Table 8.
Bootstrap Granger causality test between lnCO and lnEPS.
| Countries | lnCO Does Not Granger Cause lnEPS | lnEPS Does Not Granger Cause lnCO | ||||||
|---|---|---|---|---|---|---|---|---|
| Wald Statistics | Bootstrap Critical Value | Wald Statistics | Bootstrap Critical Values | |||||
| 10% | 5% | 1% | 10% | 5% | 1% | |||
| Brazil | 37.45 | 55.24 | 58.11 | 61.70 | 27.45 | 44.67 | 46.02 | 49.36 |
| Canada | 78.13 *** | 48.14 | 53.89 | 55.04 | 36.19 | 51.22 | 54.78 | 56.09 |
| China | 66.59 *** | 54.19 | 58.21 | 60.88 | 31.27 | 48.44 | 50.19 | 51.38 |
| France | 64.23 *** | 46.33 | 48.47 | 49.05 | 40.32 | 45.73 | 46.88 | 48.56 |
| Germany | 73.56 *** | 50.13 | 54.66 | 57.29 | 69.44 ** | 68.15 | 71.36 | 73.07 |
| India | 31.86 | 48.16 | 51.45 | 54.14 | 39.86 | 53.86 | 54.21 | 56.99 |
| Italy | 43.58 | 52.41 | 56.78 | 59.39 | 37.07 | 45.38 | 46.22 | 47.03 |
| Japan | 79.21 *** | 55.37 | 58.19 | 60.77 | 75.15 ** | 73.49 | 74.99 | 76.17 |
| Russia | 32.17 | 46.89 | 47.22 | 49.25 | 29.56 | 40.75 | 41.58 | 43.56 |
| South Africa | 44.12 | 61.23 | 64.89 | 65.57 | 31.47 | 44.86 | 45.73 | 48.19 |
| United Kingdom | 68.33 ** | 65.34 | 69.14 | 70.88 | 69.26 ** | 65.37 | 68.43 | 70.83 |
| United States of America | 73.89 *** | 64.37 | 66.31 | 68.11 | 63.87 ** | 64.48 | 66.39 | 67.85 |
Source: own processing. Note: *** and ** respectively, indicate that it is significant at 1%, 5%, and 10% significance levels.