at all. Our empirical results perceive both unidirectional and bidirectional causality between IMP and per capita economic growth. However, these results are mostly non-uniform across the Eurozone countries during this selected period. The policy implication is that the economic policies should recognize the differences in the insurance market and per capita economic growth in order to maintain sustainable growth in the Eurozone. Keywords: IMP, Per capita economic growth, Granger causality, Eurozone countries, JEL codes: L96, O32, O33, O43http://www.sciencedirect.com/science/article/pii/S2314721017301251 |
| spellingShingle | Saurav Dash Rudra P. Pradhan Rana P. Maradana Kunal Gaurav Danish B. Zaki Manju Jayakumar Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality Future Business Journal |
| title | Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality |
| title_full | Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality |
| title_fullStr | Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality |
| title_full_unstemmed | Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality |
| title_short | Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality |
| title_sort | insurance market penetration and economic growth in eurozone countries time series evidence on causality |
| url | http://www.sciencedirect.com/science/article/pii/S2314721017301251 |
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