Causal Relationship Analysis Between Insurance Sector Development and Economic Growth with an Emphasis on the Mediating Role of Financial Development in Iran (A Long-Term and Short-Term Approach)

October 26, 2025Financial Economics فصلنامه اقتصاد مالیOpen Access

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Key Points

This research investigates the causal relationships between insurance sector development and economic growth in Iran, emphasizing financial development as a mediating variable.
Analyzed annual data from 2001 to 2023 using an autoregressive distributed lag econometric model.
Utilized an error correction model to assess both short-term and long-term relationships.
Long-term insurance sector development positively impacts economic growth significantly.
Short-term effects are weak and occasionally insignificant.
Financial development enhances the effectiveness of insurance development on economic growth.

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Causal analysis reveals financial development mediates insurance's long-term impact on economic growth.

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Badin et al. (2025) studied this question.

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