The cost of borrowing as a limiting factor of non-life insurance development: the italian case

HIGHLIGHTS

• What: Drawing on a panel of Italian provinces with ample variability in insurance density as well as borrowing conditions the authors show that the demand for non-life insurance decreases with the borrowing rate. In the output, the authors report robust standard errors, and also the p-values of the Breusch-Godfrey-Wooldridge diagnostic test for AR(1) serial correlation (Wooldridge 2010).2 A panel analysis on regional or subregional data always raises the issue of spatial correlation. In the Appendix A, the authors report a spatiotemporal model estimated by maximum_likelihood, assessing the importance of this aspect . . .
  

   

  

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