Table 10.

Outcome of Granger causality tests.

Variables	$\mathit{ln}GDP$	$\mathit{ln}GCF$	$\mathit{ln}NRE$	$\mathit{ln}RE$	$\mathit{ln}GC$	$\mathit{ln}TO$
$\mathit{ln}GDP$	–	8.6578∗∗∗	5.1351∗∗∗	6.6735∗∗	8.4662∗∗∗	7.3176∗∗∗
		(19.9222)	(5.0572)	(2.3667)	(3.6516)	(3.2776)
$\mathit{ln}GCF$	6.5856∗∗∗	–	6.6369∗∗∗	2.8767∗∗	4.1418∗∗∗	7.3794∗∗∗
	(7.5999)		(7.6898)	(4.6726)	(8.0099)	(5.1402)
$\mathit{ln}NRE$	5.6861∗∗∗	4.6057∗∗∗	–	1.7940∗∗	2.5076∗∗∗	5.8622∗∗∗
	(6.0231)	(4.1294)		(2.5109)	(3.6992)	(6.3319)
$\mathit{ln}RE$	4.2305∗∗∗	2.2162∗∗∗	9.6681∗∗∗	–	2.2698∗∗∗	2.9466∗∗∗
	(8.2439)	(2.9303)	(8.1429)		(3.0718)	(4.8571)
$\mathit{ln}GC$	5.0051∗∗∗	2.7973∗∗∗	4.7055∗∗∗	2.5081∗∗∗	–	3.5923∗∗∗
	(10.2871)	(4.4632)	(4.3042)	(3.7005)		(6.5604)
$\mathit{ln}TO$	2.6193∗∗∗	2.3147∗∗∗	1.9822∗∗	2.2328∗∗∗	3.2771∗∗∗	–
	(3.9938)	(3.1904)	(2.3132)	(2.9742)	(5.7290)

Notes: The W-statistics marked with ∗∗∗ are significant at 1% level. Z-statistics are shown in parentheses.