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Insurance and inclusive growth (English)

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.

Details

  • Author

    Lester,Rodney Ross

  • Document Date

    2014/06/01

  • Document Type

    Policy Research Working Paper

  • Report Number

    WPS6943

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2014/06/01

  • Disclosure Status

    Disclosed

  • Doc Name

    Insurance and inclusive growth

  • Keywords

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Citation

Lester,Rodney Ross

Insurance and inclusive growth (English). Policy Research working paper ; no. WPS 6943 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/826921468148789534/Insurance-and-inclusive-growth