Table 8.
Granger causality result
| Null hypothesis: | F-statistic | Prob | Causality direction |
|---|---|---|---|
| logEDI → logEG | 3.712 | 0.040 | |
| logEG → logEDI | 0.128 | 0.880 | Unidirectional |
| logFDI → logEG | 0.984 | 0.037 | |
| logEG → logFDI | 0.406 | 0.041 | Bidirectional |
| logINFRI → logEG | 0.419 | 0.052 | |
| logEG → logINFRI | 8.136 | 0.002 | Bidirectional |
| logNGC → logEG | 3.762 | 0.038 | |
| logEG → logNGC | 0.369 | 0.694 | Unidirectional |
| logFDI → logEDI | 1.177 | 0.325 | |
| logEDI → logFDI | 0.077 | 0.925 | Independent |
| logINFRI → logEDI | 0.303 | 0.741 | |
| logEDI → logINFRI | 4.043 | 0.031 | Unidirectional |
| logNGC → logEDI | 1.542 | 0.235 | |
| logEDI → logNGC | 1.104 | 0.348 | Independent |
| logINFRI → logFDI | 1.943 | 0.165 | |
| logFDI → logINFRI | 0.834 | 0.046 | Unidirectional |
| logNGC → logFDI | 0.599 | 0.557 | |
| logFDI → logNGC | 0.277 | 0.760 | Independent |
| logNGC → logINFRI | 2.478 | 0.106 | |
| logINFRI → logNGC | 1.959 | 0.163 | Independent |
Note: → indicates no Granger cause