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Does insurance hedge macro volatility? Global evidence

Title
Does insurance hedge macro volatility? Global evidence
Authors
Choi P.M.S.Chae W.Y.Choi J.H.Han Y.B.
Ewha Authors
최문섭
SCOPUS Author ID
최문섭scopus
Issue Date
2017
Journal Title
Investment Management and Financial Innovations
ISSN
1810-4967JCR Link
Citation
Investment Management and Financial Innovations vol. 14, no. 2, pp. 307 - 315
Keywords
Economic stabilityInsuranceMacroeconomic volatilityMarket completeness
Publisher
LLC CPC Business Perspectives
Indexed
SCOPUS scopus
Document Type
Article
Abstract
Insurance is known in the literature as a contribution to economic growth. In our crosscountry analysis, we found out that insurance density also appears to subdue macro volatility. In other words, an overall expansion of insurance coverage in an economy cushions aggregate risks. This empirical inference remains robust to controlling for other covariates known to co-move with economic activities. Given that the contribution of insurance to economic growth is more impactful in developing countries than in industrialized economies, not only this result is appealing to economic intuition, but also extends the claims in the existing researches. © Paul Moon Sub Choi, Won Young Chae, Joung Hwa Choi, Young Bin Han, 2017.
DOI
10.21511/imfi.14(2-2).2017.02
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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