Table 9.
Results of panel causality test
| Causality direction | W-statistics | statistics | Result | Conclusion |
|---|---|---|---|---|
| lnEF → lnEPU | 1.7343*** | 2.2632*** | Yes | lnEF cause lnEPU |
| lnEPU → lnEF | 2.9403*** | 5.9805*** | Yes | lnEPU cause lnEF |
| lnEF → lnW | 2.8307*** | 5.6426*** | Yes | lnEF cause lnW |
| lnW → lnEF | 4.1084*** | 9.5808*** | Yes | lnW cause lnEF |
| lnEF → lnTO | 3.4090*** | 7.4249*** | Yes | lnEF cause lnTO |
| lnTO → lnEF | 5.1506*** | 12.7931*** | Yes | lnTO cause lnEF |
| lnEF → lnNR | 2.3004*** | 4.0080*** | Yes | lnEF cause lnNR |
| lnNR → lnEF | 1.9241*** | 2.8484*** | Yes | lnNR cause lnEF |
| lnEF → lnLE | 2.8538*** | 5.7137*** | Yes | lnEF cause lnLE |
| lnLE → lnEF | 4.6672*** | 11.3030*** | Yes | lnLE cause lnEF |
*, **, *** denote statistically significant at the 10%, 5%, and 1% levels, respectively. Source: Current Research