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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 21-May-2015 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 http://dx.doi.org/10.1016/j.jimonfin.2012.05.001
dc.contributor 金融系
dc.creator (作者) Lee, C.-C.;Lee, Chi-Chuan;Chiu, Y.-B.
dc.creator (作者) 李起銓zh_TW
dc.date (日期) 2013
dc.date.accessioned 21-May-2015 16:51:38 (UTC+8)-
dc.date.available 21-May-2015 16:51:38 (UTC+8)-
dc.date.issued (上傳時間) 21-May-2015 16:51:38 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/75255-
dc.description.abstract (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.
dc.format.extent 660610 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Journal of International Money and Finance, 32, 405-427
dc.subject (關鍵詞) Half-life; Life insurance premium; Panel cointegration; Panel SURADF test; Real GDP
dc.title (題名) The link between life insurance activities and economic growth: Some new evidence
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.jimonfin.2012.05.001
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jimonfin.2012.05.001