THE DETERMINANTS OF NON-LIFE INSURANCE CONSUMPTION: A VECM ANALYSIS IN CENTRAL AND SOUTH-EASTERN EUROPE

This study examines the determinant of non-life insurance consumption in 14 countries of Central and South-Eastern Europe between 1995 and 2010 within a vector error correction model (VECM). We use non-life insurance penetration as a measure for non-life insurance consumption. Empirical results prov...

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Bibliographic Details
Published in:Acta oeconomica 2015-03, Vol.65 (1), p.107-127
Main Authors: KJOSEVSKI, Jordan, PETKOVSKI, Mihail
Format: Article
Language:English
Subjects:
Central Europe
Consumption
Countries
Determinants
European Union
Evidence
Passengers
Southeast Europe
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Summary:This study examines the determinant of non-life insurance consumption in 14 countries of Central and South-Eastern Europe between 1995 and 2010 within a vector error correction model (VECM). We use non-life insurance penetration as a measure for non-life insurance consumption. Empirical results provide evidence that the number of dwellings and number of passenger cars positively and significantly influence non-life insurance consumption in the long run, while the existence of the rule of law and EU membership are significant in the short run.
ISSN:0001-6373
1588-2659
DOI:10.1556/AOecon.65.2015.1.6