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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/75255


    Title: The link between life insurance activities and economic growth: Some new evidence
    Authors: Lee, C.-C.;Lee, Chi-Chuan;Chiu, Y.-B.
    李起銓
    Contributors: 金融系
    Keywords: Half-life;Life insurance premium;Panel cointegration;Panel SURADF test;Real GDP
    Date: 2013
    Issue Date: 2015-05-21 16:51:38 (UTC+8)
    Abstract: This paper applies the panel seemingly unrelated regressions augmented Dickey-Fuller (SURADF) test to re-investigate the stationarity properties of real life insurance premiums per capita and real gross domestic product (GDP) per capita for 41 countries within three levels of income covering 1979-2007. Our empirical results first reveal that the variables in these countries are a mixture of I(0) and I(1) processes, and that the traditional panel unit-root tests could lead to misleading inferences. Second, for the estimated half-lives, the degrees of mean reversion are greater in high-income countries. Third, there is concrete evidence favoring the hypothesis of a long-run equilibrium relationship between real GDP and real life insurance premiums after allowing for the heterogeneous country effect. The long-run estimated panel parameter results indicate that a 1% increase in the real life premium raises real GDP by 0.06%. Finally, we determine that the development of life insurance markets and economic growth exhibit long-run and short-run bidirectional causalities. These findings offer several useful insights for policy-makers and researchers. © 2012 Elsevier Ltd.
    Relation: Journal of International Money and Finance, 32, 405-427
    Data Type: article
    DOI link: http://dx.doi.org/10.1016/j.jimonfin.2012.05.001
    DOI: 10.1016/j.jimonfin.2012.05.001
    Appears in Collections:[Department of Money and Banking] Periodical Articles

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