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Results of the Dumitrescu and Hurlin (47) causality test.
| Null hypothesis | Test | Test statistics | P-value |
|---|---|---|---|
| D(LNEF) ↛ D(LNLIE) | Whnc | 8.477 | 0.000 |
| Zhnc | 9.113 | 0.000 | |
| Ztild | 9.585 | 0.000 | |
| D(LIE) ↛ D(LNEF) | Whnc | 2.188 | 0.273 |
| Zhnc | 2.476 | 0.314 | |
| Ztild | 3.103 | 0.410 | |
| D(LNEDU) ↛ D(LNLIE) | Whnc | 6.473 | 0.000 |
| Zhnc | 6.982 | 0.000 | |
| Ztild | 7.215 | 0.006 | |
| D(LIE) ↛ D(LNEDU) | Whnc | 1.863 | 0.128 |
| Zhnc | 1.945 | 0.130 | |
| Ztild | 2.110 | 0.138 |
