References
- Ahamed, M. M., & Mallick, S. K. (2019). Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior & Organization, 157, 403–427. https://doi.org/10.1016/j.jebo.2017.07.027
- Alhassan, A. L., & Biekpe, N. (2018). Competition and risk-taking behaviour in the nonlife insurance market in South Africa. The Geneva Papers on Risk and Insurance— Issues and Practice, 43(3), 492–519. https://doi.org/10.1057/s41288-017-0074-z
- Alter, M. A., & Yontcheva, B. (2015). Financial inclusion and development in the CEMAC. IMF Working Papers, 2015/235. https://ideas.repec.org//p/imf/imfwpa/2015-235.html
- Altuntas, M., & Rauch, J. (2017). Concentration and financial stability in the property-liability insurance sector: Global evidence. The Journal of Risk Finance, 18(3), 284–302. https://doi.org/10.1108/JRF-10-2016-0128
- Bajtelsmit, V. L., & Bouzouita, R. (1998). Market structure and performance in private passenger automobile insurance. The Journal of Risk and Insurance, 65(3), 503–514. https://doi.org/10.2307/253662
- Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2004). Bank competition and access to finance: International evidence. Journal of Money, Credit and Banking, 36(3), 627–648.
- Bell, A., & Jones, K. (2015). Explaining fixed effects: Random effects modeling of time-series cross-sectional and panel data. Political Science Research and Methods, 3(1), 133–153. https://doi.org/10.1017/psrm.2014.7
- Born, P., & Bujakowski, D. (2019). Drivers of insurance market development in Central, Eastern, & Southeastern Europe. https://www.stjohns.edu/sites/default/files/uploads/Drivers%20of%20Insurance%20Market%20Development%20in%20Central,%20Eastern,%20&%20Southeastern%20Europe.pdf
- Born, P., & Bujakowski, D. (2022). Insurance research in Central, Eastern, and Southeastern Europe: What we can learn from XPRIMM data. Risk Management and Insurance Review, 25(2), 219–231. https://doi.org/10.1111/rmir.12214
- Brambor, T., Clark, W. R., & Golder, M. (2006). Understanding interaction models: Improving empirical analyses. Political Analysis, 14(1), 63–82. https://doi.org/10.1093/pan/mpi014
- Chidambaran, N. K., Pugel, T. A., & Saunders, A. (1997). An investigation of the performance of the U.S. property-liability insurance industry. The Journal of Risk and Insurance, 64(2), 371–382. https://doi.org/10.2307/253735
- Chinoda, T., & Kapingura, F. M. (2023). The impact of digital financial inclusion and bank competition on bank stability in sub-Saharan Africa. Economies, 11(1), 15. https://doi.org/10.3390/economies11010015
- Čihák, M., Mare, D. S., & Melecky, M. (2016). The nexus of financial inclusion and financial stability: A study of trade-offs and synergies. Policy Research Working Papers, 12. https://doi.org/10.1596/1813-9450-7722
- Čihák, M., Mare, D. S., & Melecky, M. (2021). Financial inclusion and stability: Review of theoretical and empirical links. The World Bank Research Observer, 36(2), 197–233. https://doi.org/10.1093/wbro/lkaa006
- Clarke, D. J. (2016). A theory of rational demand for index insurance. American Economic Journal: Microeconomics, 8(1), 283–306. https://doi.org/10.1257/mic.20140103
- Cole, C. R., He, E., & Karl, J. B. (2015). Market structure and the profitability of the U.S. health insurance marketplace: A state-level analysis. Journal of Insurance Regulation, 34(4), 1–30.
- Cummins, J. D., Rubio-Misas, M., & Vencappa, D. (2017). Competition, efficiency and soundness in European life insurance markets. Journal of Financial Stability, 28, 66–78. https://doi.org/10.1016/j.jfs.2016.11.007
- Demirgüç-Kunt, A., & Muller, C. (2019). Financial inclusion in Europe and Central Asia – the way forward? https://www.worldbank.org/en/news/opinion/2019/04/05/financial-inclusion-in-europe-and-central-asia-the-way-forward
- Evans, O. (2018). Connecting the poor: The Internet, mobile phones and financial inclusion in Africa. Digital Policy, Regulation and Governance, 20(6), 568–581. https://doi.org/10.1108/DPRG-04-2018-0018
- Feghali, K., Mora, N., & Nassif, P. (2021). Financial inclusion, bank market structure, and financial stability: International evidence. The Quarterly Review of Economics and Finance, 80, 236–257. https://doi.org/10.1016/j.qref.2021.01.007
- Han, R., & Melecky, M. (2013). Financial inclusion for financial stability: Access to bank deposits and the growth of deposits in the global financial crisis. World Bank Policy Research Working Paper, 6577. https://papers.ssrn.com/abstract=2312982
- Hannig, A., & Jansen, S. (2010). Financial inclusion and financial stability: Current policy issues. ADBI Working Paper, 259. https://doi.org/10.2139/ssrn.1729122
- Janků, J., & Badura, O. (2021). Non-linear effects of market concentration on the underwriting profitability of the non-life insurance sector in Europe. Working Paper Series of the Czech National Bank (CNB), 9/2021). https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/cnb_wp/cnbwp_2021_09.pdf
- Jourde, T. (2022). The rising interconnectedness of the insurance sector. Journal of Risk and Insurance, 89(2), 397–425. https://doi.org/10.1111/jori.12373
- Jungo, J., Madaleno, M., & Botelho, A. (2022a). Financial regulation, financial inclusion and competitiveness in the banking sector in SADC and SAARC countries: The moderating role of financial stability. International Journal of Financial Studies, 10(1), 22. https://doi.org/10.3390/ijfs10010022
- Jungo, J., Madaleno, M., & Botelho, A. (2022b). The effect of financial inclusion and competitiveness on financial stability: Why financial regulation matters in developing countries? Journal of Risk and Financial Management, 15(3), 122. https://doi.org/10.3390/jrfm15030122
- Jungo, J., Madaleno, M., & Botelho, A. (2022c). The relationship between financial inclusion and monetary policy: A comparative study of countries’ in sub-Saharan Africa and Latin America and the Caribbean. Journal of African Business, 23(3), 794–815. https://doi.org/10.1080/15228916.2021.1930810
- Kasman, A., Kasman, S., & Gökalp, G. (2020). Stability, competition, and concentration in the Turkish insurance sector. International Journal of the Economics of Business, 27(2), 269–289. https://doi.org/10.1080/13571516.2019.1664835
- Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The Worldwide Governance Indicators: Methodology and analytical issues. Hague Journal on the Rule of Law, 3(2), 220–246. https://doi.org/10.1017/S1876404511200046
- Keeley, M. C. (1990). Deposit insurance, risk, and market power in banking. The American Economic Review, 80(5), 1183–1200.
- Kwon, W. J., & Wolfrom, L. (2017). Analytical tools for the insurance market and macro-prudential surveillance. OECD Journal: Financial Market Trends, (1), 1–47. https://web-archive.oecd.org/2016-11-17/420853-Analytical-tools-insurance-market-macro-prudential-surveillance.pdf
- López, T., & Winkler, A. (2019). Does financial inclusion mitigate credit boom-bust cycles? Journal of Financial Stability, 43, 116–129. https://doi.org/10.1016/j.jfs.2019.06.001
- Luciano, E., Rossi, M., & Sansone, D. (2016). Financial inclusion and life insurance demand; Evidence from Italian households. CeRP Working Papers, 156. https://ideas.repec.org//p/crp/wpaper/156.html
- Michler, J. D., Baylis, K., Arends-Kuenning, M., & Mazvimavi, K. (2019). Conservation agriculture and climate resilience. Journal of Environmental Economics and Management, 93, 148–169. https://doi.org/10.1016/j.jeem.2018.11.008
- Morgan, P. J., & Pontines, V. (2018). Financial stability and financial inclusion: The case of SME lending. The Singapore Economic Review, 63(1), 111–124. https://doi.org/10.1142/S0217590818410035
- Mundlak, Y. (1978). On the pooling of time series and cross section data. Econometrica, 46(1), 69–85. https://doi.org/10.2307/1913646
- Njegomir, V., & Stojić, D. (2011). Liberalisation and market concentration impact on performance of the non-life insurance industry: The evidence from Eastern Europe. The Geneva Papers on Risk and Insurance—Issues and Practice, 36(1), 94–106. https://doi.org/10.1057/gpp.2010.32
- Njegomir, V., & Stojić, B. (2012). Determinants of nonlife insurance market attractiveness for foreign investments: Eastern European evidence. Economic Research-Ekonomska Istraživanja, 25(2), 297–310. https://doi.org/10.1080/1331677X.2012.11517509
- Owen, A. L., & Pereira, J. M. (2018). Bank concentration, competition, and financial inclusion. Review of Development Finance, 8(1), 1–17. https://doi.org/10.1016/j.rdf.2018.05.001
- Platteau, J. P., De Bock, O., & Gelade, W. (2017). The demand for microinsurance: A literature review. World Development, 94, 139–156. https://doi.org/10.1016/j.worlddev.2017.01.010
- Pope, N., & Ma, Y. L. (2008). The market structure–performance relationship in the international insurance sector. Journal of Risk and Insurance, 75(4), 947–966. https://doi.org/10.1111/j.1539-6975.2008.00292.x
- Rosengard, J. K., & Prasetyantoko, A. (2011). If the banks are doing so well, why can’t I get a loan? Regulatory constraints to financial inclusion in Indonesia. Asian Economic Policy Review, 6(2), 273–296. https://doi.org/10.1111/j.1748-3131.2011.01205.x
- Rothschild, M., & Stiglitz, J. (1978). Equilibrium in competitive insurance markets: An essay on the economics of imperfect information. In P. Diamond & M. Rothschild (Eds.), Uncertainty in economics (pp. 259–280). Academic Press. https://doi.org/10.1016/B978-0-12-214850-7.50024-3
- Salop, J., & Salop, S. (1976). Self-selection and turnover in the labor market. The Quarterly Journal of Economics, 90(4), 619–627. https://doi.org/10.2307/1885325
- Sawadogo, R., Guérineau, S., & Ouedraogo, M. I. (2018). Foreign direct investment and insurance in developing countries: Beyond the income effect. Revue d’Économie du Developpement, 26(4), 69–97.
- Shim, J. (2017). An investigation of market concentration and financial stability in property–liability insurance industry. Journal of Risk and Insurance, 84(2), 567–597. https://doi.org/10.1111/jori.12091
- World Bank. (2018). Financial inclusion: Financial inclusion is a key enabler to reducing poverty and boosting prosperity. https://www.worldbank.org/en/topic/financialinclusion/overview