The relationship between macroeconomic indicators and insurance industry in the provinces of Iran using GMM-SYS method

HOSSEINZADEH, MARYAM; Daei-Karimzadeh, Saeed

doi:10.30473/indeco.2021.7417

Document Type : applicative

Authors

¹ PhD Student, Department of Economics, Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan, Iran

² Associate Professor , Department of Economics, Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan, Iran

https://doi.org/10.30473/indeco.2021.7417

Abstract

Considering the important and basic position of the insurance industry in economic growth and development and the effect of economic growth on the development of the insurance industry, in the present study the relationship between macroeconomic indicators and the insurance industry in selected provinces of Iran was investigated. For this purpose, a model consisting of three relationships was designed to explain the relationship between economic growth, insurance density and investment expenditures and was estimated by the generalized method of moments system that among other variables based on theoretical foundations, economic growth was considered a function of insurance density and investment expenditures. Insurance density was considered affected by economic growth and investment expenditures and investment expenditures was also seen as a function of insurance density and economic growth. In general, the results of model estimation indicate that there is a two-way and positive relationship between insurance density, economic growth and investment expenditures.

Keywords

20.1001.1.24767077.1399.4.12.6.6

References

اسدزاده. شیوا. نقیبی. محمد. (1397). "تأثیر توسعه بیمه بر رشد اقتصادی در کشورهای منتخب (با تأکید بر نقش نهادهای محیطی)". اقتصاد کاربردی. 8(شماره 26). 38-49.

اسدی قراگوز. سعید. ارشدی. علی. حاجی. غلامعلی. (1396). "عوامل اقتصادی- اجتماعی مؤثر بر توسعۀ بیمۀ عمر، مطالعۀ مقایسه‌ای بین ایران و کشورهای توسعه‌یافته در طول دورۀ 1985-2014: رویکرد گشتاورهای تعمیم‌یافته". فصلنامه علمی - پژوهشی پژوهشنامه بیمه. 32(شماره 3). 21-40.

ایمانی. رضا. (1398). "بررسی عوامل مؤثر بر تقاضای بیمه. بیست و ششمین همایش ملی بیمه و توسعه افزایش ضریب نفوذ بیمه؛ چالش‌ها و راهکارها". 1-15.

جهانی. فرزانه. دهقانی. علی. (1394). "تأثیر گسترش صنعت بیمه بر رشد اقتصادی کشورهای منطقه منا (طی دوره 2010-1997)". اقتصاد مالی. 9(32). 123-138.

خامسیان. فرزان. سخایی. شیما. (1398). "بررسی نقش عوامل اقتصادی بر افزایش ضریب نفوذ صنعت بیمه کشور. بیست و ششمین همایش ملی بیمه و توسعه افزایش ضریب نفوذ بیمه؛ چالش‌ها و راهکارها". 41-54.

زروکی. شهریار. مؤتمنی. مانی. (1393). "تحلیل بیمه عمر با تأکید بر متغیرهای کلان اقتصادی و جمعیت شناختی". مجله اقتصادی. 14(7و8). 17-34.

سوری. بهمن. (1396). "نقش صنعت بیمه در تسهیل و رونق فعالیت‌های اقتصادی". ماهنامه علمی - آموزشی تخصصی مدیریت تدبیر. 28(300). 35-36.

علیپور. حمیدرضا. جوادپور. رامین. (1396). بررسی عوامل اقتصادی و اجتماعی مؤثر بر تقاضای بیمه عمر در استان‌های مختلف کشور. دهمین کنفرانس بین‌المللی اقتصاد و مدیریت، 1-13.

قاسمی. عبدالرسول. (1394). "تأثیر عوامل نهادی و متغیرهای کلان اقتصادی بر ساختار صنعت بیمه ایران و کشورهای منتخب". پژوهش‌های بیمه‌ای. 1(1). 35-54.

کشاورز حداد. غلامرضا. امیرخانلو. منیره. (1390). "اطلاعات نامتقارن در بازار بیمه اتومبیل ایران". دو فصلنامه علمی مطالعات و سیاستهای اقتصادی. 0(20). 130-158.

لطفی. عباسعلی. (1395). "بررسی تأثیر متغیرهای کلان اقتصادی بر تقاضای بیمه‌های اشخاص". اقتصاد پولی مالی. 23(12). 235-268.

Adams, M., Andersson, J., Andersson, L. F., & Lindmark, M. (2009). "Commercial banking, insurance and economic growth in Sweden between 1830 and 1998". Accounting, Business & Financial History, 19(1), 21-38.

Aghion, P., Bacchetta, P., Ranciere, R., & Rogoff, K. (2009). "Exchange rate volatility and productivity growth: The role of financial development". Journal of monetary economics, 56(4), 494-513.

Alhassan, A. L., & Biekpe, N. (2016). "Determinants of life insurance consumption in Africa". Research in International Business and Finance, 37, 17-27.

Ayyubi, S., & Widyastutik, A. (2019). "The Impact of Macroeconomic Indicators on Islamic Insurance Demand in Indonesia".

Balcilar, M., Gupta, R., Lee, C. C., & Olasehinde-Williams, G. (2020). "Insurance and economic policy uncertainty". Research in International Business and Finance, 54, 101253.

Baltagi, B. (2008). "Econometric analysis of panel data". John Wiley & Sons.

Baltagi, B. H., Demetriades, P. O., & Law, S. H. (2009). "Financial development and openness: Evidence from panel data". Journal of development economics, 89(2), 285-296.

Baluch, F., Mutenga, S., & Parsons, C. (2011). "Insurance, systemic risk and the financial crisis". The Geneva Papers on Risk and Insurance-Issues and Practice, 36(1), 126-163.

Chen, J. (2012). "Real exchange rate and economic growth: evidence from Chinese provincial data (1992-2008)".

Chiappori, P. A., & Salanié, B. (2013). "Asymmetric information in insurance markets: Predictions and tests". Handbook of insurance, 397-422.

Concha, Á., & Taborda, R. (2014). "Insurance use and economic growth in Latin America". Some panel data evidence. Lecturas de economía, (81), 31-45.

Ehiogu, C. P., & Eze, O. R. (2018). "Effect of inflation rate on insurance penetration of Nigerian insurance industry". International Research Journal of Finance and Economics, 170(1), 66-76.

Feyen, E., Lester, R., & Rocha, R. (2011). "What drives the development of the insurance sector? An empirical analysis based on a panel of developed and developing countries". The World Bank.

Han, L., Li, D., Moshirian, F., & Tian, Y. (2010). "Insurance development and economic growth". The Geneva Papers on Risk and Insurance-Issues and Practice, 35(2), 183-199.

Holland, M., Vieira, F. V., da Silva, C. G., & Bottecchia, L. C. (2011). "Growth and exchange rate volatility: A panel data analysis". Fundação Getulio Vargas, Escola de Economia de São Paulo.

Hossain, M. S., & Mitra, R. (2013). "The determinants of economic growth in Africa: a dynamic causality and panel cointegration analysis". Economic Analysis and Policy, 43(2), 217.

Hou, H., Cheng, S. Y., & Yu, C. P. (2012). "Life insurance and Euro Zone's economic growth". Procedia-Social and Behavioral Sciences, 57, 126-131.

Kao, C. (1999). "Spurious regression and residual-based tests for cointegration in panel data". Journal of econometrics, 90(1), 1-44.

Kjosevski, J. (2012). "The determinants of life insurance demand in central and southeastern Europe". International Journal of Economics and Finance, 4(3), 237-247.

Krivo, R. (2009). "An update to D’Arcy’s ‘A strategy for property-liability insurers in inflationary times’". In Casualty Actuarial Society E-Forum.

Kugler, M., & Ofoghi, R. (2005, September). "Does insurance promote economic growth? Evidence from the UK". In Money Macro and Finance (MMF) Research Group Conference (Vol. 8).

Lee, C. C., Chang, C. H., Arouri, M., & Lee, C. C. (2016). "Economic growth and insurance development: The role of institutional environments". Economic Modelling, 59, 361-369.

Levine, R. (2004). "Finance and growth: theory and evidence". No 10766. NBER Working Papers.

Mariana, D. R. (2015). "Education as a determinant of the economic growth. The case of Romania". Procedia-Social and Behavioral Sciences, 197, 404-412.

Merton, R. C., & Bodie, Z. (2004). "The design of financial systems: towards a synthesis of function and structure (No. w10620)". National Bureau of Economic Research.

Muermann, A., & Straka, D. (2012). "Asymmetric Information in Automobile Insurance: New Evidence from Driving Behavior".

Munir, S., Khan, A., & Jamal, A. (2012). "Impacts of Macroeconomic & Demographic Variables on the Demand of Life Insurance: A case study of State Life Insurance Corporation of Pakistan (1973-2010)". Academic Journal of Management Sciences ISSN, 2305, 2864.

Okonkwo, I. V., & Eche, A. U. (2019). "Insurance penetration rate and economic growth in Nigeria: 1981-2017". International Journal of Social Sciences and Management Review, 2(1), 21-45.

Pedroni, P. (1999). "Critical values for cointegration tests in heterogeneous panels with multiple regressors". Oxford Bulletin of Economics and statistics, 61(S1), 653-670.

Pedroni, P. (2004). "Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis". Econometric theory, 597-625.

Peleckienė, V., Peleckis, K., Dudzevičiūtė, G., & K Peleckis, K. (2019). "The relationship between insurance and economic growth: evidence from the European Union countries". Economic research-Ekonomska istraživanja, 32(1), 1138-1151.

Pesaran, M. H. (2004). "General diagnostic tests for cross-sectional dependence in panels". Empirical Economics, 1-38.

Pradhan, R. P., Arvin, M. B., & Norman, N. R. (2015). "Insurance development and the finance-growth nexus: Evidence from 34 OECD countries". Journal of Multinational Financial Management, 31, 1-22.

Pradhan, R. P., Arvin, M. B., Bahmani, S., Bennett, S. E., & Hall, J. H. (2017). "Insurance–growth nexus and macroeconomic determinants: evidence from middle-income countries". Empirical Economics, 52(4), 1337-1366.

Rowell, D., Nghiem, S. H., & Connelly, L. B. (2017). "Testing for asymmetric information in insurance markets: A test for ex ante moral hazard revisited". Economics Letters, 150, 4-5. ‏

Journal of Industrial Economics researches

The relationship between macroeconomic indicators and insurance industry in the provinces of Iran using GMM-SYS method

References

References

Volume 4, Issue 12
July 2020
Pages 89-104

The relationship between macroeconomic indicators and insurance industry in the provinces of Iran using GMM-SYS method

References

References

Volume 4, Issue 12July 2020Pages 89-104

Volume 4, Issue 12
July 2020
Pages 89-104