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Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Journal of Business Economics and Management (JBEM) [ISSN:] 2029-4433 [Volume:] 22 [Issue:] 3 [Year:] 2021 [Pages:] 695-713
Verlag: 
Vilnius Gediminas Technical University, Vilnius
Zusammenfassung: 
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.
Schlagwörter: 
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
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