Insurance and Inclusive Growth
While the real sector and governments (along with a few micro economists) have long recognized the core economic role that the insurance function plays, the mainstream economics profession has largely treated it as invisible background. This litera...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2014/06/19705801/insurance-inclusive-growth http://hdl.handle.net/10986/18830 |
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okr-10986-18830 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ABSENCE OF INSURANCE ACCESS TO INSURANCE AGENCY RELATIONSHIP AGRICULTURAL ECONOMICS AGRICULTURAL INSURANCE ALLOCATION ALLOCATION OF CAPITAL ALTERNATIVE FUNDING ASSET DIVERSIFICATION ASSET MANAGEMENT BALANCE SHEET BANK CREDIT BANK LENDING BANK LOANS BANKING SECTOR BANKING SECTOR DEVELOPMENT BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BENEFICIARIES BOND BOND MARKET BOND MARKET DEVELOPMENT BOND MARKETS CAPITAL BASE CAPITAL FLOWS CAPITAL INVESTMENT CAPITAL LOSS CAPITAL MARKET CAPITAL STOCKS CAPS CASH FLOW CASH FLOWS CATASTROPHE INSURANCE CHILD LABOR CLIMATE CLIMATE CHANGE COLLATERAL CONSUMER CREDIT CONSUMER PROTECTION CONSUMPTION SMOOTHING CONTRACT ENFORCEMENT CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE GOVERNANCE COST OF INSURANCE CREDIBILITY CREDIT CONSTRAINTS CREDIT COOPERATIVE CREDIT MARKET CREDIT RISK CROP INSURANCE DAMAGES DEBT DEBT CRISIS DEFICITS DEMAND FOR CREDIT DEPOSIT DERIVATIVE DEVELOPING COUNTRIES DISASTER INSURANCE DISBURSEMENT DISCOUNT RATES DISTRIBUTIONAL EFFECTS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC GROWTH RATES ECONOMIC IMPACTS ECONOMIC MODELS EMERGING MARKETS ENABLING ENVIRONMENT ENFORCEMENT CONSTRAINTS ENFORCEMENT MECHANISMS EXOGENOUS SHOCKS EXPENDITURE EXPENDITURES EXTREME POVERTY FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STABILITY FISCAL BURDEN FISCAL POLICY FLOOD INSURANCE FUTURES GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNMENT POLICY GOVERNMENT SUBSIDIES GOVERNMENT SUBSIDY GOVERNMENT SUPPORT HIDDEN ACTION HOUSEHOLD INCOME HUMAN CAPITAL HURRICANE HURRICANE RISK INCOME INCOME GROWTH INCOME HOUSEHOLDS INCOME LEVEL INCOME LEVELS INCOME STREAMS INCOME VARIABILITY INFLATION INFLATION RATES INFORMAL CREDIT INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE CONTRACT INSURANCE CONTRACTS INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE MECHANISMS INSURANCE PENETRATION INSURANCE PREMIUM INSURANCE PREMIUMS INSURANCE PRODUCT INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISK INSURANCE SECTOR INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL FINANCE INTERNATIONAL INSURANCE INVESTMENT BANKING INVESTMENT STRATEGIES LAND HOLDINGS LEGAL FRAMEWORK LEGAL SYSTEM LENDERS LEVEL OF RISK LIABILITY LIFE INSURANCE LIFE INSURANCE PREMIUM LIFE INSURANCE PRODUCTS LIQUIDITY LIQUIDITY CONSTRAINTS LIQUIDITY CRISIS LOAN LOAN DEFAULT LOCAL GOVERNMENTS LONG-TERM INVESTMENT MACROECONOMIC MANAGEMENT MARKET CAP MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET FAILURES MICRO-CREDIT MICROCREDIT MICROFINANCE MICROINSURANCE MONETARY POLICY MONEY SUPPLY MONEYLENDERS MORAL HAZARD MUTUAL FUNDS NATIONAL ACCOUNTS NATIONAL INCOME NATURAL DISASTER NATURAL DISASTERS OPPORTUNITY COSTS OUTPUT DECLINES PENSION PENSION FUNDS PER CAPITA INCOMES PERFORMANCE RISK PERSONAL LOSS POLICY MAKERS POLITICAL ECONOMY PORTFOLIO PORTFOLIOS PRIVATE CREDIT PROPERTY RIGHTS REGULATORY FRAMEWORKS REMITTANCE RESERVES RESOURCE ECONOMICS RISK AVERSION RISK EXPOSURE RISK FACTOR RISK MANAGEMENT RISK MANAGEMENT TOOLS RISK NEUTRAL RISK PROFILE RISK SHARING RISKY ASSET RULE OF LAW RURAL CREDIT RURAL FINANCIAL MARKETS SAVINGS RATE SAVINGS RATES SOCIAL CAPITAL SOVEREIGN RISK TAX TELECOMMUNICATIONS TIMELY PAYMENT TRADE BALANCE TRADE BALANCES TRADING TRANSACTION TRANSACTION COSTS TRANSITION COUNTRIES TROPICAL CYCLONES TURNOVER UTILITY FUNCTIONS VALUATION WEATHER DERIVATIVES WEATHER INSURANCE |
| spellingShingle |
ABSENCE OF INSURANCE ACCESS TO INSURANCE AGENCY RELATIONSHIP AGRICULTURAL ECONOMICS AGRICULTURAL INSURANCE ALLOCATION ALLOCATION OF CAPITAL ALTERNATIVE FUNDING ASSET DIVERSIFICATION ASSET MANAGEMENT BALANCE SHEET BANK CREDIT BANK LENDING BANK LOANS BANKING SECTOR BANKING SECTOR DEVELOPMENT BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BENEFICIARIES BOND BOND MARKET BOND MARKET DEVELOPMENT BOND MARKETS CAPITAL BASE CAPITAL FLOWS CAPITAL INVESTMENT CAPITAL LOSS CAPITAL MARKET CAPITAL STOCKS CAPS CASH FLOW CASH FLOWS CATASTROPHE INSURANCE CHILD LABOR CLIMATE CLIMATE CHANGE COLLATERAL CONSUMER CREDIT CONSUMER PROTECTION CONSUMPTION SMOOTHING CONTRACT ENFORCEMENT CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE GOVERNANCE COST OF INSURANCE CREDIBILITY CREDIT CONSTRAINTS CREDIT COOPERATIVE CREDIT MARKET CREDIT RISK CROP INSURANCE DAMAGES DEBT DEBT CRISIS DEFICITS DEMAND FOR CREDIT DEPOSIT DERIVATIVE DEVELOPING COUNTRIES DISASTER INSURANCE DISBURSEMENT DISCOUNT RATES DISTRIBUTIONAL EFFECTS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC GROWTH RATES ECONOMIC IMPACTS ECONOMIC MODELS EMERGING MARKETS ENABLING ENVIRONMENT ENFORCEMENT CONSTRAINTS ENFORCEMENT MECHANISMS EXOGENOUS SHOCKS EXPENDITURE EXPENDITURES EXTREME POVERTY FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STABILITY FISCAL BURDEN FISCAL POLICY FLOOD INSURANCE FUTURES GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNMENT POLICY GOVERNMENT SUBSIDIES GOVERNMENT SUBSIDY GOVERNMENT SUPPORT HIDDEN ACTION HOUSEHOLD INCOME HUMAN CAPITAL HURRICANE HURRICANE RISK INCOME INCOME GROWTH INCOME HOUSEHOLDS INCOME LEVEL INCOME LEVELS INCOME STREAMS INCOME VARIABILITY INFLATION INFLATION RATES INFORMAL CREDIT INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE CONTRACT INSURANCE CONTRACTS INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE MECHANISMS INSURANCE PENETRATION INSURANCE PREMIUM INSURANCE PREMIUMS INSURANCE PRODUCT INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISK INSURANCE SECTOR INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL FINANCE INTERNATIONAL INSURANCE INVESTMENT BANKING INVESTMENT STRATEGIES LAND HOLDINGS LEGAL FRAMEWORK LEGAL SYSTEM LENDERS LEVEL OF RISK LIABILITY LIFE INSURANCE LIFE INSURANCE PREMIUM LIFE INSURANCE PRODUCTS LIQUIDITY LIQUIDITY CONSTRAINTS LIQUIDITY CRISIS LOAN LOAN DEFAULT LOCAL GOVERNMENTS LONG-TERM INVESTMENT MACROECONOMIC MANAGEMENT MARKET CAP MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET FAILURES MICRO-CREDIT MICROCREDIT MICROFINANCE MICROINSURANCE MONETARY POLICY MONEY SUPPLY MONEYLENDERS MORAL HAZARD MUTUAL FUNDS NATIONAL ACCOUNTS NATIONAL INCOME NATURAL DISASTER NATURAL DISASTERS OPPORTUNITY COSTS OUTPUT DECLINES PENSION PENSION FUNDS PER CAPITA INCOMES PERFORMANCE RISK PERSONAL LOSS POLICY MAKERS POLITICAL ECONOMY PORTFOLIO PORTFOLIOS PRIVATE CREDIT PROPERTY RIGHTS REGULATORY FRAMEWORKS REMITTANCE RESERVES RESOURCE ECONOMICS RISK AVERSION RISK EXPOSURE RISK FACTOR RISK MANAGEMENT RISK MANAGEMENT TOOLS RISK NEUTRAL RISK PROFILE RISK SHARING RISKY ASSET RULE OF LAW RURAL CREDIT RURAL FINANCIAL MARKETS SAVINGS RATE SAVINGS RATES SOCIAL CAPITAL SOVEREIGN RISK TAX TELECOMMUNICATIONS TIMELY PAYMENT TRADE BALANCE TRADE BALANCES TRADING TRANSACTION TRANSACTION COSTS TRANSITION COUNTRIES TROPICAL CYCLONES TURNOVER UTILITY FUNCTIONS VALUATION WEATHER DERIVATIVES WEATHER INSURANCE Lester, Rodney Insurance and Inclusive Growth |
| relation |
Policy Research Working Paper;No. 6943 |
| description |
While the real sector and governments
(along with a few micro economists) have long recognized the
core economic role that the insurance function plays, the
mainstream economics profession has largely treated it as
invisible background. This literature review of the relevant
research, most of which has been carried out in the past few
decades, demonstrates that the insurance sector contributes
at a basic level to inclusive economic growth and the
effectiveness of the credit function. It also shows that the
latter impact may be particularly fundamental in assisting
the poor to avoid poverty traps and to progress
economically. However, the research and the theoretical
models underpinning it also highlight certain constraints to
the efficient utilization of the insurance function. The
literature dealing with innovations designed to overcome
these constraints is reviewed and successful initiatives and
remaining challenges are identified. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Lester, Rodney |
| author_facet |
Lester, Rodney |
| author_sort |
Lester, Rodney |
| title |
Insurance and Inclusive Growth |
| title_short |
Insurance and Inclusive Growth |
| title_full |
Insurance and Inclusive Growth |
| title_fullStr |
Insurance and Inclusive Growth |
| title_full_unstemmed |
Insurance and Inclusive Growth |
| title_sort |
insurance and inclusive growth |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/06/19705801/insurance-inclusive-growth http://hdl.handle.net/10986/18830 |
| _version_ |
1764442846154194944 |
| spelling |
okr-10986-188302021-04-23T14:03:49Z Insurance and Inclusive Growth Lester, Rodney ABSENCE OF INSURANCE ACCESS TO INSURANCE AGENCY RELATIONSHIP AGRICULTURAL ECONOMICS AGRICULTURAL INSURANCE ALLOCATION ALLOCATION OF CAPITAL ALTERNATIVE FUNDING ASSET DIVERSIFICATION ASSET MANAGEMENT BALANCE SHEET BANK CREDIT BANK LENDING BANK LOANS BANKING SECTOR BANKING SECTOR DEVELOPMENT BANKING SECTORS BANKING SYSTEM BANKING SYSTEMS BENEFICIARIES BOND BOND MARKET BOND MARKET DEVELOPMENT BOND MARKETS CAPITAL BASE CAPITAL FLOWS CAPITAL INVESTMENT CAPITAL LOSS CAPITAL MARKET CAPITAL STOCKS CAPS CASH FLOW CASH FLOWS CATASTROPHE INSURANCE CHILD LABOR CLIMATE CLIMATE CHANGE COLLATERAL CONSUMER CREDIT CONSUMER PROTECTION CONSUMPTION SMOOTHING CONTRACT ENFORCEMENT CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE GOVERNANCE COST OF INSURANCE CREDIBILITY CREDIT CONSTRAINTS CREDIT COOPERATIVE CREDIT MARKET CREDIT RISK CROP INSURANCE DAMAGES DEBT DEBT CRISIS DEFICITS DEMAND FOR CREDIT DEPOSIT DERIVATIVE DEVELOPING COUNTRIES DISASTER INSURANCE DISBURSEMENT DISCOUNT RATES DISTRIBUTIONAL EFFECTS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC GROWTH RATES ECONOMIC IMPACTS ECONOMIC MODELS EMERGING MARKETS ENABLING ENVIRONMENT ENFORCEMENT CONSTRAINTS ENFORCEMENT MECHANISMS EXOGENOUS SHOCKS EXPENDITURE EXPENDITURES EXTREME POVERTY FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STABILITY FISCAL BURDEN FISCAL POLICY FLOOD INSURANCE FUTURES GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNMENT POLICY GOVERNMENT SUBSIDIES GOVERNMENT SUBSIDY GOVERNMENT SUPPORT HIDDEN ACTION HOUSEHOLD INCOME HUMAN CAPITAL HURRICANE HURRICANE RISK INCOME INCOME GROWTH INCOME HOUSEHOLDS INCOME LEVEL INCOME LEVELS INCOME STREAMS INCOME VARIABILITY INFLATION INFLATION RATES INFORMAL CREDIT INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE CONTRACT INSURANCE CONTRACTS INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE MECHANISMS INSURANCE PENETRATION INSURANCE PREMIUM INSURANCE PREMIUMS INSURANCE PRODUCT INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISK INSURANCE SECTOR INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL FINANCE INTERNATIONAL INSURANCE INVESTMENT BANKING INVESTMENT STRATEGIES LAND HOLDINGS LEGAL FRAMEWORK LEGAL SYSTEM LENDERS LEVEL OF RISK LIABILITY LIFE INSURANCE LIFE INSURANCE PREMIUM LIFE INSURANCE PRODUCTS LIQUIDITY LIQUIDITY CONSTRAINTS LIQUIDITY CRISIS LOAN LOAN DEFAULT LOCAL GOVERNMENTS LONG-TERM INVESTMENT MACROECONOMIC MANAGEMENT MARKET CAP MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET FAILURES MICRO-CREDIT MICROCREDIT MICROFINANCE MICROINSURANCE MONETARY POLICY MONEY SUPPLY MONEYLENDERS MORAL HAZARD MUTUAL FUNDS NATIONAL ACCOUNTS NATIONAL INCOME NATURAL DISASTER NATURAL DISASTERS OPPORTUNITY COSTS OUTPUT DECLINES PENSION PENSION FUNDS PER CAPITA INCOMES PERFORMANCE RISK PERSONAL LOSS POLICY MAKERS POLITICAL ECONOMY PORTFOLIO PORTFOLIOS PRIVATE CREDIT PROPERTY RIGHTS REGULATORY FRAMEWORKS REMITTANCE RESERVES RESOURCE ECONOMICS RISK AVERSION RISK EXPOSURE RISK FACTOR RISK MANAGEMENT RISK MANAGEMENT TOOLS RISK NEUTRAL RISK PROFILE RISK SHARING RISKY ASSET RULE OF LAW RURAL CREDIT RURAL FINANCIAL MARKETS SAVINGS RATE SAVINGS RATES SOCIAL CAPITAL SOVEREIGN RISK TAX TELECOMMUNICATIONS TIMELY PAYMENT TRADE BALANCE TRADE BALANCES TRADING TRANSACTION TRANSACTION COSTS TRANSITION COUNTRIES TROPICAL CYCLONES TURNOVER UTILITY FUNCTIONS VALUATION WEATHER DERIVATIVES WEATHER INSURANCE While the real sector and governments (along with a few micro economists) have long recognized the core economic role that the insurance function plays, the mainstream economics profession has largely treated it as invisible background. This literature review of the relevant research, most of which has been carried out in the past few decades, demonstrates that the insurance sector contributes at a basic level to inclusive economic growth and the effectiveness of the credit function. It also shows that the latter impact may be particularly fundamental in assisting the poor to avoid poverty traps and to progress economically. However, the research and the theoretical models underpinning it also highlight certain constraints to the efficient utilization of the insurance function. The literature dealing with innovations designed to overcome these constraints is reviewed and successful initiatives and remaining challenges are identified. 2014-06-30T17:00:01Z 2014-06-30T17:00:01Z 2014-06 http://documents.worldbank.org/curated/en/2014/06/19705801/insurance-inclusive-growth http://hdl.handle.net/10986/18830 English en_US Policy Research Working Paper;No. 6943 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |