Paper Title :Insurance and Economic Growth: A Perspective from Asia and Latin America

Author :Beatriz Del Carmen Chicas, Yongjae Kwon

Article Citation :Beatriz Del Carmen Chicas ,Yongjae Kwon , (2019 ) " Insurance and Economic Growth: A Perspective from Asia and Latin America " , International Journal of Management and Applied Science (IJMAS) , pp. 1-8, Volume-5,Issue-5

Abstract : Abstract - The insurance sector is crucial for financial and economic development as studies over the past years both theoretical and empirical have shown that this sector can indeed affect the stability of a countries’ financial system. This paper will add valuable information in the literature with regards to the relation existing between insurance and the economic improvements of a particular country. The final aim of this paper is to recognize and suggest methodologies that Asian and Latin American countries can implement in order to improve its economic conditions. The authors implement panel data analysis-Fixed Effect Model- so as to identify the relation between life, nonlife and total insurance and economic development in forty-two selected Asian and Latin American countries from 1996 to 2016. Where the variables of main interest in our regression is Insurance Density; where total, life and nonlife insurance density are considered. Our econometric model and its estimates conclude that indeed a positive statistically significant relation exists between insurance usage and economic development. Keywords - Asia, Economic Growth, Financial Development, Insurance, Latin America

Type : Research paper

Published : Volume-5,Issue-5

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