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Financial Innovation

Table 10 Panel Unit Root Test Results

From: Insurance market density and economic growth in Eurozone countries: the granger causality approach

 

Unit Root Test Statistics

 

LLC

ADF

Variables

LD

FD

IN

LD

FD

IN

LID

5.88

−10.0*

I [1]

2.46

164.4*

I [1]

NID

5.82

−11.4*

I [1]

2.64

188.5*

I [1]

TID

6.77

−10.8*

I [1]

1.55

173.4*

I [1]

GDP

−0.30

−24.8*

I [1]

19.1

546.4*

I [1]

LIL

4.93

−18.6*

I [1]

2.53

425.6*

I [1]

PCO

3.59

−9.47*

I [1]

6.64

150.8*

I [1]

GCE

0.97

−17.4*

I [1]

17.9

336.9*

I [1]

YDP

0.81

−6.50*

I [1]

19.9

100.7*

I [1]

  1. Note 1: LID is life insurance density, NID is non-life insurance density, TID is total (both life and non-life) insurance density, GDP is per capita economic growth, LIL is liquidity liabilities; PCO is private credit by deposit money banks and other financial institutions, GCE is government consumption expenditure, and YDP is young dependence population
  2. Note 2: LD stands for level data, FD stands for first difference data, LLC stands for Levine-Lin-Chu test (Levine et al. 2002), IPS stands for Im-Pesaran-Shin test (Im et al. 2003), and ADF stands for ADF-Fischer Chi-square test (Maddala and Wu 1999)
  3. Note 3:* denotes significance at the 5% level
  4. Note 4: I [1] stands for integrated of order one
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