Commercial banking, insurance and economic growth in Sweden between 1830 and 1998
2009 (English)In: Accounting Business and Financial History, ISSN 0958-5206, E-ISSN 1466-4275, Vol. 19, no 1, 21-39 p.Article in journal (Refereed) Published
We examine empirically the dynamic historical relation between commercial bank lending, insurance and economic (income) growth in Sweden using time-series data from 1830 to 1998 and performing tests for Granger causality. Because of the non-stationary nature of the time series examined the procedure of Toda andYamamoto (1995) is used. Our results, which have accounted for possible regime changes due to different exchange rate mechanisms over time, indicate that insurance has Granger-caused economic growth and bank lending. Therefore, we conclude that insurance is an important prerequisite for stimulating economic growth and that this could have important implications for contemporary developing economies.
Place, publisher, year, edition, pages
Taylor & Francis , 2009. Vol. 19, no 1, 21-39 p.
banking; insurance; economic growth; history; Sweden
Research subject Economic History
IdentifiersURN: urn:nbn:se:umu:diva-33036DOI: 10.1080/09585200802667139OAI: oai:DiVA.org:umu-33036DiVA: diva2:309664
ProjectsThe Historical Development of the swedish insurance industry
FunderRiksbankens Jubileumsfond, P2006-0679:1-E