Insurance penetration and economic growth in Africa: Dynamic effects analysis using Bayesian TVP-VAR approach

References

• African Economic Outlook, 2009. OECD Development Centre. 2, rue André Pascal 75775 Paris Cedex 16, France. Paris: African Development Bank with the headquarter in France.
   Google Scholar
• Akinlo, T. (2012). Effects of insurance on economic growth in Nigeria. (an unpublished M.Sc Thesis, Department of Economics, Obafemi Awolowo University, Ile-Ife, Nigeria.
   Google Scholar
• Akinlo, T., & Apanisile, O. (2014). Relationship between insurance and economic growth in Sub-Saharan African: A panel data analysis. Modern Economy, 5, 120–127. doi:10.4236/me.2014.52014.
   Google Scholar
• Alhassan, A. L., & Fiador, V. (2014). Insurance-growth nexus in Ghana: An autoregressive distributed lag bounds co-integration approach. Review of Development Finance, 4, 83–96. doi:10.1016/j.rdf.2014.05.003.
   Google Scholar
• Arena, M. (2008). Does insurance market promote economic growth? A cross-country study for industrialized and developing countries Journal of Risk and Insurance, 75, 921–946.
   Web of Science ®Google Scholar
• Avram, K., Nguyen, Y., & Skully, M. (2010). Insurance and economic growth: A cross-country examination (Working Paper). Clayton: Monash University, Dept of Accounting and Finance.
   Google Scholar
• Beenstock, M., Dickinson, G, & Khajuria, S. (1988), The relationship between property-liability insurance penetration and income: An international analysis, The Journal of Risk and Insurance, 55, 259–472.
   Web of Science ®Google Scholar
• Benati, L., & Mumtaz, H. (2005). “The great stability in the U.K.”: Good policy or good luck? Mimeo: Bank of England.
   Google Scholar
• Canova, F. (1993). Modelling and forecasting exchange rates with a Bayesian time-varying coefficient model. Journal of Economic Dynamics and Control, 17, 233–261.10.1016/S0165-1889(06)80011-4
   Web of Science ®Google Scholar
• Canova, F., & Ciccarelli, M. (2009). Estimating multicountry var models. International Economic Review, 50, 929–959.10.1111/iere.2009.50.issue-3
   Web of Science ®Google Scholar
• Canova, F., & Gambetti, L. (2009). Structural changes in the US economy: Is there a role for monetary policy? Journal of Economic Dynamics and Control, 33, 477–490.10.1016/j.jedc.2008.05.010
   Web of Science ®Google Scholar
• Carter, C. K., & Kohn, R. (1994). On Gibbs sampling for state space models. Biometrika, 81, 541–553.10.1093/biomet/81.3.541
   Web of Science ®Google Scholar
• Chien-Chiang, L. (2011). Does insurance matter for growth: empirical evidence from OECD countries. The B.E. Journal of Macroeconomics, 11, 18.
   Web of Science ®Google Scholar
• Cogley, T., & Sargent, T.J. (2003). Drifts and volatilities: Monetary policies and outcomes in the post WWII U.S. (Mimeo: New York University).
   Google Scholar
• Curak, M., Loncar, S., & Poposki, K. (2009). Insurance sector development and economic growth in transition countries. International Research Journal of Finance and Economics, 34, 29–41.
   Google Scholar
• Eze, O.R, & Okoye. V. (2013). Analysis of insurance practices and economic growth in Nigeria: Using co-integration test and error correction model. Global Advanced Research Journal of Management and Business Studies, 2, 63–70.
   Google Scholar
• Favero, C. A. (2000). Applied macroeconometrics. Oxford: Oxford University Press.
   Google Scholar
• Geweke, J. (2005). Contemporary Bayesian econometrics and statistics. New York, NY: Wiley.10.1002/0471744735
   Google Scholar
• Haiss, P., & Sümegi, K. (2008). The relationship between insurance and economic growth in Europe: A theoretical and empirical analysis. Empirica, 35, 405–431.10.1007/s10663-008-9075-2
   Google Scholar
• Han, L., Li, D., Moshiran, F., & Tian, Y. (2010). Insurance development and economic growth. The Geneva Paper, 35, 183–99.
   Web of Science ®Google Scholar
• Horng, M., Chang, Y., & Wu, T. (2012). Does insurance demand or financial development promote economic growth? Evidence from Taiwan Applied Economics Letters, 19, 105–111.10.1080/13504851.2011.568386
   Web of Science ®Google Scholar
• İlhan, E., & Taha, B. (2011). The relationship between insurance sector and economic growth. An econometric analysis. International Journal of Economic Resources, 2(2), 1–9.
   Google Scholar
• International Insurance Fact Book, 2010. Retrieved from www.iii.org/publication/international-insurance-fact-book-2010
   Google Scholar
• International Insurance Fact Book, 2015. Retrieved from www.iii.org/publication/international-insurance-fact-book-2015
   Google Scholar
• Kjosevski, J., (2011). Impact of insurance on economic growth: The case of Republic of Macedonia. European Journal of Business and Economics, 4, 34–39.
   Google Scholar
• Koop, G. (2003). Bayesian econometrics. Hemel Hempstead: Wiley-Inter science.
   Google Scholar
• Koop, G., & Korobilis, D. (2010). Bayesian multivariate time series methods for empirical macroeconomics. Foundations and Trends in Econometrics., 267–358.
   Google Scholar
• Koop, G., Leon-Gonzalez, R., & Strachan, R. (2009). On the evolution of the monetary policy transmission mechanism. Journal of Economic Dynamics and Control, 33, 997–1017.10.1016/j.jedc.2008.11.003
   Web of Science ®Google Scholar
• Kugler, M., & Ofoghi, R. (2005). Does insurance promote economic growth in Europe: A theoretical and empirical analysis. Empirica, 35, 405–431.
   Google Scholar
• Liyan, H., Donghui, L., Fariborz, M., & Yanghui, T. (2010). Insurance development and economic growth, The International Association for the Study of Insurance Economics, 35, (1018–5895).
   Google Scholar
• Mankiw, N. G., Romer, D., & Weil, D. (1992). A contribution to the empirics of economic growth. The Quarterly Journal of Economics, 107, 407–437.10.2307/2118477
   Web of Science ®Google Scholar
• Mojekwu, J. N., Agwuegbo, S. O. N., & Olowokudje, F. F. (2011). The impact of insurance contribution to economic growth in Nigeria. Journal of Economics and International Finance, 3, 444–451.
   Google Scholar
• Nakajima, J. (2011). Time-varying parameter var model with stochastic volatility: An overview of methodology and empirical applications. Bank of Japan: Monetary and Economic Studies.
   Google Scholar
• Olayungbo, D. O. (2015). Insurance and economic growth nexus in Nigeria: Asymmetric non-linear relationship under heterogeneous agents. African Development Review, 27, 248–261.10.1111/afdr.v27.3
   Web of Science ®Google Scholar
• Omoke, P. C. (2012). Insurance market activity and economic growth: Evidence from Nigeria. Asian Economic and Financial Review, 1, 245–253.
   Google Scholar
• Outreville, J.F., (2011, July 14). The relationship between insurance growth and economic development: 80 Empirical Papers for a Review of the Literature. (ICER Working paper No.12/2011). Canada: HEC Montreal
   Google Scholar
• Pei-Fen, C., Chin-Chiang, L., Chun-Ping, C., & Lee, C. (2011). How does the development of the life insurance market affect economic growth? Some international evidence, Journal of International Development. (Working Paper).
   Web of Science ®Google Scholar
• Pesaran, M.H., Shin, Y, & Smith, R. J. (1996). Testing for the existence of a long-run relationship. Department of Applied Economics Working Paper No.96220. Cambridge: University of Cambridge.
   Google Scholar
• Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, 289–326.10.1002/(ISSN)1099-1255
   Web of Science ®Google Scholar
• Primiceri, G. E. (2005). Time varying structural vector autoregressions and monetary policy. Review of Economic Studies, 72, 821–852.10.1111/roes.2005.72.issue-3
   Web of Science ®Google Scholar
• Rathke, A., & Sarferaz, S. (2010). Malthus was right: New evidence from a time-varying VAR. Institute for Empirical Research in Economics. (Working Paper No.47). Switzerland: University of Zurich.
   Google Scholar
• Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94, 1002–1037.10.1086/261420
   Web of Science ®Google Scholar
• Sims, C. A. (1993). Business cycle, indicator and forecasting (pp. 179–204). Chicago, IL: University of Chicago press for the NBER.
   Google Scholar
• Solow, R. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70, 65–94.10.2307/1884513
   Web of Science ®Google Scholar
• Soo, H. H. (1996). Life insurance and economic growth: Theoretical and empirical investigation. (Ph.D. Dissertation). University of Nebraska, Department of Economics, Lincoln, NE.
   Google Scholar
• Stock, J. H., & Watson, M. W. (1996). Evidence on structural instability in macroeconomics time series relations. Journal of Business and Economics Statistics, 14, 11–30.
   Web of Science ®Google Scholar
• Swiss Re Sigma Database. (2014). Zurich: Swiss Re Economic Research and Consulting.
   Google Scholar
• Swiss Reinsurance Company, (1990). Zurich: Sigma Publication, No. 5/2006.
   Google Scholar
• Swiss Reinsurance Company, (2015). Zurich: Sigma Publication, No. 5/2006.
   Google Scholar
• Wadlamannati, K. C. (2008). Do insurance sector growth and reforms effect economic development, empirical evidence from India. Journal of Applied Economic Research, 2, 43–86.
   Google Scholar
• Ward, D., & Zurbruegg, R. (2000). Does insurance promote economic growth? Evidence from OECD countries The Journal of Risk and Insurance, 67, 489–506.10.2307/253847
   Web of Science ®Google Scholar
• Webb, I., Grace, M. F., & Skipper, H. (2005). The effect of banking and insurance on the growth of capital and output. Journal Financial issues, 2(2), 1–32.
   Google Scholar
• World Development Indicator (2014). Washington, DC: The World Bank. 1818 H Street N.W. Washington, D.C. 20433, USA.
   Google Scholar
• Yinusa, D. O., & Akinlo, T. (2013). Insurance development and economic growth in Nigeria, 1986-2010. Journal of Economics and International Finance., 5, 218–224. doi:10.5897/JBF2013.0498.
   Google Scholar
• Zouhaier, H., (2014). Insurance and economic growth. Journal of Economic and Sustainable Development, 38, 249–264.
   Google Scholar