Insurance and Inclusive Growth
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World Bank, Washington, DC
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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.
Palabras clave
ABSENCE OF INSURANCE, ACCESS TO INSURANCE, AGENCY RELATIONSHIP, AGRICULTURAL ECONOMICS, AGRICULTURAL INSURANCE, ALLOCATION, ALLOCATION OF CAPITAL, ALTERNATIVE FUNDING, ASSET DIVERSIFICATION, ASSET MANAGEMENT, BALANCE SHEET, BANK CREDIT, BANK LENDING, BANK LOANS, BANKING SECTOR, BANKING SECTOR DEVELOPMENT, BANKING SECTORS, BANKING SYSTEM, BANKING SYSTEMS, BENEFICIARIES, BOND, BOND MARKET, BOND MARKET DEVELOPMENT, BOND MARKETS, CAPITAL BASE, CAPITAL FLOWS, CAPITAL INVESTMENT, CAPITAL LOSS, CAPITAL MARKET, CAPITAL STOCKS, CAPS, CASH FLOW, CASH FLOWS, CATASTROPHE INSURANCE, CHILD LABOR, CLIMATE, CLIMATE CHANGE, COLLATERAL, CONSUMER CREDIT, CONSUMER PROTECTION, CONSUMPTION SMOOTHING, CONTRACT ENFORCEMENT, CONTRACTUAL SAVINGS, CONTRACTUAL SAVINGS INSTITUTIONS, CORPORATE GOVERNANCE, COST OF INSURANCE, CREDIBILITY, CREDIT CONSTRAINTS, CREDIT COOPERATIVE, CREDIT MARKET, CREDIT RISK, CROP INSURANCE, DAMAGES, DEBT, DEBT CRISIS, DEFICITS, DEMAND FOR CREDIT, DEPOSIT, DERIVATIVE, DEVELOPING COUNTRIES, DISASTER INSURANCE, DISBURSEMENT, DISCOUNT RATES, DISTRIBUTIONAL EFFECTS, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC GROWTH RATES, ECONOMIC IMPACTS, ECONOMIC MODELS, EMERGING MARKETS, ENABLING ENVIRONMENT, ENFORCEMENT CONSTRAINTS, ENFORCEMENT MECHANISMS, EXOGENOUS SHOCKS, EXPENDITURE, EXPENDITURES, EXTREME POVERTY, FINANCIAL CRISIS, FINANCIAL DEVELOPMENT, FINANCIAL INNOVATION, FINANCIAL INSTITUTIONS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICES, FINANCIAL STABILITY, FISCAL BURDEN, FISCAL POLICY, FLOOD INSURANCE, FUTURES, GLOBAL CAPITAL, GLOBAL CAPITAL MARKETS, GOVERNMENT POLICY, GOVERNMENT SUBSIDIES, GOVERNMENT SUBSIDY, GOVERNMENT SUPPORT, HIDDEN ACTION, HOUSEHOLD INCOME, HUMAN CAPITAL, HURRICANE, HURRICANE RISK, INCOME, INCOME GROWTH, INCOME HOUSEHOLDS, INCOME LEVEL, INCOME LEVELS, INCOME STREAMS, INCOME VARIABILITY, INFLATION, INFLATION RATES, INFORMAL CREDIT, INFORMATION ASYMMETRIES, INFORMATION ASYMMETRY, INSTRUMENT, INSURANCE, INSURANCE COMPANIES, INSURANCE CONTRACT, INSURANCE CONTRACTS, INSURANCE INDUSTRY, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE MECHANISMS, INSURANCE PENETRATION, INSURANCE PREMIUM, INSURANCE PREMIUMS, INSURANCE PRODUCT, INSURANCE PRODUCTS, INSURANCE REGULATION, INSURANCE RISK, INSURANCE SECTOR, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL CAPITAL, INTERNATIONAL FINANCE, INTERNATIONAL INSURANCE, INVESTMENT BANKING, INVESTMENT STRATEGIES, LAND HOLDINGS, LEGAL FRAMEWORK, LEGAL SYSTEM, LENDERS, LEVEL OF RISK, LIABILITY, LIFE INSURANCE, LIFE INSURANCE PREMIUM, LIFE INSURANCE PRODUCTS, LIQUIDITY, LIQUIDITY CONSTRAINTS, LIQUIDITY CRISIS, LOAN, LOAN DEFAULT, LOCAL GOVERNMENTS, LONG-TERM INVESTMENT, MACROECONOMIC MANAGEMENT, MARKET CAP, MARKET CAPITALIZATION, MARKET DEVELOPMENT, MARKET FAILURES, MICRO-CREDIT, MICROCREDIT, MICROFINANCE, MICROINSURANCE, MONETARY POLICY, MONEY SUPPLY, MONEYLENDERS, MORAL HAZARD, MUTUAL FUNDS, NATIONAL ACCOUNTS, NATIONAL INCOME, NATURAL DISASTER, NATURAL DISASTERS, OPPORTUNITY COSTS, OUTPUT DECLINES, PENSION, PENSION FUNDS, PER CAPITA INCOMES, PERFORMANCE RISK, PERSONAL LOSS, POLICY MAKERS, POLITICAL ECONOMY, PORTFOLIO, PORTFOLIOS, PRIVATE CREDIT, PROPERTY RIGHTS, REGULATORY FRAMEWORKS, REMITTANCE, RESERVES, RESOURCE ECONOMICS, RISK AVERSION, RISK EXPOSURE, RISK FACTOR, RISK MANAGEMENT, RISK MANAGEMENT TOOLS, RISK NEUTRAL, RISK PROFILE, RISK SHARING, RISKY ASSET, RULE OF LAW, RURAL CREDIT, RURAL FINANCIAL MARKETS, SAVINGS RATE, SAVINGS RATES, SOCIAL CAPITAL, SOVEREIGN RISK, TAX, TELECOMMUNICATIONS, TIMELY PAYMENT, TRADE BALANCE, TRADE BALANCES, TRADING, TRANSACTION, TRANSACTION COSTS, TRANSITION COUNTRIES, TROPICAL CYCLONES, TURNOVER, UTILITY FUNCTIONS, VALUATION, WEATHER DERIVATIVES, WEATHER INSURANCE