Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/187969 
Year of Publication: 
2018
Citation: 
[Journal:] Future Business Journal [ISSN:] 2314-7210 [Volume:] 4 [Issue:] 1 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2018 [Pages:] 50-67
Publisher: 
Elsevier, Amsterdam
Abstract: 
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.
Subjects: 
Eurozone countries
Granger causality
IMP
Per capita economic growth
JEL: 
L96
O32
O33
O43
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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