Table VI. Conclusions from granger...

Table VI.

Conclusions from granger causality and cointegration test results at the 5% statistical significance level

Regions	GC	Cointegration	GC minus cointegration	No GC nor cointegration
DR	X^†		X
FL	X		X
FR	X	X
GE	X		X
GR	X	X
LI	X	X
NB	X		X
OV	X	X
UT	X	X^†
ZH	X	X
ZL				X

Note:

The applicable regions are marked X.

† denotes GC or cointegration is only confirmed weakly at statistical level between 5 and 10%

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