摘要：This article examines the relation between the development of life insurance sector andeconomic growth, for a sample of 86 developing countries over the period 1996-2011. Wealso examine the heterogeneous effect of life insurance on growth. The results show on theone hand that the development of life insurance has a positive effect on economic growth percapita and, on the other hand, that this effect varies according to the structural characteristicsof countries. Thus, the marginal positive impact of the development of life insurancedecreases with the levels of deposit interest rate, bank credit and stock market value traded,while the effect is greater in low and middle-income countries and in countries withhigh-quality institutions. Finally, life insurance effect on growth is less for SSA countriesand British legal system countries. These results provide important policy implications fordeveloping countries. Thus, countries will benefit from strengthening their regulatoryframework by creating a sound environment that facilitates insurance markets’ development,which further stimulates economic growth.
关键词：Life Insurance Market; Economic Growth; Developing Countries
