刺激保险需求.doc

外文翻译 STIMULATING THE DEMAND FOR INSURANCE Material Source: Risk Management and Insurance Review, 2005, Vol.8, No.2, 257-278 Author: Stephanie Hussels, Damian Ward, Ralf Zurbruegg From an economic viewpoint, traditional neoclassical growth theory suggests that without technological development economies can only grow at a steady rate. This conclusion implies little scope for government involvement in trying to further stimulate economic growth. However, and in response to this scenario, alternative theories have developed which suggest this does not necessarily have to be the case. In particular, endogenous growth theorists have highlighted how investment and growth in one sector of an economy can provide positive externalities for other areas of the economy. Therefore, economic growth within these models can potentially accelerate beyond a steady state if regulation is successful in helping and promoting industries that generate positive externalities for the rest of the economy. But what sectors should policymakers develop? Recent research tends to indicate that financial services, and its various components, including insurance and banking, have substantial potential for spreading positive externalities throughout the commercial sector of an economy. Within this research agenda, interest in the role of financial development in economic growth has moved to the fore of economic analysis, with a large and growing body of the literature supporting the link between financial growth and economic growth. These findings are not surprising given that well-functioning financial institutions should improve the efficiency of capital allocation, encourage savings, and develop capital formation, ultimately leading to a more productive, growing economy. Consistent with these findings, specific evidence for the role of insurance market development in economic growth is provided by Outreville 1990b and Ward and Zurbruegg 2002. These studies suggest that the insuranc