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presence of cross-section dependence and multiple structural breaks, recently developed panel econometric techniques were … employed and led to the following conclusions: (1) life insurance has no significant effect on economic growth in both panel … and individual countries, (2) non-life insurance positively affects economic growth in both panel and individual countries …
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The existing weight of evidence suggests that financial structure (the classification of a financial system as bank-based versus market-based) is irrelevant for economic growth. This contradicts the common belief that the institutional structure of a financial system matters. We re-examine this...
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