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摘要
This paper investigates the non-linear link between economic development and activities of the life insurance market. We ask whether the relevance of institutional environments on the development of the life insurance market is different across countries. Applying a novel threshold model with the instrumental variable approach, we find overwhelming evidence in support of an income threshold. Moreover, legal and political circumstances have an overwhelming positive effect on life insurance in low-income countries, but the effect is marginal in high-income countries. Our findings clearly demonstrate that the role of institutions on activities in the life insurance market diminishes with the evolvement of economic development. The Geneva Risk and Insurance Review (2012) 37, 223-257. doi:10.1057/grir.2011.10; published online 20 December 2011
- 出版日期2012-9
- 单位中山大学
