A standard study of the relationship between insurance and economic growth in Syria using ARDL model during the period 1991-2019
الكلمات المفتاحية:
insurance, economic growth , ARDL-ECM
الملخص
The aim of this research is to test the impact of the insurance sector on economic growth in Syria during the period from 1991 to 2019, based on annual data obtained from the United Nations, the Insurance Supervisory Authority and Syrian Central Statistical Office. The dependent variable economic growth was measured in natural logarithms of real GDP at constant prices; While the insurance sector was expressed as an independent variable in the natural logarithm of the total insurance premiums; Gross investment and gross private consumption expenditure were included as control variables. In order to achieve the aim of the research, ARDL (Autoregressive Distrusted Lag Model) was applied after ensuring the stability of the variables in the first difference. Where the impact was tested on both the long and short term.
The results showed that the insurance sector affects negatively and significantly the economic growth in Syria in both the long and short terms.
References
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موقع هيئة الاشراف على التأمين في سورية http://www.sisc.sy/
المراجع باللغة الأجنبية:
Axon, A., & Hewitt, S. (Eds.). (2019). Syria 1975/76–2018 in contemporary Archive of the Islamic World Volume 1. Leiden | Boston: Brill.
Beck T. & Webb I. (2003). Economic demographic and institutional determinants of life insurance consumption. World Bank Econ. Rev. 17:51-88.
Ching K. S., Kogid M. & Furuoka F. (2000). The causal relationship between life insurance funds and economic growth: evidence from Malaysia. ASEAN Econ. Bullet. 27(2):185-199
Din, S. M., Abu-Bakar, A., & Regupathi, A. (2017). Does insurance promote economic growth: A comparative study of developed and emerging/developing economies. Cogent Economics & Finance, 5(1), 1390029.
FAO. (2003). Syrian agriculture at the crossroads. (C. Fiorillo, & J. Vercueil, Eds.) Rome, Italy: Information Division, FAO.
Foley, D. K., & Michl, T. R. (2010). The classical theory of growth and distribution. In M. Setterfield (Ed.), Handbook of Alternative Theories of Economic Growth (pp. 49-63). Cheltenham, UK: Edward Elgar Publishing Limited
Haiss P. & Sumegi K. (2008). The relationship between insurance and economic growth in Europe: A theoretical and empirical analysis. Empirica. 35(4):405-431.
Handa, Jagdish. (2011). MACROECONOMICS. 5 Toh Tuck Link, Singapore: World Scientific Publishing Co. Pte. Ltd.
IMF. (2016). IMF Working Paper Syria’s Conflict Economy. Washington, DC: International Monetary Fund.
International Monetary Fund. (2007). Syrian Arab Republic, Staff Report for the 2007 Article IV Consultation. IMF Country Report No. 07/288. Washington, DC: International Monetary Fund.
Iyodo, B. Y., Samuel, S. E., & Inyada, S. J. (2018). Effect of insurance industry performance on economic growth in Nigeria. International of Journal of Business and Finance Management Research, 6, 22-33.
Krugman, Paul and Wells, Robin. (2015). MACROECONOMICS (Vol. Fourth Edition). New York, United States of America: Worth Publishers.
Lee C. C., Lin C. W. & Zeng J. H. (2016). Financial liberalisation, the insurance market, and the likelihood of financial crises. J. Intl. Money Financ. 62:25-51
Merton R. C. (1995). Financial innovation and the management and regulation of financial institutions. J. Bank. Financ. 19(3/4):461-481.
Oitsile, B., Galebotswe, O., & Sekwati, L. (2018). Insurance-economic growth nexus: Evidence from Botswana. Asian Economic and Financial Review, 8(6), 843-852
Onyekachi E. R. & Okoye V. (2013). Analysis of insurance practices and economic growth in Nigeria: Using co-integration test and error correction model. Global Adv. Res. J. Manage. Bus. Stud. 2(1):63-70.
Peleckienė, V., Peleckis, K., Dudzevičiūtė, G., & K Peleckis, K. (2019). The relationship between insurance and economic growth: evidence from the European Union countries. Economic research-Ekonomska istraživanja, 32(1), 1138-1151.
Skipper H. D.& Kwon W. J. (2007). Risk management and insurance: perspectives in a global economy. Blackwell Publishing, Oxford.
Todaro, Michael P and Smith, Stephen C. (2015). Economic Development (Vol. 12th Edition). New Jersey, United States of America: Pearson Education, Inc.
Verma A. & Bala R. (2013). The relationship between life insurance and economic growth: Evidence from India. Global J. Manage. Bus. Stud. 3(4):413-422.
Zulfiqar., Mohy-ul-din, S., Abu-rumman, A., AL-Shraah, & Ahmed, I. (2020). Insurance-Growth Nexus: Aggregation and Disaggregation. The Journal of Asian Finance, Economics and Business, 7(12), 665-675.
العجلان، دنا؛ محمد، نشوى (2020)، أثر التأمين في النمو الاقتصادي في المملكة العربية السعودية خلال الفترة (1992-2017)، مجلة البشائر الاقتصادية، المجلد 6 العدد1 ص248-266.
حسن، رفاه (2021). أثر أنواع أنشطة التأمين في الأداء المالي لشركات التأمين: دراسة قياسية على شركات التأمين العاملة في سورية، رسالة ماجستير غير منشورة، كلية الاقتصاد، جامعة تشرين.
شريقي، طرفة، محمد، رافد (2008). دور قطاع التأمين في النشاط الاقتصادي، مجلة جامعة تشرين للبحوث والدراسات العلمية، المجلد(30) العدد4 ص155-173
موقع هيئة الاشراف على التأمين في سورية http://www.sisc.sy/
المراجع باللغة الأجنبية:
Axon, A., & Hewitt, S. (Eds.). (2019). Syria 1975/76–2018 in contemporary Archive of the Islamic World Volume 1. Leiden | Boston: Brill.
Beck T. & Webb I. (2003). Economic demographic and institutional determinants of life insurance consumption. World Bank Econ. Rev. 17:51-88.
Ching K. S., Kogid M. & Furuoka F. (2000). The causal relationship between life insurance funds and economic growth: evidence from Malaysia. ASEAN Econ. Bullet. 27(2):185-199
Din, S. M., Abu-Bakar, A., & Regupathi, A. (2017). Does insurance promote economic growth: A comparative study of developed and emerging/developing economies. Cogent Economics & Finance, 5(1), 1390029.
FAO. (2003). Syrian agriculture at the crossroads. (C. Fiorillo, & J. Vercueil, Eds.) Rome, Italy: Information Division, FAO.
Foley, D. K., & Michl, T. R. (2010). The classical theory of growth and distribution. In M. Setterfield (Ed.), Handbook of Alternative Theories of Economic Growth (pp. 49-63). Cheltenham, UK: Edward Elgar Publishing Limited
Haiss P. & Sumegi K. (2008). The relationship between insurance and economic growth in Europe: A theoretical and empirical analysis. Empirica. 35(4):405-431.
Handa, Jagdish. (2011). MACROECONOMICS. 5 Toh Tuck Link, Singapore: World Scientific Publishing Co. Pte. Ltd.
IMF. (2016). IMF Working Paper Syria’s Conflict Economy. Washington, DC: International Monetary Fund.
International Monetary Fund. (2007). Syrian Arab Republic, Staff Report for the 2007 Article IV Consultation. IMF Country Report No. 07/288. Washington, DC: International Monetary Fund.
Iyodo, B. Y., Samuel, S. E., & Inyada, S. J. (2018). Effect of insurance industry performance on economic growth in Nigeria. International of Journal of Business and Finance Management Research, 6, 22-33.
Krugman, Paul and Wells, Robin. (2015). MACROECONOMICS (Vol. Fourth Edition). New York, United States of America: Worth Publishers.
Lee C. C., Lin C. W. & Zeng J. H. (2016). Financial liberalisation, the insurance market, and the likelihood of financial crises. J. Intl. Money Financ. 62:25-51
Merton R. C. (1995). Financial innovation and the management and regulation of financial institutions. J. Bank. Financ. 19(3/4):461-481.
Oitsile, B., Galebotswe, O., & Sekwati, L. (2018). Insurance-economic growth nexus: Evidence from Botswana. Asian Economic and Financial Review, 8(6), 843-852
Onyekachi E. R. & Okoye V. (2013). Analysis of insurance practices and economic growth in Nigeria: Using co-integration test and error correction model. Global Adv. Res. J. Manage. Bus. Stud. 2(1):63-70.
Peleckienė, V., Peleckis, K., Dudzevičiūtė, G., & K Peleckis, K. (2019). The relationship between insurance and economic growth: evidence from the European Union countries. Economic research-Ekonomska istraživanja, 32(1), 1138-1151.
Skipper H. D.& Kwon W. J. (2007). Risk management and insurance: perspectives in a global economy. Blackwell Publishing, Oxford.
Todaro, Michael P and Smith, Stephen C. (2015). Economic Development (Vol. 12th Edition). New Jersey, United States of America: Pearson Education, Inc.
Verma A. & Bala R. (2013). The relationship between life insurance and economic growth: Evidence from India. Global J. Manage. Bus. Stud. 3(4):413-422.
Zulfiqar., Mohy-ul-din, S., Abu-rumman, A., AL-Shraah, & Ahmed, I. (2020). Insurance-Growth Nexus: Aggregation and Disaggregation. The Journal of Asian Finance, Economics and Business, 7(12), 665-675.
منشور
2024-02-19
How to Cite
hasan, rafah, & Daher. (2024). A standard study of the relationship between insurance and economic growth in Syria using ARDL model during the period 1991-2019. Journal of Hama University , 6(3). Retrieved from https://hama-univ.edu.sy/ojs/index.php/huj/article/view/1268
القسم
Economie
