Abstract

http://ssrn.com/abstract=1203547
 
 

Citations



 


 



The Relationship of Insurance and Economic Growth in Europe - A Theoretical and Empirical Analysis


Peter R. Haiss


WU Vienna University of Economics and Business; UniCredit Bank Austria; IES Vienna - Institute for the International Education of Students

Kjell Sümegi


affiliation not provided to SSRN

August 5, 2008

Emprica, Journal of Applied Economics and Economic Policy, Vol. 35, 2008

Abstract:     
The role of insurance companies, although growing in importance in financial intermediation, has received less attention than bank and stock markets and if so, mainly as a provider of risk transfer in single country or very heterogeneous samples. We investigate both the impact of insurance investment and premiums on GDP growth in Europe. We conduct a cross-country panel data analysis from 1992 to 2005 for 29 European countries. We find a positive impact of life insurance on GDP growth in the EU-15 countries, Switzerland, Norway and Iceland. For the New EU Member States from Central and Eastern Europe, we find a larger impact for liability insurance. Furthermore our findings emphasise the impact of the real interest rate and the level of economic development on the insurance-growth nexus. We argue that the insurance sector needs to be paid more attention in financial sector analysis and macroeconomic policy.

Keywords: Insurance, Financial intermediation, Economic growth, Finance-growth nexus

JEL Classification: E44, G22, O11, O16

Accepted Paper Series





Not Available For Download

Date posted: August 6, 2008 ; Last revised: February 9, 2011

Suggested Citation

Haiss, Peter R. and Sümegi, Kjell, The Relationship of Insurance and Economic Growth in Europe - A Theoretical and Empirical Analysis (August 5, 2008). Emprica, Journal of Applied Economics and Economic Policy, Vol. 35, 2008. Available at SSRN: http://ssrn.com/abstract=1203547

Contact Information

Peter R. Haiss (Contact Author)
WU Vienna University of Economics and Business ( email )
Institute for Export Management
Welthandelsplatz 1
Vienna, A-1020
Austria
++43-664 812 29 90 (Phone)
++43-50505 8944214 (Fax)
UniCredit Bank Austria ( email )
Schottengasse 6-8
Vienna, A-1010
Austria
++43-(0)50505 44214 (Phone)
++43-(0)50505 89 44214 (Fax)
HOME PAGE: http://www.bankaustria.com
IES Vienna - Institute for the International Education of Students
Johannesgasse 7
Vienna, A-1010
Austria
Kjell Sümegi
affiliation not provided to SSRN ( email )
No Address Available
Feedback to SSRN


Paper statistics
Abstract Views: 418

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo2 in 0.281 seconds