Adams, M., Andersson, J., Andersson, L., and Lindmark, M. (2009) The historical relation between commercial banking, insurance, and economic growth in Sweden between 1830 and 1998: An exploratory analysis. Accounting Business and Financial History 19 (1), 21–38.
Afonso, A. and Rault, C. (2010) What do we really know about fiscal sustainability in the EU? A panel data diagnostic. Review of World Economics 145, 731–755.
Arellano, M. and Bond, S.R. (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58, 277–297.
Arestis, P., Demetriades, P.O., and Luintel, B. (2001) Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking 33 (1), 16–41.
Bai, J. and Perron, P. (2003) Critical values for multiple structural change tests. Econometrics Journal 6 (1), 72–78.
Banerjee, A. and Carrion-i-Silvestre, J.L. (2006) Cointegration in Panel Data with Breaks and Cross-Section Dependence. ECB working paper 591.
Banerjee, A., Marcellino, M., and Masten, I. (2005) Leading indicators for euro-area inflation and GDP growth. Oxford Bulletin of Economics and Statistics 67, 785–813.
Banerjee, A. and Wagner, M. (2009) Panel methods to test for unit roots and cointegration. In Mills, T.C. and Patterson, K. (eds.), Palgrave Handbook of Econometrics, Vol. 2, pp. 632–726. Palgrave Macmillan.
Breitung, J. (2000) The local power of some unit root tests for panel data. In Baltagi, B. (ed.), Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics, vol. 15, pp. 161–178. Emerald Group Publishing.
Breitung, J. and Pesaran, M.H. (2008) Unit root and cointegration in panel. In Mátyás, L. and Sevestre, P. (eds), The Econometrics of Panel Data: Fundamentals and Recent Developments in Theory and Practice, pp. 279–322. Kluwer Academic Publishers.
Campbell, J.Y. and Perron, P. (1991) Pitfalls and opportunities: What macroeconomists should know about unit roots. In NBER Macroeconomics Annual, Vol. 6, pp. 141–220. NBER.
Canning, D. and Pedroni, P. (2008) Infrastructure, long-run economic growth and causality tests for cointegrated panels. The Manchester School 76, 504–527.
Chen, P.-F., Lee, C.-C., and Lee, C.-F. (in press) How does the development of the life insurance market affect economic growth? Some international evidence. Journal of International Development.
Christopoulos, D.K. and Tsionas, E.G. (2004) Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics 73, 55–74.
Contador, C.R. and Ferraz, C.B. (2007) Insurance and economic growth: Some international evidences. RBRSi, Rio de Janeiro, Brazil 1 (1), 41–78.
Edison, H., Klein, M., Ricci, L., and Sløk, T. (2002) Capital Account Liberalization and Economic Performance: Survey and Synthesis. IMF Working papers 02/120, pp. 1–39.
Engle, R.F. and Granger, G.W. (1987) Co-integration and error correction: Representation, estimation, and testing. Econometrica 55 (2), 251–276.
Grace, M.F. and Rebello, M.J. (1993) Financing and the demand for corporate insurance. Geneva Papers on Risk and Insurance Theory 18 (2), 147–172.
Hadri, K. (2000) Testing for stationarity in heterogeneous panel data. Econometrics Journal 3 (2), 148–161.
Haiss, P. and Sümegi, K. (2008) The relationship of insurance and economic growth in Europe–-A theoretical and empirical analysis. Empirica 35 (4), 405–431.
Hartung, J. (1999) A note on combining dependent tests of significance. Biometrical Journal 41, 849–855.
Im, K.S., Pesaran, M.H., and Shin, Y. (2003) Testing for unit roots in heterogeneous panels. Journal of Econometrics 115, 53–74.
Impavido, G., Musalem, A.R., and Tressel, T. (2003) The Impact of Contractual Savings Institutions on Securities Markets. World Bank Policy Research Working paper 2498.
Johansen, S. (1988) Statistical analysis of cointegration vectors. Journal of Economics and Control 12, 231–254.
Kao, C. (1999) Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics 90, 1–44.
Kao, C. and Chiang, M.H. (2000) On the estimation and inference of a cointegrated regression in panel data. Advances in Econometrics 15, 179–222.
Khan, M. and Senhadji, A. (2003) Financial development and economic growth: A review and new evidence. Journal of African Economies 12 (2), 89–110.
King, R.G. and Levine, R. (1993) Finance and growth: Schumpeter might be right. Quarterly Journal of Economics 108 (3), 717–737.
Kugler, M. and Ofoghi, R. (2005) Does Insurance Promote Economic Growth? Evidence from the UK. Presented at Money Macro and Finance (MMF) Research Group Conference 8.
Lee, C.-C. (2011) Does insurance matter for growth: Empirical evidence from OECD countries. The B.E. Journal of Macroeconomics 11 (1), Article 18.
Leng, C.C., Powers, M.R., and Venezian, E.C. (2002) Did regulation break competitiveness in property-liability insurance? Evidence from underwriting profit and investment income. Journal of Insurance Regulation 21, 57–77.
Levin, A., Lin, C.-F., and Chu, C.-S. (2002) Unit root tests in panel data: Asymptotic and finite sample properties. Journal of Econometrics 108, 1–24.
Levine, R. (2002) Bank-based or market-based financial systems: Which is better? Journal of Intermediation 11, 1–30.
Levine, R., Loayza, N. and Beck, T. (2000) Financial intermediation and growth: Causality and causes. Journal of Monetary Economics 46, 31–77.
Maddala, G.S. and Wu, S. (1999) A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics 61 (4), 631–652.
McCoskey, S. and Kao, C. (1998) A Residual-based test of the null of cointegration in panel data. Econometric Reviews 17, 57–84.
Meier, U.B. (2006) Multi-national underwriting cycles in property-liability insurance. The Journal of Risk Finance 7, 64–82.
Pedroni, P. (1999) Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics 61, 653–670.
Pedroni, P. (2004) Panel cointegration: Asymptotics and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory 20, 597–625.
Pesaran, M.H. (2004) General Diagnostic Tests for Cross Section Dependence in Panels. IZA Discussion Papers 1240.
Pesaran, M.H. (2007) A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics 22 (2), 265–312.
Pesaran, M.H., Shin, Y., and Smith, R.P. (1999) Pooled mean group estimation of dynamic heterogeneous panels. Journal of American Statistical Association 94, 621–634.
Rousseau, P.L. and Wachtel, P. (1998) Financial intermediation and economic performance: Historical evidence from five industrialized countries. Journal of Money, Credit and Banking 30, 658–678.
Rule, D. (2001) Risk transfer between banks, insurance companies and capital markets. Financial Stability Review 11, 127–159.
Shen, C.-H. and Lee, C.-C. (2006) Same financial development yet different economic growth–-Why? Journal of Money, Credit and Banking 38 (7), 1907–1944.
Sümegi, K. and Haiss, P. (2008) The relationship between insurance and economic growth: Review and agenda. The Icfai Journal of Risk and Insurance 2, 32–56.
Swiss Re (various years) Sigma. Zurich: Swiss Reinsurance Company.
Ward, D. and Zurbruegg, R. (2000) Does insurance promote economic growth? Evidence from OECD countries. Journal of Risk and Insurance 67, 489–506.
WDI (2007) World Development Indicators. World Development Report, World Bank, Washington, DC.
Webb, I.P., Grace, M.F., and Skipper, H.D. (2002) The Effect of Banking and Insurance on the Growth of Capital and Output. Center for Risk Management and Insurance working paper 02–1. Available at http://rmictr.gsu.edu/working.htm.
Westerlund, J. (2006) Testing for panel cointegration with multiple structural breaks. Oxford Bulletin of Economics and Statistics 68, 101–132.
Westerlund, J. (2007) Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics 69, 709–748.
Westerlund, J. (2008) Panel cointegration tests of the fisher effect. Journal of Applied Econometrics 23, 193–233.
Westerlund, J. and Costantini, M. (2009) Panel cointegration and the neutrality of money. Empirical Economics 36, 1–26.
Westerlund, J. and Edgerton, D. (2007) A panel bootstrap cointegration test. Economics Letters 97, 185–190.
Westerlund, J. and Edgerton, D. (2008) A simple test for cointegration in dependent panels with structural breaks. Oxford Bulletin of Economics and Statistics 70, 665–704.