TABLE 1
FROM:
National culture and life insurance consumption
Andy C W Chui and Chuck C Y Kwok
BACK TO ARTICLETable 1. Definitions and sources of variables
| Density | The per capita life insurance premiums in constant 1995 US dollars. Source: Beck, Demirguc-Kunt and Levine (2003). |
| Cultural indexes | The individualism index (IDV), power distance index (PDI), uncertainty avoidance index (UAI), and masculinity/femininity index (MAI) Source: Hofstede (2001). |
| GDP per capita | GDP per capita in constant 1995 US dollars. Source: World Development Indicators, World Bank. |
| Expected inflation rate (%) | The average inflation rate in the prior five years. Inflation rate is calculated as the natural log difference of the consumer price index. Source: International Financial Statistics, IMF. |
| Bank sector development (%) | The ratio of the total deposit money bank assets and gross domestic product. Source: Beck, Demirguc-Kunt, and Levine (2003). |
| Stock market development (%) | The ratio of the stock market capitalization to gross domestic product. Source: Beck, Demirguc-Kunt, and Levine (2003). |
| State | State takes the value 1 if the country is (or previously was) a socialist country, and 0 otherwise. |
| Creditor right |
Credit=SECURED1+D
1+D
2, where D
1 takes the value 1 if AUTOSTAY=0, and 0 otherwise; and D
2 takes the value 1 if MANAGES=0, and 0 otherwise. AUTOSTAY=1 if there is restriction in the legal code that prevents secured creditors from gaining possession of collateral or liquidating a firm to meet obligations, and 0 otherwise. MANAGES=1 if the firm continues to manage its property pending the resolution of the reorganization process, and 0 otherwise. SECURED1=1 if secured creditors are ranked first in the distribution of the proceeds that results from the liquidation of a firm, and 0 otherwise. By construction, Credit is increasing with creditor right, and is ranges from 0 to 3. Source: Levine (1999). |
| Contract enforcement |
ConRisk reflects the risk that a government will modify a contract after it has been signed; it ranges from 1 (low contract enforcement) to 10 (high contract enforcement). Source: Levine (1999). |
| Dependency ratio (%) | The dependency ratio is the sum of the ratio of the population under age 15 to the population ages 15–65 and the ratio of the population over age 65 to the population ages 15–65. Sources: World Development Indicators, World Bank. |
| Religion (%) | The percentage of the population with Protestant, Catholic or Muslim beliefs. Source: La Porta, Lopez-De-Silanes, Shleifer, and Vishny (1999). |