South Asian Journal of Management

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Development of Insurance Sector and Economic Growth:The G-20 Experience


Affiliations
1 Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur- 721302, India
2 Department of Electronics and Communication, Birla Institute of Technology, Mesra 835215, India
     

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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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  • Development of Insurance Sector and Economic Growth:The G-20 Experience

Abstract Views: 219  |  PDF Views: 0

Authors

Rudra P. Pradhan
Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur- 721302, India
Marepalli Uday Kiran
Department of Electronics and Communication, Birla Institute of Technology, Mesra 835215, India
Saurav Dash
Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur- 721302, India
Debaleena Chatterjee
Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur- 721302, India
Danish B. Zaki
Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur- 721302, India
Ranapratap Maradana
Vinod Gupta School of Management, Indian Institute of Technology, Kharagpur- 721302, India

Abstract


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.