Skip to main content

Table 11 Panel Cointegration Test Results

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

Cases

Variables Included

Kao ADF Test

Case 1.1

GDP, LID, LIL, GCE, YDP

−2.63 [0.00]

Case 1.2

GDP, LID, PCO, GCE, YDP

−2.39 [0.00]

Case 2.1

GDP, NID, LIL, GCE, YDP

−5.80 [0.00]

Case 2.2

GDP, NID, PCO, GCE, YDP

−3.77 [0.00]

Case 3.1

GDP, TID, LIL, GCE, YDP

−5.05 [0.00]

Case 3.2

GDP, TID, PCO, GCE, YDP

−3.78 [0.00]

  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: ADF is augmented Dickey Fuller statistics