Table 11.
Pooled Mean Group (PMG) Causality test
| Variable | Coefficients | t- statistics | Probability | Conclusions |
|---|---|---|---|---|
| INDUS→ PHEC | 0.019 (0.025) | 0.789 | 0.430 | Unidirectional causality between PPHCE and INDUS |
| PHCE →INDUS | 0.347 (0.039) | −8.735 | 0.000*** | |
| PHCE →POP | 0.549 (0.109) | 5.426 | 0.000** | Unidirectional causality between PHCE and POP |
| POP → PHCE | 0.018 (0.062) | 0.789 | 0.432 | |
| PHCE →GDP | 0.495 (0.296) | 16.704 | 0.000*** | Bidirectional causality between PHCE and PGDP |
| PGDP → PHCE | 0.743 (0.053) | 14.013 | 0.000*** | |
| PHEC →TEC | 0.979 (0.076) | 12.763 | 0.000*** | Bidirectional causality between PHCE and TEC |
| TEC → PHEC | −0.020 (0.009) | −2.149 | 0.032** | |
| PHEC → AGRIC | 0.322 (0.054) | 5.879 | 0.000** | Bidirectional causality between PHCE and AGRIC |
| AGRIC → PHCE | 2.729 (0.046) | 5.983 | 0.000*** | |
| OOP → INDUS | −0.109 (0.072) | −6.334 | 0.000*** | Bidirectional causality between OOP and INDUS |
| INDUS→ OOP | −0.090 (0.048) | −1.861 | 0.064* | |
| OOP → POP | 0.532 (0.202) | 2.630 | 0.009** | Bidirectional causality between OOP and POP |
| POP →OOP | −0.629 (0.214) | −2.929 | 0.003*** | |
| OOP → PGDP | 0.025 (0.014) | 13.740 | 0.000*** | Bidirectional causality between OOP and PGDP |
| PGDP → OOP | 1.068 (0.118) | 9.035 | 0.000*** | |
| TEC → OOP | −0.035 (0.022) | −1.573 | 0.117 | Unidirectional causality between OOP and TEC |
| OOP → TEC | 0.171 (0.055) | 3.084 | 0.002v** | |
| OOP → AGRIC | 0.1549 (0.051) | 3.095 | 0.002*** | Unidirectional causality between OOP and AGRIC |
| AGRIC →OOP | −0.123 (0.110) | −1.112 | 0.267 |
Standard deviation is in parenthesi s. ***, **, * represents 1, 5 and 10% significance level, respectively