Analysis On Economic Growth Effect Of The Development Of The Insurance Industry In Liaoning Province

In the recent thirteen years,the rapid development of Liaoning's economy,the insurance industry of Liaoning is in rapid development,the previous scholars on the financial sector to promote economic growth of the insurance industry,as one of the three pillars of the financial industry,the unique features and independent of the other two industries,the significance of the research on economic growth major,insurance industry as a new industry is in grow sturdily,has important strategic significance on the development of Liaoning insurance industry to promote economic growth to make economic development policy of Liaoning province and the insurance industry development planning.The previous scholars study the development of the insurance industry and economic growth,usually use vector autoregressive model(VAR),error correction model(ECM),Grainger causality test method to study the insurance industry direct contribution to the economy,ignoring the insurance industry on the spillover effect of non insurance sector to economic growth indirectly promote.The long-term relationship based on the study of the insurance industry in Liaoning province development and economic growth in Liaoning Province,introduces the current situation of the insurance industry in Liaoning,analyses the advantages and disadvantages of Liaoning insurance industry,from two aspects of theory and empirical research on the relationship of Liaoning insurance industry and economic growth,and in theory that the insurance industry each relation function with the economic growth,analyzes the mechanism of the insurance industry to promote economic growth,mainly through the three big functions and insurance on the spillover effect of non insurance sector indirectly promoting economic development,research on the relationship between from 2000 to 2012 thirteen years data of Liaoning insurance industry development and economic growth,by two departments of the insurance industry and non insurance sector model to empirical analysis of Liaoning insurance industry to the economic growth in Liaoning.Using the empirical method of structure model,based on the full consideration of the insurance industryon the spillover effect of non insurance sector on the full measure of Liaoning insurance industry's contribution to economic growth,but also revealed the present development of Liaoning insurance industry to promote the economic growth mechanism,and the conclusion.The empirical results show that: in the long run,Liaoning's insurance industry has a significant role in promoting economic growth,but the premium income on behalf of the insurance industry to the economic development directly promote the effect is not obvious,the development of the insurance industry to promote economic growth mainly embodies three functions in the insurance industry on the spillover effect of non insurance sector.,and indirectly promote economic growth.The insurance industry to promote the role of economic growth is not a small increase in space,because the marginal productivity of the insurance industry in Liaoning is less than the marginal productivity of other industries which,in the future development should focus on improving the efficiency of insurance industry.