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Granger panel causality tests results.
| Null Hypothesis | Zbar Stat. | P-value | Causality |
|---|---|---|---|
| LGDPpc ↛ REC% | 3.750* | 0.100 | Unidirectional LGDPpc→ REC% |
| REC% ↛ LGDPpc | 2.706 | 0.300 | |
| FD ↛ REC% | 3.827*** | 0.000 | Unidirectional FD→ REC% |
| REC% ↛ FD | 1.371 | 0.600 | |
| GCF% ↛ REC% | 0.792 | 0.500 | |
| REC% ↛ GCF% | 2.576 | 0.200 |
Notes: *, **, and *** denote 10%, 5%, and 1% significance level respectively. Bootstrap is used due to the presence of cross-sectional dependence. The symbol↛ means “Does not Granger-cause”.
