دانلود رایگان مقاله انگلیسی پیوند پویا بین بیمه و فعالیت های بانکی: تحلیل دارایی های بخش بیمه - الزویر 2018

Abstract

This article investigates the dynamic linkage between insurance and banking activities from the asset size of the insurance sector in the context of a panel vector autoregression (VAR) framework utilizing data for 73 countries from 1980 to 2014. Panel Granger-causality tests show that a Granger-causal relation generally runs from banking activities to insurance sector assets. Impulse response analyses for the whole sample demonstrate that the size of insurance assets responds positively to a shock to liquid liabilities and deposits of the financial system, but negatively to a shock to deposit money bank assets as well as private credit issued by commercial banks, other financial institutions, and deposit banks. The observations are qualitatively identical for high-income countries, while the results are largely different for middle- and low-income countries. Moreover, we observe a significant interaction between insurance and banking activities in civil-law countries rather than in common-law ones.

Conclusions

This article investigates the dynamic relation between insurance and banking activities in the context of a panel VAR approach. Different from previous studies that commonly measure insurance activities from the angle of insurance premiums that reflect the function of risk transfer and loss indemnity of insurance, this article focuses on the asset side of the insurance sector that could reflect more aspects of insurance activities. Using data on 73 countries over 1980 to 2014, this article shows that a Granger-causal relation runs from banking and financial system activities to insurance industry assets rather than the other way around. Analyses of impulse response functions show that insurance industry assets have a positive response to a shock to liquid liabilities as well as deposits of the financial system, but respond negatively to a shock to deposit money bank assets and private credit issued by commercial banks, other financial intermediaries, and deposit banks. The findings imply that a fluid monetary flow system and sufficient deposit resources could benefit the expansion of assets in the insurance sector. The response of banking activities to a shock to insurance assets is generally insignificant.