Table 3 Results of Cointegration Test
From: Insurance market density and economic growth in Eurozone countries: the granger causality approach
Countries | Variables (with GDP) | |||||
|---|---|---|---|---|---|---|
LID | NID | TID | ||||
λTra | λMax | λTra | λMax | λTra | λMax | |
r = 0; r = 1 | r = 0; r = 1 | r = 0; r = 1 | r = 0; r = 1 | r = 0; r = 1 | r = 0; r = 1 | |
[r ≤ 1; r = 2] | [r ≤ 1; r = 2] | [r ≤ 1; r = 2] | [r ≤ 1; r = 2] | [r ≤ 1; r = 2] | [r ≤ 1; r = 2] | |
Austria | 22.5** [3.77] | 18.7** [3.77] | 22.2** [2.02] | 20.1** [2.02] | 21.95** [2.65] | 19.3** [2.65] |
Belgium | 17.2** [1.87] | 15.35** [1.89] | 13.8 [1.68] | 16.1** [1.68] | 15.5** [1.69] | 13.8 [1.69] |
Cyprus | 11.3 [3.79] | 7.49 [3.79] | 13.4 [3.07] | 10.3 [3.07] | 11.1 [2.80] | 8.28 [2.80] |
Estonia | 18.8** [2.41] | 16.4** [2.41] | 20.4** [1.62] | 18.8** [1.62] | 13.7 [2.07] | 11.6 [2.07] |
Finland | 13.9 [1.22] | 12.6 [1.22] | 14.9 [2.62] | 12.3 [2.62] | 14.2 [1.42] | 12.8 [1.42] |
France | 18.4** [4.62**] | 15.7** [4.62] | 15.5** [3.84] | 15.5** [4.62**] | 17.0** [3.18] | 13.8 [3.18] |
Germany | 24.8** [3.25] | 21.5** [3.25] | 23.8** [3.03] | 20.8** [3.03] | 24.3** [3.06] | 21.2** [3.06] |
Greece | 14.5 [3.23] | 9.29 [3.23] | 12.9 [0.69] | 12.3 [0.64] | 12.2 [1.37] | 10.9 [1.37] |
Ireland | 20.6** [3.29] | 17.3** [3.29] | 17.5** [3.78] | 8.69 [3.78] | 19.2** [3.46] | 15.7** [3.46] |
Italy | 22.0** [4.01**] | 18.0** [4.01**] | 18.5** [5.36**] | 18.5** [5.36**] | 19.9** [4.11**] | 16.9** [4.11**] |
Latvia | 13.7 [0.70] | 13.0 [0.70] | 10.3 [2.06] | 8.18 [2.06] | 8.37 [1.58] | 6.79 [1.58] |
Lithuania | 46.8** [10.9**] | 35.9** [10.9**] | 20.1** [2.28] | 17.8** [2.28] | 39.6** [13.0**] | 126.6** [13.0**] |
Luxembourg | 16.4** [0.39] | 15.9** [0.39] | 11.9 [0.32] | 11.6 [0.32] | 12.9 [3.15] | 9.76 [3.15] |
Malta | 13.8 [3.15] | 9.68 [3.15] | 17.0** [4.38**] | 14.6** [4.38**] | 16.1** [2.67] | 14.5** [2.67] |
Netherlands | 22.2** [5.45**] | 16.8** [5.45**] | 17.9** [0.34] | 17.5** [0.34] | 18.3** [1.80] | 16.5** [1.80] |
Portugal | 17.6** [3.84**] | 15.2** [3.84**] | 12.6 [1.73] | 10.9 [1.73] | 16.4** [1.08] | 15.3** [1.08] |
Slovakia | 22.7** [3.94**] | 18.8** [3.94**] | 10.2 [2.32] | 7.90 [2.32] | 12.6 [3.13] | 9.49 [3.13] |
Slovenia | 13.9 [2.12] | 12.8 [2.12] | 12.4 [2.65] | 11.7 [2.65] | 13.5 [3.38] | 12.2 [3.38] |
Spain | 13.8 [3.00] | 9.79 [3.00] | 12.0 [3.29] | 8.70 [3.29] | 14.1 [3.91] | 10.2 [3.91] |
EZP | 170.0** [113**] | 136** [113**] | 109** [77.3**] | 94.4** [77.3**] | 141** [91**] | 117** [91**] |