Purpose The purpose of this paper is to explore the relationship between insurance and economic growth for six (developed, emerging and developing) countries over the period of 1980 to 2015. Design/methodology/approach The study applies panel auto-regressive distributed lagged (PMG/ARDL) method to examine long-term and short-term relationship between insurance and economic growth for the USA, the UK, China, India, Malaysia and Pakistan. Findings The authors concluded that there exists a positive and significant relationship between life insurance, non-life insurance, trade openness, stock-market development and economic growth in the long run as p-value is less than 5 per cent. This study also found a significant relationship between employment rate, banking development and economic growth for the long run but the direction is negative. Foreign direct investment shows an insignificant relationship with economic growth in the long run. The results highlighted a significant and positive relationship between non-life insurance and economic growth in the short-run for the USA, the UK, China, India, Malaysia and Pakistan. Moreover, the relationship between life insurance and economic growth is positive and significant for India, Pakistan and the UK. Results reveal a significant but a negative relationship between life insurance and economic growth for the USA, China and Malaysia. Research limitations/implications Analysis is performed for only six countries and results of these six might not represent the whole world. Practical implications This research would help policymaker to consider wider aspects of insurance rather than considering it complementary service industry. Social implications Every individual, today, spends a huge amount of funds to purchase insurance. He or she should be aware of the wider social impact of their spending apart from risk transferring. Originality/value Researchers recently shifted their focus to investigate the relationship between insurance and economic growth but the topic is still lacking sufficient literature and various knowledge gaps. The study is an attempt to contribute in terms of refinement of the already existing body of knowledge and to fill literature gap. In addition, apart from the insurance–economy relationship, very few empirical studies used financial, banking and stock market along with insurance, proxies to measure accurate insurance contribution. Another element of originality lies in the comparative analysis of developed, emerging and developing countries.
The magnetic field of the Earth yields clues to the dynamics of the present-day core dynamo and its history through magnetization in the crust (cf. Aubert et al., 2010). The internally generated magnetic field of the Earth arises predominantly from the dynamo in the outer core, and the structure and intensity of the field above the core is given by a potential field extrapolated from the core-mantle boundary ∼3,000 km below the surface (cf. Roberts & King, 2013). The dynamo field typically varies by ∼1% per decade and includes wave-like features at middle-to-low latitudes extending and propagating in longitude (cf. Finlay, Dumberry, et al., 2010). Sub-annual variations have also been observed and identified as geomagnetic jerks that exhibit rapid changes in the first and second time derivatives in the secular variation at a fixed observatory (Brown et al., 2013;Finlay et al., 2016;Mandea et al., 2010). While the mantle is not a dominant source of magnetic field, induction of currents in the mantle on time scales of hours to days in response to correspondingly
Geomagnetic observations from satellites have highlighted interannual variations in the rate of change of the magnetic field originating from Earth's core. Downward continued to the core surface, these variations primarily show up in the equatorial belt. First, we recall the main characteristics of these patterns, addressing their spatio-temporal resolution, as seen from field models. We then review the several dynamical frameworks proposed so far to understand and model these observations, which populate the frequency spectrum on time scales close to the Alfvén time A ≈ 2 yr, much shorter than the vortex turnover time U ≈ 150 yr in Earth's core. Magnetic-Archimedes-Coriolis (MAC) waves in a stratified layer below the core surface constitute a first possibility in the case of a sub-adiabatic heat flux at the top of the core. Their period may reach the interannual range for a layer thickness less than ≈ 30 km, for a buoyancy frequency of the order of the Earth's rotation rate. An alternative has been proposed in a context where the Coriolis force dominates the momentum balance, rendering transient motions almost invariant along the rotation axis (quasi-geostrophy, QG). Torsional Alfvén waves, consisting of axisymmetric QG motions, operate at periods similar to the Alfvén time, but are not sufficient to explain the interannual field changes, which require non-axisymmetric motions. QG Alfvén waves (involving the Coriolis and magnetic forces) constitute another possibility, with inertia playing an important role. They have been detected in the latest generation of geodynamo simulations, propagating in a ubiquitous manner at a speed slightly less than the Alfvén velocity. They are localized in longitude and as a result their description requires high azimuthal wavenumber. But the branch of QG waves with large extent in azimuth is also worth considering, as it reaches interannual periods as their radial wavenumber is increased. The excitation of such high-frequency dynamics is discussed with respect to the temporal spectrum of the core field, which presents a slope ∼ f −4 for periods approximately between A and U . We finally summarize the main geophysical implications of the existence of this interannual dynamics on core and lower mantle structure, properties, and dynamics.
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