Results of Granger causality test
| Test statistic | Before crisis | Crisis | After crisis |
|---|---|---|---|
| Panel A: Test 1 | |||
| Chi-square | 2.43 | 16.19*** | 4.18 |
| p-value | (0.6568) | (0.0028) | (0.3824) |
| Panel B: Test 3 | |||
| Chi-square | 1.23 | 4.86 | 10.5** |
| p-value | (0.8739) | (0.3023) | (0.0328) |
| Test statistic | Before crisis | Crisis | After crisis |
|---|---|---|---|
| Chi-square | 2.43 | 16.19*** | 4.18 |
| (0.6568) | (0.0028) | (0.3824) | |
| Chi-square | 1.23 | 4.86 | 10.5** |
| (0.8739) | (0.3023) | (0.0328) | |
Note:
Significance at the 1%, 5% and 10% levels is indicated by ***, ** and * respectively
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