life insurance density has a significantly positive impact on economic growth. The results do not reject the close connection between economic growth and life insurance density with the coefficient ranging from 1.657 to 2.640. Serial correlations in the error term and over-fitting problems are absent. Total fixed assets investment plays a significant role in economic growth, and inflation rate and trade balance do not pass the test in the last column. Regarding the magnitude of the measured effects, it has been shown in the last column that there is about 1.728 per cent increase in economic growth given 1 per cent increase in life insurance density, which is very close to the enhancement impact of banking activities on economic growth (no more than 1.8 per cent given 1 per cent increase in bank credit documented
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