本文利用1998—2008年间中国各地区保险市场的面板数据,采用FGLS估计方法,依据经济发展水平和金融发展水平不同的区域样本,得出了不同经济发展水平和金融发展水平下保险市场发展与经济增长之间存在不同的关系:随着经济发展水平的改善,保险市场发展对经济增长的影响程度和显著性都在增强;不同金融发展水平下保险市场发展与经济增长的关系存在倒U型关系;而且整体保险市场发展和人身险市场对经济增长起显著的促进作用;但由于投资效率问题,财产险市场的发展对经济增长起显著的阻碍作用。这些结论对于政策制定者有一定的实践意义。
Using panel data from 1998-2008 and applying FGLS techniques developed for dynamic panels, this paper investigates non-linear growth effect of Chinese insurance market based on samples of different economic development and financial development level. The econometric results show that insurance market has significant positive effect on economic growth, and there is a invert U relationship between insurance market development and economic growth under different financial development, and life insurance market and total insurance market have significant positive on economic growth, but there is significantly negative role of property insurance development on economic growth because of the investment efficiency.