Table 12 Pairwise Dumitrescu Hurlin...

Table 12

Pairwise Dumitrescu Hurlin panel causality test

Null hypothesis	W-stat	Z-stat.	Prob.	Direction
Pre-GFC
LSUK does not homogeneously cause LGDPG	1.7915	−0.5184	0.6042	LGDPG → LSUK
LGDPG does not homogeneously cause LSUK	8.4841	6.7845	1.E−11**	LGDPG → LSUK
During-GFC
LSUK does not homogeneously cause LGDPG	3.3335	2.2680	0.0233**	LSUK ↔ LGDPG
LGDPG does not homogeneously cause LSUK	6.8553	6.2614	4.E−10**	LSUK ↔ LGDPG
Post -GFC
LSUK does not homogeneously cause LGDPG	7.3932	−1.9228	0.0545**	LSUK ↔ LGDPG
LGDPG does not homogeneously cause LSUK	5.3812	−2.6994	0.0069**	LSUK ↔ LGDPG
Full sample
LSUK does not homogeneously cause LGDPG	6.4779	−2.14126	0.0323**	LSUK ↔ LGDPG
LGDPG does not homogeneously cause LSUK	6.5580	−2.09709	0.0360**	LSUK ↔ LGDPG

Null hypothesis	W-stat	Z-stat.	Prob.	Direction
Pre-GFC
LSUK does not homogeneously cause LGDPG	1.7915	−0.5184	0.6042	LGDPG → LSUK
LGDPG does not homogeneously cause LSUK	8.4841	6.7845	1.E−11**	LGDPG → LSUK
During-GFC
LSUK does not homogeneously cause LGDPG	3.3335	2.2680	0.0233**	LSUK ↔ LGDPG
LGDPG does not homogeneously cause LSUK	6.8553	6.2614	4.E−10**	LSUK ↔ LGDPG
Post -GFC
LSUK does not homogeneously cause LGDPG	7.3932	−1.9228	0.0545**	LSUK ↔ LGDPG
LGDPG does not homogeneously cause LSUK	5.3812	−2.6994	0.0069**	LSUK ↔ LGDPG
Full sample
LSUK does not homogeneously cause LGDPG	6.4779	−2.14126	0.0323**	LSUK ↔ LGDPG
LGDPG does not homogeneously cause LSUK	6.5580	−2.09709	0.0360**	LSUK ↔ LGDPG

Note(s): This table presents causality results across pre-, during-, post-GFC and full-sample periods, showing W- and Z-statistics, p-values and causality direction. Significance at the 5% level is indicated by**

Source(s): Authors’ own calculations

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