Table 4 Results of the Fourier Granger...

Table 4

Results of the Fourier Granger causality test

Country	X9 $↛$ Output			Results
Country	Wald. stat.	Asympt. p.value	Bootstrap p.value	Results
Canada	35.855	0.000 (***)	0.000 (***)	X9 $\mapsto$ Output
China (Hong Kong)	26.877	0.008 (***)	0.000 (***)	X9 $\mapsto$ Output
India	25.282	0.014 (**)	0.000 (***)	X9 $\mapsto$ Output
Japan	17.825	0.121	0.000 (***)	X9 $\mapsto$ Output
Kuwait	24.226	0.019 (**)	0.000 (***)	X9 $\mapsto$ Output
Malaysia	25.116	0.014 (**)	0.100	X9 $\mapsto$ Output
Türkiye	16.456	0.171	0.200	X9 $↛$ Output
United Kingdom	20.815	0.053 (*)	0.100	X9 $\mapsto$ Output
United States	45.834	0.000 (***)	0.000 (***)	X9 $\mapsto$ Output

Country	X9 $↛$ Output			Results
Country	Wald. stat.	Asympt. p.value	Bootstrap p.value	Results
Canada	35.855	0.000 (***)	0.000 (***)	X9 $\mapsto$ Output
China (Hong Kong)	26.877	0.008 (***)	0.000 (***)	X9 $\mapsto$ Output
India	25.282	0.014 (**)	0.000 (***)	X9 $\mapsto$ Output
Japan	17.825	0.121	0.000 (***)	X9 $\mapsto$ Output
Kuwait	24.226	0.019 (**)	0.000 (***)	X9 $\mapsto$ Output
Malaysia	25.116	0.014 (**)	0.100	X9 $\mapsto$ Output
Türkiye	16.456	0.171	0.200	X9 $↛$ Output
United Kingdom	20.815	0.053 (*)	0.100	X9 $\mapsto$ Output
United States	45.834	0.000 (***)	0.000 (***)	X9 $\mapsto$ Output

Note(s): $↛$ denotes Granger non-causality (H0). “*, ** and ***” denote significance at “10%, 5% and 1%” levels, respectively. “ $\mapsto$ ” denotes unidirectional causality and “ $↛$ ” denotes no causal link between the variables (x9 to Output)

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