TABLE 8.
Granger causality tests
| Causality test (H0) | Statistics | p value | Direction of causality |
|---|---|---|---|
| LCAP does not granger‐cause LRGDP | 3.25* | .0818 | Bi‐directional |
| LRGDP does not granger‐cause LCAP | 3.67* | .0636 | |
| LLAB does not granger‐cause LRGDP | 0.38 | .7709 | Unidirectional |
| LRGDP does not granger‐cause LLAB | 11.04** | .0032 | |
| LTOT does not granger‐cause LRGDP | 3.05* | .0922 | Unidirectional |
| LRGDP does not granger‐cause LTOT | 2.05 | .1792 | |
| LFDI does not granger‐cause LRGDP | 2.01 | .2128 | No causality |
| LRGDP does not granger‐cause LFDI | 2.37 | .1650 | |
| LHEA does not granger‐cause LRGDP | 0.13 | .7227 | Unidirectional |
| LRGDP does not granger‐cause LHEA | 29.55*** | .0002 | |
| LLEXP does not granger‐cause LRGDP | 1.50 | .2480 | No causality |
| LRGDP does not granger‐cause LLEXP | 2.36 | .1214 | |
| LDRT does not granger‐cause LRGDP | 1.31 | .3173 | No causality |
| LRGDP does not granger‐cause LDRT | 1.85 | .1790 |
Note: *, **, and *** represent significance at 10, 5, and 1%, respectively.