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- Title
Impact of insurance and inflation on economic growth and food market security.
- Authors
Arych, Mykhailo; Didenko, Tetiana; Pozdniakova, Ekaterina; Korniienko, Mariia; Kripak, Yana
- Abstract
Introduction. The objective of this research is to investigate the impact of insurance and inflation on economic growth and food market security. Altogether, the most crucial task of this paper is related to estimation the interconnection between consumer prices, total gross insurance premiums and gross domestic product, food exports and food imports. Materials and methods. The research model was developed by reviewing the previous studies and applying the correlation-regression analysis for defining the impact of insurance and inflation on economic growth and food market security. Thus, it was calculated the coefficient of pair correlation or Pearson correlation coefficient (r) and coefficient of determination (r2), Significance F, as whole, P-value for regression coefficient and one-factor regression equations that have a liner form. Results and discussion. The research findings of this study indicate that by the level of relationship and by statistical significance of impact of insurance and inflation on economic growth and food market security all our 17 research countries were divided into four groups. Group 1 - strong uphill (downhill) linear relationship where coefficient 0.700 ≤ r < 0.900 (-0.900 < r ≤ -0.700). For example, this type of interconnection describes the impact of inflation on gross domestic product in Turkey, Italy, Spain and Denmark; or impact of insurance on food export in Australia, Iceland, Netherlands, France, Turkey and Belgium. Group 2 - a moderate uphill (downhill) relationship where 0.500 ≤ r < 0.700 (-0.700 < r ≤ -0.500). For instance, this type of interconnection indicates the impact of inflation on food export in France and Turkey; or impact of insurance on food import in France, Switzerland, United Kingdom, Netherlands and Spain. Group 3 - a weak uphill (downhill) linear relationship where 0.300 ≤ r < 0.500 (-0.500 < r ≤ -0.300). For example, this type of interconnection describes the impact of inflation on food import in Denmark, France, Finland, Turkey, Switzerland and Belgium; or impact of insurance on food import in Australia, Finland, Japan and Denmark. Group 4 - no linear relationship: 0.000 ≤ r < 0.300 (-0.300 < r ≤ 0.000). It indicates the impact of insurance and inflation on economic growth and food market security in all other countries and cases except as described groups 1, 2, and 3. Conclusions. Our paper has provided new evidence of impact of insurance and inflation on economic growth and food market security which could help to increase regulation approaches for financial market and food market security in the world level.
- Subjects
ECONOMIC expansion; FOOD security; FINANCIAL markets; FOOD marketing; GROSS domestic product
- Publication
Ukrainian Journal of Food Science, 2020, Vol 8, Issue 1, p147
- ISSN
2310-1008
- Publication type
Article
- DOI
10.24263/2310-1008-2020-8-1-14