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

Year 2019, Volume: 14, 118 - 125, 27.03.2019

Elma Satrovic

Abstract

Hayat Sigortası ve Ekonomik Büyüme Arasındaki İlişkinin Meta-Analizi

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

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