Abstract This study examines the drivers of insurance market growth and causality between insurance and economic growth using a dynamic one-step system GMM estimator and panel Granger causality test on the sample of 19 emerging Asian economies over the period 2007-2017. Several macro-economic factors influence the development of the insurance market but the magnitude of effects varies between high and middle-income countries and types of insurance growth proxies used. On examining the causality between insurance and economic growth, the result of the Granger causality test shows that unidirectional causality is running from economic growth to the insurance sector supporting demand leading framework of insurance growth literature. The study suggests that higher economic activities with regulated price levels, higher banking activities with credit rationing and more outreach programmes are contributing to insurance sector growth. Therefore, policymakers should stimulate economic activities of the country to boost insurance growth.

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保险与增长之间的联系：来自新兴亚洲市场的经验证据

摘要本研究使用动态单步系统GMM估计器和Granger因果关系检验对2007-2017年期间的19个亚洲新兴经济体进行了抽样调查，研究了保险市场增长的驱动因素以及保险与经济增长之间的因果关系。几个宏观经济因素影响着保险市场的发展，但是影响程度在高收入和中等收入国家以及所使用的保险增长代理的类型之间有所不同。在研究保险与经济增长之间的因果关系时，格兰杰因果关系检验的结果表明，单向因果关系正在从经济增长向保险业发展，从而支持了保险增长文献的需求主导框架。研究表明，较高的经济活动具有可调节的价格水平，更高的银行活动，信贷配给和更多的外展计划正在为保险业的增长做出贡献。因此，决策者应刺激国家的经济活动以促进保险业的增长。