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Table 8 Summary of Studies on the Relationship between Insurance Market Activities and Economic Growth

From: Insurance market density and economic growth in Eurozone countries: the granger causality approach

Research Reviews

Study Area

Time Period

Inferences

Adams et al. (2009)

Sweden

1830-1998

SLH

Akinlo (2013)

Nigeria

1986-2010

NLH

Alhassan and Biekpe (2016)

8 African countries

1990-2010

DFH, SLH, FBH

Alhassan and Fiador (2014)

Ghana

1990-2010

SLH

Arena (2008)

56 countries

1976-2004

SLH

Avram et al. (2010)

93 countries

1980-2006

SLH

Beenstock et al. (1986)

12 OECD countries

1970-1981

DFH

Boon (2005)

Singapore

1991-2002

SLH

Catalan et al. (2000)

14 OECD countries

1975-1997

DFH, SLH

Chang et al. (2014)

10 OECD countries

1979-2006

SLH, DFH, FBH, NLH

Chau et al. (2013)

Malaysia

1970-2002

NEH

Chen et al. (2012)

60 countries

1976-2005

SLH

Ching et al. (2010)

Malaysia

1997-2008

DFH

Esho et al. (2004)

44 countries

1984-1998

DFH

Ghosh (2013)

India

1990-2008

SLH

Guochen and Wei (2012)

China

2006-2011

SLH, DFH, FBH, NLH

Haiss and Sumegi (2008)

29 European countries

1992-2005

SLH

Han et al. (2010)

77 countries

1994-2005

SLH

Jahromi and Goudarzi (2014)

Iran

1981-2011

FBH

Kugler and Ofoghi (2005)

United Kingdom

1966-2003

DFH, FBH

Lee et al. (2013a, 2013b)

6 Developed countries

1979-2007

SLH

Lee (2011)

10 OECD countries

1979-2006

SLH, DFH

Pradhan et al. (2014)

G-20 countries

1980-2012

DFH, FBH

Pradhan et al. (2015a, 2015b)

34 OECD countries

1980-2011

SLH, DFH, FBH, NLH

Ward and Zurbruegg (2000)

9 OECD countries

1961-1996

DFH

Webb et al. (2005a)

55 countries

1980-1996

SLH

  1. Note 1: SLH is supply-leading hypothesis, indicating unidirectional causality from insurance market to economic growth; DFH is demand-following hypothesis, indicating unidirectional causality from economic growth to insurance market; FBH is feedback hypothesis, indicating bidirectional causality between insurance market and economic growth; NLH is neutrality hypothesis, indicating absence of causality between insurance market and economic growth
  2. Note 2: OECD is Organization for Economic Cooperation and Development; and G-20 means the elite Group of 20 countries