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

Authors : Elma Satrovic

Pages : 118-125

View : 17 | Download : 7

Publication Date : 2019-03-27

Article Type : Research

Abstract :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.
Keywords : Economic Growth, Life Insurance, Meta-Analysis, Publication Bias