Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality

Note 1: HA1, B1: Insurance market activities in any year Granger-cause economic growth, leading to the occurrence of supply-leading hypothesis of insurance-growth nexus. HA2, B2: Economic growth in any year Granger-causes insurance market activities, leading to the occurrence of demand-following hypothesis of insurance-growth nexus. Note 2: Insurance market activities cover life insurance penetration, non-life insurance penetration, and total (both life and non-life) insurance penetration. Fig. 1: Proposed Model and Hypotheses78