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1、外文翻译STIMULATINGTHEDEMANDFORINSURANCEMaterialSource:RiskManagementandInsuranceReview,2005,Vol.8,No.2,257-278Author:StephanieHussels,DamianWard,RalfZurbrueggFromaneconomicviewpoint,traditionalneoclassicalgrowththeorysuggeststhatwithouttechnologicaldevelopmenteconomiescanonlygrowatasteadyrate.Thisconc
2、lusionimplieslittlescopeforgovernmentinvolvementintryingtofurtherstimulateeconomicgrowth.However,andinresponsetothisscenario,alternativetheorieshavedevelopedwhichsuggestthisdoesnotnecessarilyhavetobethecase.Inparticular,endogenousgrowththeoristshavehighlightedhowinvestmentandgrowthinonesectorofanec
3、onomycanprovidepositiveexternalitiesforotherareasoftheeconomy.Therefore,economicgrowthwithinthesemodelscanpotentiallyacceleratebeyondasteadystateifregulationissuccessfulinhelpingandpromotingindustriesthatgeneratepositiveexternalitiesfortherestoftheeconomy.Butwhatsectorsshouldpolicymakersdevelop?Rec
4、entresearchtendstoindicatethatfinancialservices,anditsvariouscomponents,includinginsuranceandbanking,havesubstantialpotentialforspreadingpositiveexternalitiesthroughoutthecommercialsectorofaneconomy.Withinthisresearchagenda,interestintheroleoffinancialdevelopmentineconomicgrowthhasmovedtotheforeofe
5、conomicanalysis,withalargeandgrowingbodyoftheliteraturesupportingthelinkbetweenfinancialgrowthandeconomicgrowth.Thesefindingsarenotsurprisinggiventhatwell-functioningfinancialinstitutionsshouldimprovetheefficiencyofcapitalallocation,encouragesavings,anddevelopcapitalformation,ultimatelyleadingtoamo
6、reproductive,growingeconomy.Consistentwiththesefindings,specificevidencefortheroleofinsurancemarketdevelopmentineconomicgrowthisprovidedbyOutreville(1990b)andWardandZurbruegg(2002).Thesestudiessuggestthattheinsuranceindustrythroughrisktransfer,financialintermediation,andemploymentcangeneratepositiv
7、eexternalitiesandeconomicgrowth.Notsurprisingly,withthelinkbetweenfinancialdevelopmentandeconomicgrowthestablished,researcheffortshavemovedontounderstandingtheunderlyingfactorsthatencouragedevelopmentinfina
