Author:
Dragoș Cristian Mihai, ,Dragoș Simona Laura,Mare Codruta,Muresan Gabriela-Mihaela,Purcel Alexandra-Anca, , , ,
Abstract
We investigate several insurance structural indexes, emphasising the internal structure of the insurance market in relation to other financial sectors. The considered factors evaluate economic development, performance of institutional environment, and the cultural characteristics (Hofstede’s measures). Data are from official international sources, using panel regressions and hierarchical clusterization. The results show a significant impact of a global institutional index, economic development, and Hofstede cultural dimensions on insurance indexes. We highlight some geographical groups of the countries’ behavioural patterns regarding causality relationships between the structural insurance indexes and their drivers.
Reference32 articles.
1. "1. Azam, M., Haseeb, M., Samsi, A. B., and Raji, J. O., 2016. Stock market development and economic growth: Evidences from Asia-4 countries. International Journal of Economics and Financial Issues, 6(3), pp. 1200-1208.
2. 2. Baiardi, D., and Morana, C., 2018. Financial development and income distribution inequality in the euro area. Economic Modelling, 70(4), pp. 40-55. https://doi.org/10.1016/j.econmod.2017.10.008.
3. 3. Beck, T., and Webb, I., 2003. Economic, Demographic and Institutional Determinants of Life Insurance Consumption. The World Bank Economic Review, 17(1), pp. 51-88.
4. 4. Chui, A. C., and Kwok, C.C., 2008. National Culture and Life Insurance Consumption. Journal of International Business Studies, 39(1), pp. 88-101.
5. 5. Chui, A. C., and Kwok, C.C., 2009. Cultural Practices and Life Insurance Consumption: An International Analysis using GLOBE Scores. Journal of Multinational Financial Management, 19(4), pp. 273-290.