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Development of Insurance Sector and Economic Growth:The G-20 Experience
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The paper examines the long-run relationship between development of insurance sector and economic growth in G-20 countries for the period 1980-2011. Using Vector Auto-Regressive (VAR) model for testing the Granger causalities, the study finds the presence of both unidirectional and bidirectional causality between development of insurance sector and economic growth. The policy implication of this study is that the economic policies should recognize the differences in the development of insurance sector and economic growth in order to maintain sustainable development in the G-20 countries.
Keywords
Development of Insurance Sector, Economic Growth, Var, Granger Causality, G-20.
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