Insurance-growth nexus in Ghana: An autoregressive distributed lag bounds cointegration approach

Adams, 2009, Commercial banking, insurance and economic growth in Sweden between 1830 and 1998, Account. Bus. Financ. Hist., 19, 2138 Adjasi, 2006, Stock market development and economic growth: the case of selected African countries, Afr. Dev. Rev., 18, 144, 10.1111/j.1467-8268.2006.00136.x Ahmed, 2011, Financial structure and economic growth link in African countries: a panel cointegration analysis, J. Econ. Stud., 38, 10.1108/01443581111152436 Akotey, 2013, Risk management in the Ghanaian insurance industry, Qual. Res. Financ. Mark., 5, 26, 10.1108/17554171311308940 Akotey, 2013, The financial performance of life insurance companies in Ghana, J. Risk Finance, 14, 286, 10.1108/JRF-11-2012-0081 Akotey, 2011, The demand for microinsurance in Ghana, J. Risk Insurance, 12, 182 Ansah-Adu, 2012, Evaluating the cost efficiency of insurance companies in Ghana, J. Risk Finance, 13, 61, 10.1108/15265941211191949 Arena, 2008, Does insurance market activity promote economic growth? A cross-country study for industrialized and developing countries, J. Risk Insurance, 75, 921, 10.1111/j.1539-6975.2008.00291.x Azman-Saini, 2011, Finance and growth: new evidence on the role of insurance, S. Afr. J. Econ., 79, 2, 10.1111/j.1813-6982.2011.01258.x Beck, 2002, Economic, demographic and institutional determinants of life insurance consumption across countries, World Bank Econ. Rev., 17, 51 Beck, 2004, Stock Markets, Banks, and Growth: Panel Evidence, Journal of Banking and Finance, 28, 423, 10.1016/S0378-4266(02)00408-9 Brown, 1975, Techniques for testing the constancy of regression relations over time, J. R. Stat. Soc. B, 37, 149 Chang, 2013, Does insurance activity promote economic growth? Further evidence based on bootstrap panel Granger causality test, Eur. J. Finance Chow, 1960, Tests of equality between sets of coefficients in two linear regressions, Econometrica, 52, 211 Dickey, 1979, Distributions of the estimators for autoregressive time-series with a unit root, J. Am. Stat. Assoc., 75, 427 Enisan, 2009, Stock market development and economic growth: Evidence from seven sub-Saharan African countries, Journal of Economics and Business, 61, 162, 10.1016/j.jeconbus.2008.05.001 Engle, 1987, Co-integration and error correction: representation, estimation, and testing, Econometrica, 55, 251, 10.2307/1913236 Ghosh, 2013, Does life insurance activity promote economic development in India: an empirical analysis, J. Asia Bus. Stud., 7, 31, 10.1108/15587891311301007 Gujarati, 1995 Han, 2010, Insurance development and economic growth, Geneva Papers, 35, 183 Horng, 2012, Does insurance demand or financial development promote economic growth? Evidence from Taiwan, Appl. Econ. Lett., 19, 105, 10.1080/13504851.2011.568386 Johansen, 1990, Maximum likelihood estimation and inference on cointegration with applications to the demand for money, Oxf. Bull. Econ. Stat., 52, 169, 10.1111/j.1468-0084.1990.mp52002003.x Johansen, 1991, Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models, Econometrica, 59, 1551, 10.2307/2938278 Kagochi, 2013, Does financial development hold the key to economic growth? The case of sub-Saharan Africa, J. Dev. Areas, 47, 61, 10.1353/jda.2013.0035 Kennedy, 2008 King, 1993, Finance and growth: Schumpeter might be right, Q. J. Econ., 108, 717, 10.2307/2118406 King, 1993, Finance entrepreneurship, and growth: theory and evidence, J. Monet. Econ., 32, 513, 10.1016/0304-3932(93)90028-E Kugler, 2005 Lee, 2011, Does insurance matter for growth: empirical evidence from OECD countries, B. E. J. Macroecon., 11, 10.2202/1935-1690.2080 Levine, 1997, Financial development and economic growth: views and agenda, J. Econ. Lit., 35, 688 Levine, 1999, Law finance, and economic growth, J. Financ. Intermed., 8, 8, 10.1006/jfin.1998.0255 Levine, 1998, Stock markets, banks, and economic growth, Am. Econ. Rev., 88, 537 Liedtke, 2007, What's insurance to a modern economy?, Geneva Papers Risk Insurance–Issues Pract., 32, 211, 10.1057/palgrave.gpp.2510128 Luintel, 1999, A quantitative reassessment of the finance—growth nexus: evidence from a multivariate VAR, J. Dev. Econ., 60, 381, 10.1016/S0304-3878(99)00045-0 Mah, 2000, An empirical examination of the disaggregated import demand of Korea: the case of information technology products, J. Asian Econ., 11, 237, 10.1016/S1049-0078(00)00053-1 N’Zue, 2006, Stock market development and economic growth: evidence from Cote D’Ivoire, Afr. Dev. Rev., 18 Narayan, 2005, The saving and investment nexus for China: evidence from cointegration tests, Appl. Econ., 37, 1979, 10.1080/00036840500278103 Narayan, 2004, Attendance and pricing at sporting events: empirical results from Granger causality tests for the Melbourne Cup, Appl. Econ., 35, 1649, 10.1080/0003684032000133223 Narayan, 2004, Fiji's tourism exports: an ARDL model, Tourism Econ., 10, 193, 10.5367/000000004323142425 Narayan, 2004, Determinants of demand for Fiji's exports: an empirical investigation, Dev. Econ., 42, 95, 10.1111/j.1746-1049.2004.tb01017.x NIC, 2010 NIC, 2011 Odhiambo, 2007, Supply-leading versus demand-following hypothesis: empirical evidence from three SSA countries, Afr. Dev. Rev., 19, 10.1111/j.1467-8268.2007.00161.x Outreville, 2013, The relationship between insurance and economic development: 85 empirical papers for a review of the literature, Risk Manage. Insurance Rev., 16, 71, 10.1111/j.1540-6296.2012.01219.x Patrick, 1966, Financial development and economic growth in under-developed countries, Econ. Dev. Cult. Change, 14, 174, 10.1086/450153 Pattichis, 1999, Price and income elasticities of disaggregated import demand: results from UECMs and an application, Appl. Econ., 31, 1061, 10.1080/000368499323544 Pesaran, 1997 Pesaran, 1996 Pesaran, 2001, Bounds testing approaches to the analysis of level relationships, J. Appl. Econ., 16, 289, 10.1002/jae.616 Pesaran, 2009 Phillips, 1988, Testing for a unit root in time series regression, Biometrica, 75, 335, 10.1093/biomet/75.2.335 Phillips, 1990, Statistical inference in instrumental variables regression with I(1) processes, Rev. Econ. Stud., 57, 99, 10.2307/2297545 Robinson, 1952, The generalization of the general theory, 67 Romer, 1990, Endogenous technological change, J. Polit. Econ., 98, S71, 10.1086/261725 Schumpeter, 1912, 1934 Seetanah, 2009, Financial development and economic growth: New evidence from a sample of island economies, Journal of Economic Studies, 36, 124, 10.1108/01443580910955033 Seetanah, 2009, Financial development and economic growth: an ARDL approach for the case of the small island state of Mauritius, Appl. Econ. Lett., 15, 809, 10.1080/13504850600770889 Skipper, 1997, Foreign insurers in emerging markets: issues and concerns, Int. Insurance Found. Occasional Paper Swiss Re, 2012 Tang, 2002, A cointegration analysis of Malaysian import demand function: reassessment from the bonds test, Appl. Econ. Lett., 9, 293, 10.1080/13504850110073471 Ward, 2000, Does insurance promote economic development? Evidence from OECD countries, J. Risk Insurance, 67, 489, 10.2307/253847 Webb, 2002 Zhou, 2012, Insurance stock returns and economic growth, Geneva Papers, 37, 405