Young Bin Han
Country: United States
Affiliation: Ph.D. Student, Department of Economics, Columbia University
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Does insurance hedge macro volatility? Global evidence
Paul Moon Sub Choi , Won Young Chae , Joung Hwa Choi , Young Bin Han doi: http://dx.doi.org/10.21511/imfi.14(2-2).2017.02Investment Management and Financial Innovations Volume 14, 2017 Issue #2 (cont. 2) pp. 307-315
Views: 1128 Downloads: 286 TO CITE АНОТАЦІЯInsurance is known in the literature as a contribution to economic growth. In our cross-country analysis, we found out that insurance density also appears to subdue macro volatility. In other words, an overall expansion of insurance coverage in an economy cushions aggregate risks. This empirical inference remains robust to controlling for other covariates known to co-move with economic activities. Given that the contribution of insurance to economic growth is more impactful in developing countries than in industrialized economies, not only this result is appealing to economic intuition, but also extends the claims in the existing researches.