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Table 4 Summary of Cointegration Test Results

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

Cointegrated

Not Cointegrated

Case 1

Case 2

Case 3

Case 1

Case 2

Case 3

Austria (1)

Austria (1)

Austria (1)

   

Belgium (1)

Belgium (1)

Belgium (1)

   
   

Cyprus (0)

Cyprus (0)

Cyprus (0)

Estonia (1)

Estonia (1)

   

Estonia (0)

   

Finland (0)

Finland (0)

Finland (0)

France (2)

France (2)

France (1)

   

Germany (1)

Germany (1)

Germany (1)

   
   

Greece (0)

Greece (0)

Greece (0)

Ireland (1)

Ireland (1)

Ireland (1)

   

Italy (2)

Italy (2)

Italy (2)

   
   

Latvia (0)

Latvia (0)

Latvia (0)

Lithuania (2)

Lithuania (1)

Lithuania (2)

   

Luxembourg (1)

   

Luxembourg (0)

Luxembourg (0)

 

Malta (2)

Malta (1)

Malta (0)

  

Netherlands (2)

Netherlands (1)

Netherlands (1)

   

Portugal (2)

 

Portugal (1)

 

Portugal (0)

 

Slovakia (2)

   

Slovakia (0)

Slovakia (0)

Slovenia (0)

Slovenia (0)

Slovenia (0)

   

Spain (0)

Spain (0)

Spain (0)

   

EZP (2)

EZP Panel (2)

EZP panel (2)

   
  1. Note 1: Case 1: cointegration between LID and GDP; Case 2: cointegration between NID and GDP; and Case 3: cointegration between TID and GDP
  2. Note 2: GDP is per capita economic growth; LID is life insurance density; NID is non-life insurance density; TID is total insurance density; and EZP is Eurozone panel
  3. Note 3: 0 stands for absence of cointegration between insurance market density (LID/ NID/ TID) and per capita economic growth, 1 stands for presence of one cointegrating vector between insurance market density (LID/ NID/ TID) and per capita economic growth, and 2 stands for presence of two cointegrating vectors between insurance market density (LID/ NID/ TID) and per capita economic growth
  4. Note 4: Parentheses indicate number of cointegrating vector(s)
  5. Note 5: Results are derived on the basis of Table 3 results