نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشیار دانشگاه بوعلی سینا همدان
2 دانشجوی کارشناسی ارشد دانشگاه بوعلی همدان.
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسندگان [English]
Life insurance is an important financial institution that, besides other institutions as the channel directing the households' savings, plays a key role in providing and mobilizing the financial resources in order to be invested in money and capital markets. Despite its importance in economic development and growth, it has not been sufficiently developed in Islamic countries. One of its most important causes is the prevalence of some special beliefs in these countries in this regard and the alleged existence of interest, usury and gambling in this kind of insurance. In the present article, the difference between insurance and these concepts has been explained, and some solutions have been proposed for life insurance's being developed in Islamic countries via the legal and political institutions' becoming effective and insurance activities' getting clear in order for the financial resources of life insurance to be invested in productive, employment-creating and Islam-congruent activities. Our main goal, here, is to investigate the effect of legal and political variables on the demand for life insurance in OIC members during the period 1999-2011 using a balanced panel data approach. The results indicate that the proper function of legal and political supervisory institutions and the proper situation of such economic variables as financial development, per capita income and human capital as a measure of risk aversion have a significant positive effect on the development of life insurance in the selected Islamic countries, while the expected inflation rate has a significant negative effect in this regard.
کلیدواژهها [English]
12. Beck, T. & web, I.;"Economic, Demographic and Institutional Determinants of Life Insurance Consumption across Countries"; The World Bank Economic Review, Vol. 17, No. 1, 2003.
13. Boose, MA.; "Agency theory and alternative prediction for life insurance: an empirical test"; The Journal of Risk and Insurance, vol. 57, no.3, 1990.
14. Chui, A.C.W. & Kwok, C.Y.; "Cultural practices and life insurance consumption: An international analysis using globe scores"; Journal of Multinational Financial Management, Vol. 19, 2009.
15. Coase, H.R; "The Nature of the Firm"; Economica, New Series, Vol. 4, No. 16, 1937.
16. Eisenhardt, K.; "Agency theory: an assessment and review"; Academy of Management Review, vol. 14, no.1, 1989.
17. Erbas, N.S. & Chera, L.S.; "Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis"; International Monetary Fund Working paper, 2006.
18. Feyen, E., Lester, R. & Rocha, R.; "What Drives the Development of the Insurance Sector? An Empirical Analysis Based on a Panel of Developed and Developing Countries"; The World Bank, 2011.
19. Laura, S. and Mihai, C.; "The Role of Institutional Factors Over the National Insurance Demand: Theoretical Approach and Econometric Estimations"; Transylvanian Review of Administrative Sciences, No. 39, 2013.
20. Lewis, F.D.; "Dependents and the Demand for life Insurance"; American Review, No. 79, 1989.
21. Nesterova, D.; "Determinants of the demand for life insurance: Evidence from selected CIS and CEE countries"; A Thesis Submitted In Partial Fulfillment of the Requirements for the Degree Master of Arts in Economics, at the National University of Kyiv-Mohyla Academy of Ukraine, 2008.
22. Swiss Reinsurance Company, World Insurance, Various years, Sigma. Zurich: Swiss Reinsurance Company, 1999-2011, Available on Swiss Re Website: www.Swissre.com/Sigma
23. Ward, D. and Zurbruegg, R.; "Law, politics and life insurance consumption in Asia"; The Journal of Risk and Insurance, Vol. 27, No. 3, 2002.
24. Williamson, O.; "The new institutional economics: taking stock, looking ahead"; Journal of Economic Literature, Vol. 38, No. 3, 2000.
26. Worldwide Governance Indicators WGI; Governance Matters, "Worldwide Governance Indicators", Available at, 2012, www.Govindicators.org
27. Yaari, M.; "Uncertain life time, life insurance and the theory of the consumer"; Review of Economic Studies, vol. 32, 1965.