THE IMPACT OF INSURANCE FOR ECONOMIC GROWTH: THE EVIDENCE FROM CENTRAL AND SOUTHEASTER EUROPE

Kjosevski, Jordan (2011) THE IMPACT OF INSURANCE FOR ECONOMIC GROWTH: THE EVIDENCE FROM CENTRAL AND SOUTHEASTER EUROPE. Journal of International Scientific Publications: Economy & Business,, 5 (2). pp. 418-435.

Text Vlijanie na osigu vrz ekonomskiot rast od CENTARLNA EVROPA.pdf - Published Version Download (6MB)

Abstract

The aim of this paper is to empirically examine relationship between insurance sector development
and economic growth in 10 transition countries in Central and Southeastern Europe. We use the
country-specific fixed effects models for panel data analysis using annual insurance premium data for
non-life, life and total insurance for the period 1998 - 2010 allowing each cross-sectional unit to have
a different intercept term serving as an unobserved random variable that is potentially correlated with
the observed regressors. We don’t find evidence for a growth-supporting role of nonlife insurance,
while life and total insurance according to our findings, positively and significantly affects economic
growth. These results could be useful for regional governments that seek to improve economic growth
as they suggest the need for implementation of stimulative policies for the development of insurance
industry.

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Depositing User:	UKLO Mrezha
Date Deposited:	27 May 2024 06:06
Last Modified:	27 May 2024 06:06
URI:	https://eprints.uklo.edu.mk/id/eprint/9995

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