Economic, Demographic, and Institutional Determinants of Life Insurance Consumption across Countries
基于68个国家1961-2000年的面板数据，发现通胀、人均收入和银行业发展等经济指标以及宗教和制度指标是寿险消费最稳健的预测因素，而教育、预期寿命等则无稳健关联。
Life insurance has become an \n increasingly important part of the financial sector over the \n past 40 years, providing a range of financial services for \n consumers and becoming a major source of investment in the \n capital market. But what drives the large variation in life \n insurance consumption across countries remains unclear. \n Using a panel with data aggregated at different frequencies \n for 68 economies in 1961-2000, this article finds that \n economic indicators such as inflation, income per capita, \n and banking sector development and religious and \n institutional indicators are the most robust predictors of \n the use of life insurance. Education, life expectancy, the \n young dependency ratio, and the size of the social security \n system appear to have no robust association with life \n insurance consumption. The results highlight the importance \n of price stability and banking sector development in fully \n realizing the savings and investment functions of life \n insurance in an economy.