Table 5 Results of Test from the Vector Error Correction Model for Long-Run Causality
From: Insurance market density and economic growth in Eurozone countries: the granger causality approach
| Â | Dependent Variables | ||
|---|---|---|---|
Countries | LID/ GDP | NID/ GDP | TID/ GDP |
Austria | - 0.19/ -3.34** | −0.41/ -3.40** | −0.33/ -3.35** |
Belgium | −01.3/ -3.90** | −0.12/ -3.13** | 0.25/ -3.50** |
Cyprus | ---−−/ ----- | ---−−/ ----- | ---−−/ ----- |
Estonia | 0.23/ -3.29** | −2.91/ -3.22** | −0.94/ -3.85** |
Finland | ---−−/ ----- | ---−−/ ----- | ---−−/ ----- |
France | −0.84/ -3.67** | −0.49/ -3.30** | −0.74/ -2.95** |
Germany | 1.37/ -4.99** | 1.40/ -4.95** | 1.39/ -4.96** |
Greece | ---−−/ ----- | ---−−/ ----- | ---−−/ ----- |
Ireland | 2.39/ 0.82 | 1.78/ -1.23 | 2.33/ 0.14 |
Italy | 2.05/ -3.24** | 2.03/ -1.62 | 2.26/ -3.08** |
Latvia | ---−−/ ----- | ---−−/ ----- | ---−−/ ----- |
Lithuania | ---−−/ ----- | ---−−/ ----- | ---−−/ ----- |
Luxembourg | 0.63/ -2.05 | ---−−/ ----- | ---−−/ ----- |
Malta | ---−−/ ----- | ---−−/ ----- | ---−−/ ----- |
Netherlands | 0.62/ -2.58 | −0.86/ -2.95** | −1.77/ -3.63** |
Portugal | −0.80/ -2.88** | ---−−/ ----- | 0.44/ -3.67** |
Slovakia | ---−−/ ----- | ---−−/ ----- | ---−−/ ----- |
Slovenia | ---−−/ ----- | ---−−/ ----- | ---−−/ ----- |
Spain | −2.02/ -2.34 | ---−−/ ----- | ---−−/ ----- |
EZP | −11.98**/ -3.76** | −10.10**/ -3.49** | −10.9**/ -4.27** |