Does Insurance Sector Matter for Economic Complexity?
The study examines the impact of the insurance market on economic complexity in 28 OECD nations within a period of 1995–2020. The study also examines whether the impact of life insurance on economic complexity would be different from that of the non-life insurance sector within the insurance market...
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Vilnius University Press
2023-12-01
|
| Series: | Organizations and Markets in Emerging Economies |
| Subjects: | |
| Online Access: | https://www.journals.vu.lt/omee/article/view/32396 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1832593129423765504 |
|---|---|
| author | Folorunsho M. Ajide Tolulope T. Osinubi Titus A. Ojeyinka |
| author_facet | Folorunsho M. Ajide Tolulope T. Osinubi Titus A. Ojeyinka |
| author_sort | Folorunsho M. Ajide |
| collection | DOAJ |
| description |
The study examines the impact of the insurance market on economic complexity in 28 OECD nations within a period of 1995–2020. The study also examines whether the impact of life insurance on economic complexity would be different from that of the non-life insurance sector within the insurance market. The results based on pooled mean group (PMG) estimators reveal that the insurance sector influences economic complexity positively. This finding is further substantiated after employing panel co-integrating regression and method of moment quantile regression (MM-QR). The study concludes that the insurance sector is a key instrument in upgrading the economic complexity of an economy. Since the distributional impact of economic complexity also depends on economic and financial risk, the insurance sector can assist in mitigating the risks and uphold the productive knowledge structure needed to enhance national product sophistication.
|
| format | Article |
| id | doaj-art-ebd3fd5a8f8044cdaaf2643b8ea8f87c |
| institution | Kabale University |
| issn | 2029-4581 2345-0037 |
| language | English |
| publishDate | 2023-12-01 |
| publisher | Vilnius University Press |
| record_format | Article |
| series | Organizations and Markets in Emerging Economies |
| spelling | doaj-art-ebd3fd5a8f8044cdaaf2643b8ea8f87c2025-01-20T18:21:43ZengVilnius University PressOrganizations and Markets in Emerging Economies2029-45812345-00372023-12-0114310.15388/omee.2023.14.4Does Insurance Sector Matter for Economic Complexity?Folorunsho M. Ajide0Tolulope T. Osinubi1Titus A. Ojeyinka2University of Ilorin, NigeriaObafemi Awolowo University, Ile-Ife, NigeriaObafemi Awolowo University, Ile-Ife, Nigeria The study examines the impact of the insurance market on economic complexity in 28 OECD nations within a period of 1995–2020. The study also examines whether the impact of life insurance on economic complexity would be different from that of the non-life insurance sector within the insurance market. The results based on pooled mean group (PMG) estimators reveal that the insurance sector influences economic complexity positively. This finding is further substantiated after employing panel co-integrating regression and method of moment quantile regression (MM-QR). The study concludes that the insurance sector is a key instrument in upgrading the economic complexity of an economy. Since the distributional impact of economic complexity also depends on economic and financial risk, the insurance sector can assist in mitigating the risks and uphold the productive knowledge structure needed to enhance national product sophistication. https://www.journals.vu.lt/omee/article/view/32396economic sophisticationinsurancePanel Mean Group Estimationmethod of moment quantile regression |
| spellingShingle | Folorunsho M. Ajide Tolulope T. Osinubi Titus A. Ojeyinka Does Insurance Sector Matter for Economic Complexity? Organizations and Markets in Emerging Economies economic sophistication insurance Panel Mean Group Estimation method of moment quantile regression |
| title | Does Insurance Sector Matter for Economic Complexity? |
| title_full | Does Insurance Sector Matter for Economic Complexity? |
| title_fullStr | Does Insurance Sector Matter for Economic Complexity? |
| title_full_unstemmed | Does Insurance Sector Matter for Economic Complexity? |
| title_short | Does Insurance Sector Matter for Economic Complexity? |
| title_sort | does insurance sector matter for economic complexity |
| topic | economic sophistication insurance Panel Mean Group Estimation method of moment quantile regression |
| url | https://www.journals.vu.lt/omee/article/view/32396 |
| work_keys_str_mv | AT folorunshomajide doesinsurancesectormatterforeconomiccomplexity AT tolulopetosinubi doesinsurancesectormatterforeconomiccomplexity AT titusaojeyinka doesinsurancesectormatterforeconomiccomplexity |