From: Insurance market density and economic growth in Eurozone countries: the granger causality approach
Supply-leading hypothesis of insurance-growth nexus | Demand-following hypothesis of insurance-growth nexus | ||||
---|---|---|---|---|---|
Case 1 | Case 2 | Case 3 | Case 1 | Case 2 | Case 3 |
Belgium | Â | Belgium | Â | Austria | Â |
Cyprus | Cyprus | Cyprus | Germany | Germany | Germany |
Estonia | Â | Estonia | Greece | Greece | Greece |
Finland | Â | Â | Â | Ireland | Â |
 | France | France |  | Italy |  |
Latvia | Â | Â | Â | Malta | Malta |
Lithuania | Lithuania | Â | Â | Portugal | Â |
Luxembourg | Luxembourg | Luxembourg | Slovakia | Slovakia | Â |
Malta | Â | Â | Slovenia | Â | Â |
Netherlands | Netherlands | Â | Â | Â | Spain |
Portugal | Â | Protugal | Â | Â | Â |
 | Slovenia | Slovenia |  |  |  |
Feedback hypothesis of insurance-growth nexus | Neutrality hypothesis of insurance-growth nexus | ||||
Case 1 | Case 2 | Case 3 | Case 1 | Case 2 | Case 3 |
 | Estonia |  | Austria |  | Austria |
 | Finland | Finland |  | Belgium |  |
Ireland | Â | Ireland | France | Â | Â |
Italy | Â | Italy | Spain | Â | Â |
 | Latvia | Latvia |  |  |  |
 |  | Lithuania |  |  |  |
 |  | Netherlands |  |  |  |
 |  | Slovakia |  |  |  |
 | Spain |  |  |  |  |
EZP | EZP | EZP | Â | Â | Â |