Insurance and Economic Growth: Path and Influence Mechanism——Based on Various Time Series Models and EGLS Bootstrap Test

Abstract

Abstract:

Insurance industry plays a key role in financial system, while it's still unclear that how it promotes economic grow and how strong. To ensure sustainable growth of Chinese economy, it's important to figure out specific mechanism of the action between insurance and economy. This paper discusses the mechanism through impulse response analysis in VAR and VEC model, connecting with Bootstrap method based on EGLS. The empirical research demonstrates that at present the risk compensation function of insurance has prominent stimulation to economic growth. But this stimulation is mainly indirect, we can't consider insurance as the direct reason of economic growth.

Key words: economic growth, VAR model, VEC model, Bootstrap method

Zheng Sujin, Qiao Heng, Meng Xiuye. Insurance and Economic Growth: Path and Influence Mechanism——Based on Various Time Series Models and EGLS Bootstrap Test[J]. , 2019, 31(6): 14-22.

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