Table IX.

Causality result

Null hypothesisF-statisticProb. Direction of causality
BTA does not Granger Cause NII0.114800.8917Independence
NII does not Granger Cause BTA0.474540.6237
COR_DD does not Granger Cause NII0.921670.4015Independence
NII does not Granger Cause COR_DD0.432930.6499
COR_SD does not Granger Cause NII0.735150.4822Independence
NII does not Granger Cause COR_SD0.232730.7928
COR_TD does not Granger Cause NII8.765880.0003Bi-directional
NII does not Granger Cause COR_FD14.56213.E-06
BTLA does not Granger Cause NII4.560920.0129Bi-directional
NII does not Granger Cause BTLA4.732830.0110
TFA does not Granger Cause NII0.787940.4578Independence
NII does not Granger Cause TFA0.332250.7182
 COR_DD does not Granger Cause BTA0.081980.9214Independence
BTA does not Granger Cause COR_DD0.197850.8208
COR_SD does not Granger Cause BTA0.084310.9192Independence
BTA does not Granger Cause COR_SD0.089710.9143
COR_TD does not Granger Cause BTA0.203970.8159Independence
BTA does not Granger Cause COR_FD0.970760.3826
BTLA does not Granger Cause BTA0.317970.7284Independence
BTA does not Granger Cause BTLA0.127750.8802
TFA does not Granger Cause BTA0.057420.9442Independence
BTA does not Granger Cause TFA0.296340.7442
COR_SD does not Granger Cause COR_DD2.944060.0576Bi-directional
COR_DD does not Granger Cause COR_SD13.38388.E-06
COR_FD does not Granger Cause COR_DD1.036050.3589Independence
COR_DD does not Granger Cause COR_FD0.767540.4671
BTLA does not Granger Cause COR_DD0.425640.6546Independence
COR_DD does not Granger Cause BTLA0.718980.4899
TFA does not Granger Cause COR_DD1.190210.3087Independence
COR_DD does not Granger Cause TFA0.705470.4965
COR_FD does not Granger Cause COR_SD0.538500.5854Independence
COR_SD does not Granger Cause COR_FD0.589610.5566
BTLA does not Granger Cause COR_SD0.219840.8031Independence
COR_SD does not Granger Cause BTLA0.587140.5580
TFA does not Granger Cause COR_SD0.225390.7986Independence
COR_SD does not Granger Cause TFA0.345030.7091
BTLA does not Granger Cause COR_FD7.798900.0007Bi-directional
COR_FD does not Granger Cause BTLA4.796230.0104
TFA does not Granger Cause COR_FD0.996270.3732Independence
COR_FD does not Granger Cause TFA0.925560.3999
TFA does not Granger Cause BTLA0.744150.4779Independence
BTLA does not Granger Cause TFA0.313600.7316
Source: Authors’ computation

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