Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/28104
DC FieldValueLanguage
dc.contributor黃炳文zh_TW
dc.contributorBiing-Wen Huangen_US
dc.contributor陳珮芬zh_TW
dc.contributorPei-Fen Chenen_US
dc.contributor.advisor李建強zh_TW
dc.contributor.advisorChien-Chiang Leeen_US
dc.contributor.author李其灃zh_TW
dc.contributor.authorLee, Chi-Fengen_US
dc.contributor.other中興大學zh_TW
dc.date2009zh_TW
dc.date.accessioned2014-06-06T07:29:19Z-
dc.date.available2014-06-06T07:29:19Z-
dc.identifierU0005-0508200816060600zh_TW
dc.identifier.citationReferences Adams, M., J. Andersson, L.-F. Andersson, and M. Lindmark (2005), “The Historical Relation between Banking, Insurance and Economic Growth in Sweden: 1830 to 1998,” University of Wales Swansea. Alfaro, L., A. Chanda, S. Kalemli-Ozcan, and S. Sayek (2004), “FDI and Economic Growth: The Role of Local Financial Markets,” Journal of International Economics, 64, 89-112. Anoruo, E. and Y. Ahmad (2001), “Causal Relationship between Domestic Savings and Economic Growth: Evidence from Seven Africa Countries,” Africa Development Bank. Arellano, M. and S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations,” Review of Economic Studies, 58, 277-297. Arellano, M. and O. Bover (1995), “Another Look at the Instrumental Variables Estimation of Error Components Models,” Journal of Econometrics, 68, 29-51. Arena, M. (2006), “Does Insurance Market Activity Promote Economic Growth? A Cross-Country Study for Industrialized and Developing Countries,” World Bank Policy Research Working Paper 4098. Babbel, D. F. (1981), “Inflation, Indexation and Life Insurance Sale in Brazil,” Journal of Risk and Insurance, 48, 115-135. Beck, T. and I. Webb (2003), “Economic, Demographic, and Institutional Determinants of Life Insurance Consumption across Countries,” The World Bank Economic Review, 17, 51-88. Beck, T. and R. Levin (2004), “Stock Markets, Banks, and Growth: Panel Evidence,” Journal of Banking and Finance, 28, 423-442. Beck, T., R. Levin, and N. Loayza (2000), “Finance and the Source of Growth,” Journal of Financial Economics, 58, 261-300. Beenstock, M., G. Dickson, and S. Khajuria (1986), “The Determination of Life Premium: An International Cross-Section Analysis 1970-1981,” Insurance: Mathematics and Economics, 5, 261-270. Blundell, R. and S. Bond (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models,” Journal of Econometrics, 87, 115-143. Borensztein, E., J. De Gregorio, and J-W. Lee (1998), “How does Foreign Direct Investment Affect Economic Growth?” Journal of International Economics, 45, 115-135. Browne, M. J. and K. Kim (1993), “An International Analysis of Life Insurance Demand,” Journal of Risk and Insurance, 60, 616-634. Calderon, C. and L. Liu (2003), “The Direction of Causality between Financial Development and Economic Growth,” Journal of Development Economics, Elsevier, 72, 321-334. Campbell, R. A. (1980), “The Demand for Life Insurance: An Application of the Economics of Uncertainty,” Journal of Finance, 35, 1155-1172. Christopoulos, D. K. and E. G. Tsionas (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests,” Journal of Development Economics, 73, 55-74. Daniel E. D. (1959), “The Economic Impact of Life Insurance Investment on the American Economy,” Journal of Finance, 14, 81-82. Dowling, W. J. (1982), “Insurance Industry Goes Global,” Business America, 5, 9-10. Edgeworth, F. Y. (1887), “On Observations Relating to Several Quantities,” Hermathena, 6, 279-285. Fase, M. M. G. and R. C. N. Abma (2003), “Financial Environment and Economic Growth in selected Asian Countries,” Journal of Asian Economics, 14, 11-21. Fischer, S. (1973), “A Life Cycle Model of Life Insurance Purchases,” International Economic Review, 14, 132-152. Fortune, P. (1973), “A Theory of Optimal Life Insurance: Development and Tests,” Journal of Finance, 27, 587-600. Granger, C. W. G. and J. L. Lin (1990), “Aggregation in Time Series Variables: A survey. In T. Barker and M. W. Pesaran (eds.),” Disaggregation in Economic Modeling (Routledge, London). Habibullah, M. S. and Y. -K. Eng (2006), “Does Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries,” Journal of the Asia Pacific Economy, 11, 377-393. Hakansson, N. H. (1969), “Optimal Investment and Consumption Strategies under Risk, and Uncertain Lifetime and Insurance,” International Economic Review, 10, 443-466. Hammond, J. D., D. B. Houston, and E. R. Melander, (1967), “Determinants of Household Life Insurance Premium Expenditure: An Empirical Investigation,” Journal of Risk and Insurance, 34, 397-408. Holtz-Eakin, D., W. Newey, and H. S. Rosen (1990), “Estimating Vector Autoregressions with Panel Data,” Econometrica, 56, 1371-1395. Kim, Doocheol (1988), “The Determinants of Life Insurance Growth in Development Countries”, With Particular Reference to the Republic of Korea. Atlanta: Georgia State University Dissertation. King, R. G. and R. Levine (1993), “Financial and Growth: Schumpeter Might be Right,” Quarterly Journal of Economics, 108, 717-737. Kugler, M. and R. Ofoghi (2005), “Does Insurance Promote Economic Growth? Evidence from the UK,” University of Southampton. Lewis, F. D. (1989), “Dependents and the Demand for Life Insurance,” American Economic Review, 79, 452-466. Levine, R. (1997), “Financial Development and Economic Growth,” Journal of Economic Literature, 35, 688-726. Levine, R. and S. Zervos (1998), “Stock Markets, Banks, and Economic Growth,” American Economic Review, 88, 537-558. Levine, R. (2004), “Finance and Growth: Theory and Evidence,” Forthcoming Handbook of Economic Growth. Lim, C. C. and S. Haberman (2003), “Macroeconomic Variables and the Demand for Life Insurance in Malaysia,” Faculty of Actuarial Science and Statistics, CASS Business School, City University London. Meng, X. (1994), “Insurance Markets in Developing Countries: Determinants, Policy Implications, and the Case of China,” Ph.D. dissertation, Temple University, Fox School of Business and Management, Philadelphia. Outreville, J. F. (1990), “The Economic Significance of Insurance Markets In Developing Countries,” The Journal of Risk and Insurance, 57, 487-498. Outreville, J. F. (1996), “Life Insurance Markets in Developing Countries,” Journal of Risk and Insurance, 63, 263-278. Panicos, O. D. and K. A. Hussein (1996), “Does Financial Development cause Economic Growth? Time-Series Evidence from 16 Countries,” Journal of Development Economics, 51, 387-411. Peter, H. and K. Sümegi (2007), “The Relationship of Insurance and Economic Growth-A Theoretical and Empirical Analysis,” Working paper series, Europeinstitute University of Economics and Business Administration Vienna. Robert S. H. and J. F. Lee (1974) “Life Insurance Demand and Household Portfolio Behavior,” The Journal of Risk and Insurance, 41(4), 685-698. Rousseau, P. and P. Wachtel (2000), “Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes, 1980-95,” Journal of Banking and Finance, 24, 1933-1957. Shafik, N. and J. Jalali (1991), “Are High Real Interest Rates Bad for World Economic Growth?,” The World Bank, Policy Research Working Paper. Skipper, H. D. (1997), “Foreign Insurers in Emerging Markets: Issues and Concerns,” Center for Risk Management and Insurance, Occasional Paper 97-2. Swiss Reinsurance Company (1986), “World Insurance 1984,” Sigma (Zurich: Swiss Reinsurance Company). Swiss Reinsurance Company (1990), “Life Insurance: Increasingly a Savings Tool,” Sigma (Zurich: Swiss Reinsurance Company). Sylwester, K. (2000), “Income Inequality, Education Expenditures, and Growth,” Journal of Development Economics, 63, 379-398. Szablicki, R. (2002), “Growth and the Life Insurance Market,” draft paper from the Department of Economics, Vienna University of Business Administration and Economics. Tabata K. (2005), “Population aging, the costs of health care for the elderly and growth,” Journal of Macroeconomics, 27, 472-493. Truett, D. B. and L. J. Truett (1990), “The Demand for Life Insurance in Mexico and the United States: A Comparative Study,” Journal of Risk and Insurance, 57, 321-328. United Nations Conference on Trade and Development (1964), “Proceedings of the United Nations Conference on Trade and Development,” First Session, 1, Final Act and Report (Geneva: United Nations), 55. United Nations Conference on Trade and Development (1972), “Handbook of International Trade and Development Statistic.” (New York: United Nations). United Nations Conference on Trade and Development (1984), “Insurance in the Context of Services and the Development Process,” TD/B/1014, (Geneva: United Nations). United Nations Conference on Trade and Development (1988), “Trade and Development Report 1988: services in the world Economy,” 245-256. (Geneva: United Nations). United Nations Conference on Trade and Development (1990), “Handbook of International Trade and Development Statistic.” (New York: United Nations). United Nations Conference on Trade and Development (1991), “Handbook of International Trade and Development Statistic.” (New York: United Nations). Ward D. and R. Zurbruegg (2000), “Does Insurance Promote Economic Growth? Evidence from OECD Countries,” The Journal of Risk and Insurance, 67(4), 489-506. Zhang, J. and J. Zhang (2004), “How does social security affect economic growth? Evidence from Cross-Country Data,” Journal of Population Economics, 17, 473-500.zh_TW
dc.identifier.urihttp://hdl.handle.net/11455/28104-
dc.description.abstractzh_TW
dc.description.abstractABSTRACT Generally, financial sector contains bank, stock and insurance markets. Although there is a plenty of research study on financial sector development, less literature focuses on insurance industry. However, life insurance market has become an increasingly important part of financial sector over the last two decades. In other words, the development of insurance markets has a great contribution to economic growth. Most importantly, life insurance market development plays an increasingly important role within the insurance industry. While there is a sea of research on the demand for life insurance or the relationship between life insurance market and economic growth, the impact on economic growth considering conditional variables has not received enough attention in this respect. This article examines empirically the relationship between life insurance market development and economic growth by using the two-step system Generalized Method of Moments (GMM) for dynamic models of panel data for 60 countries and for 1976-2005. In this paper, we use three different proxies of life insurance market development: (a) Life Insurance Penetration (LIP) is defined as the ratio of premium volume to GDP, (b) Life Insurance Density (LID) is defined as premiums per capita, and (c) Life Insurance in Savings (LIS) is defined as the ratio of premium volume to gross savings. Specially, we further take different conditional variables into consideration to assess whether and how this relationship affected by conditional variables. Moreover, our conditional variables are divided into five sets as follows: (a) economic conditions, containing savings (SAVINGS), real interest rate (REALINT), and social security (SECURITY); (b) financial conditions, including private credit by deposit money banks to GDP (CREDIT), stock market total value traded to GDP (STOCKTRA), and stock market turnover ratio (TURNOVER); (c) demographic conditions consist of young dependency ratio (YDEP), life expectancy (LIFEXP), and urbanization (URBAN); (d) income level conditions, comprising middle-income (MIC) and low-income (LIC) level dummies; and (e) regional conditions, involving Europe (EUROPE), Latin America (LATIN) and Sub-Saharan AFRICA (S-S AFRICA) dummies. What we find is an interesting evidence that life insurance market development robustly has a positive effect on economic growth in the basic model. Moreover, in the extended model, our results clearly show that the conditional variables of SAVINGS, SECURITY, STOCKTRA, TURNOVER, YDEP, MIC, and S-S AFRICA mitigate the positive impacts of LID on economic growth, while the conditional variable of LATIN enhances the positive impact of LID on economic growth. Next, the conditional variables of REALINT and SECURITY mitigate the positive impacts of LIP on economic growth, whereas the conditional variable of LIC enhances the positive impact of LIP on economic growth. Interestingly, the conditional variable of EUROPE alleviates the negative impact of LIP on economic growth. Last, the conditional variables of TURNOVER mitigate the positive impacts of LIS on economic growth. In conclusion, in the extended model, our results roughly show that the conditional variables of MIC, S-S AFRICA, SAVINGS, REALINT, and SECURITY, STOCKTRA, TURNOVER, and YDEP alleviate the positive impacts of life insurance market development on economic growth. Oppositely, the conditional variables of LIC and LATIN strengthen the positive impacts of life insurance market development on economic growth. As we consider the marginal effect by adding conditional variables, the relationship between life insurance market development and economic growth may become ambiguous. Therefore, we can validly demonstrate that why same life insurance market development has different economic growth. In conclusion, the conditional variables may affect the relationship between life insurance market development and economic growth. This paper offers several useful insights for policy-makers and researchers. Furthermore, we find that the relationship between life insurance market development and economic growth is better described as a weak inverse U-shape. Thus, life insurance market development and economic growth, in fact, be in a non-linear form.en_US
dc.description.tableofcontentsCONTENTS ABSTRACT...........................................................................................................I CONTENTS........................................................................................................IV LIST OF FIGURES.............................................................................................V LIST OF TABLES..............................................................................................VI 1 INTRODUCTION........................................................................................1 2 LITERATURE REVIEW.............................................................................9 2.1 Relationship between Life Insurance and Economic Growth 9 2.2 The Conditions that affect Life Insurance and Economic Growth 11 2.3 Empirical Literature on the Dynamic Panel Data Model 16 3 EMPIRICAL MODEL AND METHODOLODGY.................................18 3.1 The Basic Model 18 3.2 The Extended Model 23 4 DATA DESCRIPTION...............................................................................28 5 EMPIRICAL RESULTS ANALYSIS........................................................31 5.1 The Basic Model 31 5.2 The Extended Model 32 5.3 The Marginal Effect 36 5.4 Summary of Empirical Results 38 5.5 Robustness 39 6 CONCLUSIONS AND SUGGESTIONS..................................................44 REFERENCE....................................................................................................48 LIST OF FIGURES Figure 1. The Research Flow 54 Figure 2. The Scatter Plot of Life Insurance Penetration (LIP) and Economic Growth, 1976-2005 55 Figure 3. The Scatter Plot of Life Insurance Density (LID) and Economic Growth, 1976-2005 55 Figure 4. The Scatter Polt of Life Insurance In Savings (LIS) and Economic Growth, 1976-2005 55 LIST OF TABLES Table 1. Empirical Studies on the Relationship between Life Insurance and Economic Growth 56 Table 2. List of 60 Countries by the Regions. 57 Table 3. Definitions and Sources of Variables used in the Regression Analysis 58 Table 4. Country Groups by the Income Level 60 Table 5. Descriptive Statistics: GROWTH (%) 61 Table 6. Descriptive Statistics: LIP (%) 62 Table 7. Descriptive Statistics: LID (US$) 63 Table 8. Descriptive Statistics: LIS (%) 64 Table 9. Correlation Matrix 65 Table 10. The Basic Model 65 Table 11. The Extended Model: The Economic Conditions 66 Table 12. The Extended Model: The Financial Conditions 67 Table 13. The Extended Model: The Demographic Conditions 68 Table 14. The Extended Model: The Income level Conditions 69 Table 15. The Extended Model: The Regional Conditions 70 Table 16. The Signs of the Marginal Effects of Life Insurance Market Development on Economic Growth in the Extended Model 71 Table 17. The Degrees of the Marginal Effects of LIP on Economic Growth in the Extended Model 71 Table 18. The Degrees of the Marginal Effects of LID on Economic Growth in the Extended Model 72 Table 19. The Degrees of the Marginal Effects of LIS on Economic Growth in the Extended Model 72 Table 20. Five-Year Average Data: The Basic Model 73 Table 21. Non-Linear Model: Raw Data, The Basic Model 73 Table 22. Non-Linear Model: Five-Year Average Data, The Basic Model 74 Table 23. MAD: Raw Data, The Basic Model 74 Table 24. MAD: Five-Year Average Data, The Basic Model 75 Table 25. Drop Out Outliers: The Basic Model 75en_US
dc.language.isoen_USzh_TW
dc.publisher應用經濟學系所zh_TW
dc.relation.urihttp://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-0508200816060600en_US
dc.subjectzh_TW
dc.subjectlife insurance market developmenten_US
dc.subjecteconomic growthen_US
dc.subjecttwo-step system GMMen_US
dc.subjectdynamic panel modelen_US
dc.subjectmarginal effecten_US
dc.subjectnon-linear modelen_US
dc.title人壽保險市場發展與經濟成長間之關係-動態追蹤資料模型分析zh_TW
dc.titleThe Relationship between Life Insurance Market Development and Economic Growth - The Analysis of Dynamic Panel Data Modelsen_US
dc.typeThesis and Dissertationzh_TW
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.languageiso639-1en_US-
item.openairetypeThesis and Dissertation-
item.grantfulltextnone-
item.fulltextno fulltext-
item.cerifentitytypePublications-
Appears in Collections:應用經濟學系
Show simple item record
 

Google ScholarTM

Check


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.