Hayat Sigortası ve Ekonomik Büyüme Arasındaki İlişkinin Meta-Analizi

The aim of this paper is to review in detail the empirical literature on life insurance-growth nexus. The empirical part explores whether or not the estimated impacts reported in literature to date are the result of publication selection bias. This paper considers 17 empirical studies. Only estimates related to the relationship between economic terms of interest are retained, which provides 98 unique observations. In order to test for publication bias, formal and informal tests are conducted. Informal test is so-called funnel plot while formal test regresses the estimated impact size as a function of standard error. The most important findings indicate a positive impact of life insurance on economic growth. Formal test shows little evidence on publication bias. Results of multivariate meta-analysis indicate that the reported impacts are heterogeneous due to the differences arose from the research design as well as real factors. The results of this paper are addressed to life insurance companies to help them to price life insurance products and create more attractive life insurance products.

Anahtar Kelimeler:

Economic Growth, Life Insurance, Meta-Analysis, Publication Bias

Meta-Analysis of the Relationship between Life Insurance and Economic Growth

PDF

___

Arena, Marco 2006. ”Does Insurance Market Activity Promote Economic Growth? A Cross-country Study for Industrialized and Developing Countries” The Journal of Risk and Insurance 75(4):921-946.
Azman, Saini and Smith, Peter. 2010. ”Finance and Growth: New Evidence on the Role of Insurance” Munich Personal RePEc Archive.
Chen, Pei-Fen, Li, Chien-Chiang and Chen, Chi-Feng. 2011. ”How Does the Development of the Life Insurance Market Affect Economic Growth? Some International Evidence” Journal of International Development 24(7):865-893.
Concha, Angela and Taborda, Rodrigo. 2014. ”Insurance Use and Economic Growth in Latin America. Some Panel Data Evidence” Lecturas de Economía 81:31-55.
Cristea, Mirela, Marcu, Nicu and Cârstina, Silviu. 2014. ”The Relationship between Insurance and Economic Growth in Romania Compared to the Main Results in Europe – A Theoretical and Empirical Analysis” Procedia Economics and Finance 8:226-235.
Curak, Marijana, Loncar, Sandra and Poposki, Klime. 2009. ”Insurance Sector and Economic Growth in Transition Countries” International Research Journal of Finance and Economics 34:29-41.
Deeks, Jonathan J and Altman, Douglas G. 2001. ”Statistical Methods for Examining Heterogeneity and Combining Results from Several Studies in Meta-Analysis”, In: Egger M, Davey Smith G, Altman DG (editors). Systematic Reviews in Health Care: Meta-analysis in Context (2nd edition). London (UK): BMJ Publication Group.
Dhiab, Lassad Ben and Jouili, Tahar. 2015. ”Insurance and Economic Growth in Tunisia: A Theoretical and Empirical Analysis” Journal of Economics and Sustainable Development 6(8):101-107.
Doucouliagos, Chris. 2011. ”How Large is Large? Preliminary and Relative Guidelines for Interpreting Partial Correlations in Economics” Economics Series Working Paper 05 Deakin University.
Doucouliagos, Chris and Stanley, T.D. 2013. “Are All Economic Facts Greatly Exaggerated? Theory Competition and Selectivity” Journal of Economic Surveys 27(2):316-339.
Doucouliagos, Chris and Ulubaşoglu, Mehmet Ali. 2006. ”Economic Freedom and Economic Growth: Does Specification Make a Difference? ” European Journal of Political Economy 22(1):60-81.
Haiss, Peter and Sumegi, Kjell. 2008. ”The Relationship between Insurance and Economic Growth in Europe: A Theoretical and Empirical Analysis” Empirica 35(4):405-431.
Han, Liyan, Li, Donghui, Moshirian, Fariborz and Tian, Yanhui. 2010. ”Insurance Development and Economic Growth” The Geneva Papers 35:183-199.Kjosevski, Jordan. 2011. ”Impact of Insurance on Economic growth: The Case of Republic of Macedonia” European Journal of Business and Economics 4:34-39.
Petrova, Yana. 2015. “The Relationship between Insurance Market Activity and Economic Growth”, LUP Student Papers.
Richterkova, Zuzana and Korab, Petr. 2013. ”Impact of Insurance Sector Activity on Economic Growth- a Meta- Analysis” Acta Universitatis Agriculturae et Siviculturae Mendelianae Brunensis 7:2677-2683.
Rousseau, Peter and Wachtel, Paul. 2011. ”What is Happening to the Impact of Financial Deepening on Economic Growth?” Economic Inquiry, 49(1):276-288.
Satrovic, Elma. 2018. Merits of Life Insurance. Munich: GRIN Verlag.
Satrovic, Elma and Muslija, Adnan. 2018a. ”Economic and Demographic Determinants of the Demand for Life Insurance: Multivariate Analysis” Journal of Management and Economics Research 16:102-115.
Satrovic, Elma and Muslija, Adnan. 2018b. ”Foreign Direct Investments and Financial Development: Empirical Evidence from Developed and Developing Countries”, 6th REDETE Conference, Conference Proceedings: 128-142.
Satrovic, Elma. 2017. “Financial Development and Human Capital in Turkey: ARDL Approach” Cappadocia academic review 1(2):1-15.
Valickova, Petra, Havranek, Tomas and Horvath, Roman. 2013. ”Financial Development and Economic Growth: A Meta-Analysis”, Working Papers IES 2013/04, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies.
Webb, Ian Patrick, Grace, Martin and Skipper, Harold. 2002. ”The Impact of Banking and Insurance on the Growth of Capital and Output” SBS Revista de Temas Financieros (Journal of Financial Issues) 2(2):1-32.
Zouhaier, Hadhek. 2014. ”Insurance and economic growth” Journal of Economics and Sustainable Development 5(12):102-112.