TY - JOUR
T1 - Commercial banking, insurance and economic growth in Sweden between 1830 and 1998
AU - Adams, Mike
AU - Andersson, Jonas
AU - Andersson, Lars-Fredrik
AU - Lindmark, Magnus
PY - 2009
Y1 - 2009
N2 - 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 and Yamamoto (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
AB - 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 and Yamamoto (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
UR - http://www.scopus.com/inward/record.url?scp=68149163227&partnerID=8YFLogxK
UR - http://dx.doi.org/10.1080/09585200802667139
U2 - 10.1080/09585200802667139
DO - 10.1080/09585200802667139
M3 - Article
SN - 0958-5206
VL - 19
SP - 21
EP - 38
JO - Accounting, Business and Financial History
JF - Accounting, Business and Financial History
IS - 1
ER -