Table 8.
Causality test results.
| Null Hypothesis: | W-Stat. | Prob. | Decision |
|---|---|---|---|
| LNENG does not cause LNGDP | 1.691 | 0.386 | LNGDP→ LNENG (unidirectional causality) |
| LNGDP does not cause LNENG | 5.249∗∗∗ | 0.000 | |
| LNTRA does not cause LNGDP | 4.027∗∗∗ | 0.000 | LNTRA↔ LNGDP (bidirectional causality) |
| LNGDP does not cause LNTRA | 4.447∗∗∗ | 0.000 | |
| LNCAP does not cause LNGDP | 4.056∗∗∗ | 0.000 | LNCAP ↔ LNGDP (bidirectional causality) |
| LNGDP does not cause LNCAP | 4.056∗∗∗ | 0.000 | |
| LNLAB does not cause LNGDP | 7.257∗∗∗ | 0.000 | LNLAB ↔ LNGDP (bidirectional causality |
| LNGDP does not cause LNLAB | 6.975∗∗∗ | 0.000 | |
| LNFDI does not cause LNGDP | 2.516 | 0.453 | LNGDP→ LNFDI (unidirectional causality) |
| LNGDP does not cause LNFDI | 7.750∗∗∗ | 0.000 | |
| LNHCI does not cause LNGDP | 6.539∗∗∗ | 0.000 | LNHCI ↔ LNGDP (bidirectional causality) |
| LNGDP does not cause LNHCI | 3.979∗∗∗ | 0.000 |
Note: ∗∗∗denotes significance at 1% level.