Table 8.

Results of DH causality test.

	TI	PS	ICT	EDU	FD	TR	FDI
TI		(6.1158)*** [6.446]	1.6556 [1.745]	(3.0308)** [3.1944]	(6.0414)*** [6.3676]	(3.5398)** [3.731]	(3.8129)** [4.0188]
PS	(5.1849)*** [5.4648]		(3.3443)**	(5.6216)***	(5.8257)***	(6.204)***	(4.6014)**
			[3.5249]	[5.9252]	[6.1403]	[6.539]	[4.8499]
ICT	(2.6535)* [2.7968]	(5.8777)***		(2.7215)*	(2.56)*	(5.0106)***	(5.12)***
		[6.1951]		[2.8685]	[2.6982]	[5.2812]	[5.3965]
EDU	(2.6641)*	1.7024	(5.3634)***		(4.0669)**	(2.1551)*	(4.4399)**
	[2.808]	[1.7943]	[5.653]		[4.2865]	[2.2715]	[4.6797]
FD	(4.6716)**	(3.4537)**	(1.9574)*	(5.3581)***		1.7141	(2.4601)*
	[4.9238]	[3.6402]	[2.0631]	[5.6474]		[1.8066]	[2.5929]
TR	(6.238)***	(4.0212)**	(5.102)***	(6.1764)***	(5.6588)***		(2.2104)*
	[6.5748]	[4.2384]	[5.3775]	[6.5099]	[5.9644]		[2.3297]
FDI	(2.9458)** [3.1048]	(3.8097)** [4.0155]	(2.815)*	1.6471	(4.6142)**	1.3315
			[2.9671]	[1.7361]	[4.8634]	[1.4034]

Note: the superscript of ***/**/* denotes the level of significant at a 1 %, 5 %, and 10 %.