Table 7.

The dumitrescu-hurlin panel causality test results.

Variables	EGR	EIN	ES	PDN	RDN	RIN	RTEC
EGR	–	6.922***	8.326***	10.009***	8.088***	12.342***	6.573***
EIN	2.942***	–	5.827***	6.301***	5.196***	4.333***	5.690***
ES	3.487***	9.674***	–	8.0595***	11.355***	8.061***	10.481***
PDN	2.672**	3.998***	7.903***	–	1.394	1.037	4.396***
RDN	4.570***	1.092	6.490***	7.579***	–	4.091***	8.067***
RIN	7.067***	8.863***	4.087***	12.647***	9.968***	–	7.666***
RTEC	5.952***	11.744***	5.636***	1.032	5.271***	6.471***	–

“*** and **: significant at 0.01 and 0.05, respectively.”