Insurance and sectorial growth nexus: Evidence from a developing economy

Figures & data

Table 1. Unit root test

	Level		First difference
Variables	Constant	Constant with trend	Constant	Constant with trend
IV	−3.1561**	−3.0870	−6.3536***	−6.3003***
SV	−1.7632	−1.8680	−5.7704***	−5.6910***
AG	−2.3103*	−2.5611**	−6.0207***	−6.4193***
LI	−0.2724	−2.0932	−7.0859***	−7.2312***
NLI	−714.66***	−1796.85***	−2722.54***	−2559.14***
GCF	−3.0003**	−3.1616	−5.0655***	−4.9742***
FD	−2.9489*	−3.1016	−4.1791***	−4.1026***
IR	−2.3279	−2.103	−5.3097***	−5.6467***

Notes: *** denotes 1%, ** denotes 5%, and * denotes 10%.

Table 2. ARDL bounds test

	Model with IV as DV (F-stat = 8.026)		Model with SV as DV (F-stat = 7.407)		Model with AV as DV (F-stat = 7.6691)
Significance	I(0) bound	I(1) bound	I(0) bound	I(1) bound	I(0) bound	I(1) bound
10%	2.001	4.295	2.046	4.305	2.4124	4.7064
5%	2.295	4.692	2.756	4.5	2.1903	4.4493
1%	2.427	4.842	3.092	4.656	2.8641	4.159

Table 3. VIF test results

Variables	VIF	1/VIF
IR	1.62	0.615637
FD	1.43	0.697494
GCF	1.33	0.754303
LI	1.18	0.845908
NLI	1.18	0.847168
Mean VIF	1.35

Table 4. ARDL multiple regression analysis

Variables	Model 1 (IV as DV)	Model 2 (SV as DV)	Model 3 (AV as DV)
Long-run estimates for ARDL (1,1,0,1,0,1)
Dependent variable (−1)	0.7920***	0.8013***	0.8487***
LI	3.1235***	4.0438***	1.4869***
NLI	2.0012	3.0100**	2.0463*
GCF	4.2958***	3.2769***	2.1567**
FD	3.1920*	3.2183*	1.9924*
IR	2.0790**	4.0479**	2.0973*
Constant	6.3283***	11.9527**	4.8571**
Short-run estimates for ARDL (1,1,0,1,0,1)
Dependent variable (−1)	0.7102***	0.7701***	0.7525***
$\mathrm{\Delta }$ LI	3.0152***	4.0056***	2.8428***
$\mathrm{\Delta }$ NLI	2.0000*	5.0837**	1.9790**
$\mathrm{\Delta }$ GCF	3.0480*	3.5078***	2.8765**
$\mathrm{\Delta }$ FD	3.0092**	3.2001*	2.1471*
$\mathrm{\Delta }$ IR	2.0552**	3.0991*	2.5401**
ECMt-1	−1.1103***	−1.5075***	−1.3820***

Notes: *** denotes 1%, ** denotes 5%, and * denotes 10%.

Data availability statement

Data were extracted from the Bank of Ghana and the National Insurance Commission’s website https://www.bog.gov.gh/economic-data/ and https://nicgh.org/procurement-notices/annual-report/