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Table 7 Summary of Granger Causality Test Results

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

 

Belgium

 

Austria

 

Cyprus

Cyprus

Cyprus

Germany

Germany

Germany

Estonia

 

Estonia

Greece

Greece

Greece

Finland

   

Ireland

 
 

France

France

 

Italy

 

Latvia

   

Malta

Malta

Lithuania

Lithuania

  

Portugal

 

Luxembourg

Luxembourg

Luxembourg

Slovakia

Slovakia

 

Malta

  

Slovenia

  

Netherlands

Netherlands

   

Spain

Portugal

 

Protugal

   
 

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

 

Ireland

France

  

Italy

 

Italy

Spain

  
 

Latvia

Latvia

   
  

Lithuania

   
  

Netherlands

   
  

Slovakia

   
 

Spain

    

EZP

EZP

EZP

   
  1. Note 1: Case 1: Granger causality between LID and GDP; Case 2: Granger causality between NID and GDP; and Case 3: Granger causality 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: Results are derived on the basis of Table 6 results