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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/75255

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題名:	The link between life insurance activities and economic growth: Some new evidence
作者:	Lee, C.-C.;Lee, Chi-Chuan;Chiu, Y.-B. 李起銓
貢獻者:	金融系
關鍵詞:	Half-life;Life insurance premium;Panel cointegration;Panel SURADF test;Real GDP
日期:	2013
上傳時間:	2015-05-21 16:51:38 (UTC+8)
摘要:	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.
關聯:	Journal of International Money and Finance, 32, 405-427
資料類型:	article
DOI 連結:	http://dx.doi.org/10.1016/j.jimonfin.2012.05.001
DOI:	10.1016/j.jimonfin.2012.05.001
顯示於類別:	[金融學系] 期刊論文

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檔案	描述	大小	格式	瀏覽次數
405-427.pdf		645Kb	Adobe PDF2	826	檢視/開啟

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