Marijana Curak, Sandra Lončar, Klime Poposki
In this paper we empirically examine relationship between insurance sector development and economic growth in 10 transition European Union member countries, in the period from 1992 to 2007. We apply fixed-effects panel model and control for other relevant determinants of economic growth and endogeneity. According to our findings, insurance sector development positively and significantly affects economic growth. The results are confirmed in terms of both life and non-life insurance, as well as, total insurance.
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