Table 6.

TY causality test.

Causality Paths	(k + dmax)	X2 Test Statistics for k [p-values]	Result
CBR => CDS	11	13.75296 [0.0578]**	Causality
CDS => CBR	11	27.12897 [0.0009]*	Causality
CBR => USD/TRY	11	14.84842 [0.0378]*	Causality
USD/TRY => CBR	11	24.93690 [0.0019]*	Causality
USD/TRY => CDS	11	24.26493 [0.0024]*	Causality
CDS => USD/TRY	11	155.1302 [0.0000]*	Causality

Notes: * and ** show 5% and 10% significance levels, respectively.