Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/317494 
Year of Publication: 
2021
Citation: 
[Journal:] Journal of Business Economics and Management (JBEM) [ISSN:] 2029-4433 [Volume:] 22 [Issue:] 3 [Year:] 2021 [Pages:] 695-713
Publisher: 
Vilnius Gediminas Technical University, Vilnius
Abstract: 
This paper analyses the impact of insurance sector development on economic growth based on a sample that includes 14 Central and Eastern European (CEE) post-transition countries for a period of 19 years, from 1998 to 2016. Considering the presence of cross-section dependence and multiple structural breaks, recently developed panel econometric techniques were employed and led to the following conclusions: (1) life insurance has no significant effect on economic growth in both panel and individual countries, (2) non-life insurance positively affects economic growth in both panel and individual countries, (3) Dumitrescu and Hurlin causality test indicates a unidirectional causality running from economic growth to both life and non-life insurance and infers the absence of causal connection between life and non-life insurance and economic growth.
Subjects: 
insurance sector
life insurance penetration
non-life insurance penetration
economic growth
Central and Eastern Europe
multiple structural breaks
panel cointegration
causality
JEL: 
G22
O40
C33
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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