Table 6.
Results for Dumitrescu-Hurlin Panel directional causality relationships.
| Hypothesis | W-Stat. | Zbar-Stat. | Prob. |
|---|---|---|---|
| REC →HDI | 4.06885 | 1.9109 | 0.0560 |
| HDI →REC | 3.98615 | 1.8222 | 0.0684 |
| TR →HDI | 6.14831 | 4.1393 | 3.E-05 |
| HDI →TR | 4.53880 | 2.4145 | 0.0158 |
| URB→HDI | 4.02942 | 1.8400 | 0.0658 |
| HDI →URB | 5.90948 | 3.8351 | 0.0001 |
| TO→TA | 3.86979 | 1.6975 | 0.0896 |
| TA →TO | 5.60857 | 3.56094 | 0.0004 |
| TA→REC | 5.07806 | 2.99242 | 0.0028 |
| REC→TA | 3.67024 | 1.48373 | 0.1379 |
| TA→HDI | 6.08277 | 4.06913 | 5.E-05 |
| HDI→TA | 3.41037 | 1.20524 | 0.2281 |
| TO→HDI | 2.89096 | 0.64861 | 0.5166 |
| HDI→TO | 5.20934 | 3.13311 | 0.0017 |
| TR→TA | 3.18622 | 0.96503 | 0.3345 |
| TA →TR | 5.17368 | 3.09489 | 0.0020 |
| URB →TR | 7.13169 | 5.13218 | 3.E-07 |
| TR→URB | 4.13903 | 1.95639 | 0.0504 |
Note: → denote the direction of causality; prob is the p-value.